San Francisco, CA (1888PressRelease)
March 16, 2008 - The spring 2008 Remodelestimates.com Remodeling Sentiment Report, a semi-annual survey of 5,000 U.S. homeowners reveals that homeowners are reducing their remodeling plans in response to falling home prices and concerns over an economic recession.
Key findings from the survey include:
Are falling home prices affecting your remodeling plans?
Yes 92%
No 8%
Concerns – Homeowners greatest concerns about remodeling:
Cost to remodel 87%
Deciding what changes to make 5%
Finding a trustworthy contractor 4%
Deciding on what to remodel 4%
Cost Saving Efforts – Homeowners report they plan to:
Not hire a general contractor 33%
Use economy materials 9 %
Do some of the work themselves 64%
Interestingly, 57% of homeowners responding to this survey indicated they most want to remodel their kitchen. This is frequently the most expensive remodeling project.
“Even though remodeling a kitchen can be expensive, it is often a good investment,” says Dan Fritschen. “Even in tough economic times, a kitchen remodel can still make financial sense.”
Fritschen, an expert in home remodeling and author of Remodel or Move?Make the Right Decision suggests that homeowners can lower costs without sacrificing quality or the extent of the remodel. He offers homeowners ten tips to help maximize the resources they have available for their project:
1. Make a List of everything you could possibly want in your kitchen. By first making an extensive list and then scaling back to meet your budget, you will be assured something important to you is not forgotten. You may even find that some of the items on your list cost little or nothing when added to your overall remodeling plans.
2. Create a system to organize all the information that will be generated by your remodel. A 3-inch binder or a large accordion file is a great tool to help you stay on top of the details and paper work.
3. “Right size” your remodeling plans. A “Right sized” kitchen is the size and level of quality that is appropriate for your home and your neighborhood. This will keep your costs reasonable and give you the best chance to recoup some, if not all, of your costs in appreciation of your home. Advice from a local real estate agent can be very helpful in identifying the right size for your house and neighborhood.
4. Reuse what you can. If your appliances are still in good condition and are standard size, consider using them for a few years more in your new kitchen even if their look is “dated.” This will lower your costs and you can then replace them when they either fail or as your budget allows.
5. Budget 20% more than your initial budget for the unexpected. If you plan well, you may not need to spend your entire budgeted amount. But remodeling a kitchen involves an element of risk; therefore, it is best to be prepared for exceeding your initial budget.
6. Interview contractors and tradesman before selecting the ones with whom you will work. Interviewing at least five is better than three, and interviewing 10 is even better than just speaking with five. Unless you are very experienced with remodeling, you will learn something from each contractor you interview. With each interview, your plans, your budget and your ability to achieve a successful remodel will improve.
7. Do not underestimate the inconvenience of not having the use of your kitchen for several months. For most families, this disruption is a significant challenge. With good planning for alternatives to home-cooked meals you can reduce both your costs and your stress levels.
8. Research rebates for energy efficient appliances, windows, plumbing fixtures and lighting. Many organizations offer rebates that can add up to more than a thousand dollars’ worth of savings on an average kitchen remodel.
9. Before hiring a contractor, ensure you have a complete and thorough contract. Also, consider conducting a credit and background check on your chosen contractor before signing the agreement.
10. Carefully consider a contractor’s request for a deposit before the work starts. In some states, deposits are limited to prevent abuse, and many homeowners start their remodeling projects without needing to provide a deposit or down payment. Further, make sure that your contract stipulates that the last five or ten percent of the payment will be made after all work is completed and all inspections are finalized. This is important to ensure timely and thorough completion of your project.
Following these steps will help ensure your remodel is a success and is completed at the lowest cost.
Other findings from the spring 2008 Remodelestimates.com Remodeling Sentiment Report
Homeowners’ are:
Excited about remodeling 50%
Dreading remodeling 12%
Homeowners’ plans include:
Kitchen remodel 57%
Bathroom addition 48%
Bathroom remodel 50%
Addition of one or more bedrooms or den 41%
Addition of a second story 29%
Enlarge or add a garage 20%
Finish a basement 12%
For more information visit www.remodelestimates.com
Interviews with Dan Fritschen, review copies of his books, and detailed report data are available upon request.
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