Those willing to spend can find great remodeling deals
…Rising unemployment, falling home values and diminished stock market portfolios have cut demand for home renovations, while many construction firms, idled by the collapse in new home building, look for work.
That’s driven savings for those who renovate. Despite some signs of a bottoming in the housing market, contractors coast to coast say they’re bidding jobs for less than they would have two years ago. Lower costs for material, such as lumber, help. But mostly, contractors are paying less for labor, or they’re cutting their profits.
“There’re a lot of hungry contractors out there,” says Mark Scott, owner of Mark IV Builders in Bethesda, Md.
He estimates remodeling costs in his region are down 15% from two years ago. He’s laid off 16 of 26 people.
Nationwide, the home improvement market is expected to shrink 12% this year to $217 billion for owner-occupied properties. That’s after a 10% decline last year, says Harvard University’s Joint Center for Housing Studies.
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