Whether big or small, investing in a remodeling project is a big deal. That being said, it’s understandable that you want to make the most of your investment. While that includes choosing a qualified remodeler and high-quality materials, it’s also important to understand the current state of the remodeling economy. With that in mind, we wanted to share our thoughts on the topic. Keep reading to get the scoop!
What’s Driving the Remodeling Economy Right Now?
There are three main things driving the remodeling industry right now:
- low interest rates
- strong housing market
- strong economy
Because of these three elements, homeowners are comfortable spending money to improve their homes. Not only are interest rates low for the housing market, but home improvement loans also have relatively low interest rates. What’s more, remodeled homes tend to sell much faster than older homes without any updates. That’s because buyers today typically want a move-in ready home rather than a fixer-upper.
Why have Remodeling Costs Increased?
It costs more to remodel today than a few years ago for a few reasons. First, materials cost more now. Second, labor expenses are higher due to an overall labor shortage, especially in trade industries. Despite higher material and labor costs, Knight Construction Design Inc has managed to maintain a steady rate by keeping our overhead low. This helps us better serve our clients because we can assist a wide range of budgets, and our clients don’t have to sacrifice quality.
What if I Regret Remodeling My Home?
Our team at Knight Construction Design Inc has never had a client regret remodeling their home! When it comes to remodeling, the goal is to improve the existing design. Whether that’s creating a more functional layout or just making the space more visually appealing, the end result is always better than the original.
That being said, it’s imperative to work with the right remodeling contractor. Always do your homework before hiring a contractor. Make sure they’re licensed and learn as much about their reputation as you can. On that same note, it’s okay to price shop a little bit, too. Just remember, you get what you pay for, so the best deal may not always mean you’re getting the best contractor.
What to Expect in 2020
Based on what we’ve been seeing and hearing from our clients, 2020 is going to be another strong year for the remodeling economy. In addition to improving the functionality of their homes, many homeowners are looking to incorporate the latest in design trends and smart home technology.