As we all know, the economy is still struggling and so are many workers and families. Budgets are tight, and the long lean years have definitely impacted the remodeling industry. Many homeowners are still holding off on anything they consider an excess, including remodeling projects. However, now might actually be the best time to invest in a remodel.
The more homeowners hold back, the more flexible contractors become in order to close a deal. Think about it as the simple law of supply and demand. When demand for services is low, contractors and remodelers become more willing to cut a deal or offer discounts to get a job. (Sign up for my monthly newsletter to get a coupon for $500 off your next remodeling project.)
During the booming years, a client might have to wait several months until a remodeler had space open in his or her schedule to accommodate a new job. The client might also have had trouble negotiating any type of discount, especially from a quality remodeler who was in high demand.
Today, clients can enjoy a buyer’s market. Almost every contractor I know is less busy and more willing to make a deal than just a few years ago. If you are on the fence about pursuing a remodeling project, now may be the time.
The economy will eventually improve. When it does, all those homeowners who have been holding back on remodeling projects for the last three years will all jump at once (fingers crossed). It has often been said about our industry that it is feast or famine. Once remodelers get busy again, all the great deals of today will be gone.