Are home renovation costs truly starting to decline?
According to a study done by Remodeling.hw.net, home renovation costs are currently on the decline. This is good news for homeowners who have been wanting to renovate their homes but were put off by the costs. Let’s take a look at what is driving this decline in costs and what types of renovations are being affected the most.
One of the main reasons cited for the decline in home renovation costs is the decrease in labor costs. With more people out of work, there is more competition for jobs, which has driven down wages. This is good news for homeowners who are looking to do large-scale renovations that require a lot of labor hours such as adding an addition or gutting a kitchen.
Another reason for the decline in home renovation costs is the decrease in material costs. With the economy struggling, many manufacturers are offering discounts on construction materials in order to move inventory. This is especially true for high-end materials such as granite countertops and hardwood floors. So if you’ve been wanting to upgrade your home with luxury finishes, now is a great time to do it!
Finally, many contractors are also offering discounts on their services in order to stay busy during these slow times. So if you’ve been considering any type of home renovation, now is a great time to start getting quotes and shopping around for the best deals.
If you’ve been wanting to renovate your home but were afraid of the cost, now is a great time to take advantage of the current market conditions. With labor and material costs on the decline, you can get more bang for your buck when it comes to home renovations. So start planning your project today and enjoy your newly renovated home before everyone else catches on and prices start going back up! Don’t wait, contact us today (613)727-9427