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April 6, 2009
Recession Remodeling: Money Down the Drain?
Q: Hi, Ed. My husband and I are loyal readers of your column, and we both decided we would follow your advice on the following matter. For the past several years we have been saving up to remodel our bathroom, and the highlight of the job will be installing a big, beautiful whirlpool tub. Now that we actually have the money to do the project, we are hesitant to start the job because of the slow economy. Is this a good time to remodel the bathroom, or should we wait?
-Tina, Nebraska
A: Tina, you're not alone, and it seems with all the bad economic news being reported by just about every major media outlet, we've become a bunch of deer stuck in the headlights. I believe that if we all take a break from the doom and gloom and start living our lives again, we may actually get things moving!
Day after day, the news tells about the bad loans and how houses are losing money. However, what you don't hear is that now may be the best time in years to invest in your home if you have a little cash or equity built up.
For the first time in a long time, good contractors are readily available and are aggressively working with homeowners to keep labor costs down. Materials are also coming down in price, especially for larger luxury items. Also, investing in your present home with a big remodeling job or addition can give you the dream house you always wanted without the hassle of moving. So, if you like your neighborhood, have the room to expand, and have some cash on hand, I say go for the whirlpool tub!
I recently spoke to a friend of mine who is completing a gourmet kitchen addition to his present home, and he told me the toughest part was getting over the uncertainty of going forward with the project in an unstable market. Now that it's nearly complete, he and his wife are thrilled with the job and have no regrets. Also, since they will be able entertain at home in the new kitchen, they have no plans to move and feel confident it was a safe investment.
Isn't it nice to hear good real estate news for a change? So, let's all get moving with our own dream projects. Whether it's a kitchen, a bathroom, or even a swimming pool, now is the time to jump in the deep end instead of drowning in fear!
Ed Del Grande, the author of Ed Del Grande's House Call, was born and raised in a family-owned plumbing business. With more than 25 years of experience in every aspect of construction, he holds current Master licenses in pipefitting, fire protection and plumbing. If you have a question for Ed, send him an e-mail at eddelgrande@hgtvpro.com.Posted by Ed Del Grande at April 6, 2009 2:19 PM
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