A slow economy is making it easier to nail down a contractor for home improvement jobs these days. (Photo: iStockphoto)
If you haven’t done any remodeling yet this year, now may be the time. The Wall Street Journal reports that thanks to the economic downturn and slow housing market, homeowners are paying as much as 20 percent less for home improvement projects, compared to what the same projects would have cost them a few years ago.
On average, remodeling prices are down 5 percent to 10 percent from their peak across the U.S., the Wall Street Journal says. This is because contractors now looking for jobs are willing accept less for their work and because the cost of some materials -- like plywood and insulation -- are down, the Journal says.
Tax credits increase savings
Couple the lower of cost of remodeling projects with federal tax credits that are now available for energy-saving projects like adding insulation or energy efficient windows to your home, and you can see substantial savings for home improvement projects that you take on. Also, because contractors are scrambling for work, it's also more likely that they'll actually return your call.
I’ve found that out a few months ago. I finally had luck with getting a contractor to fix a leaky window in my home. Up until this year, I couldn’t get a contractor to come to my home because everyone I called said the job was too small and not worth their time. Many told me that if I agreed to install several new windows in my home (instead of just fixing one) -- at a cost of hundreds, if not thousands of dollars -- my job would be big enough to consider. To that I said, "No thanks." I still have window companies calling me.
Recently, I had custom curtains installed in my living and family rooms. I called one contractor, and once I had her bid, I called a local interior design showroom that I preferred. To get the job, the owner matched the quote of the other contractor, even though the quality of the showroom’s fabrics was significantly better. I went with the second designer's quote, and am happy with the job.
Readers: What do you think -- is it a good time to remodel?—Lauren Baier Kim