Right now, renovating a home is much easier than it was during the real estate boom. Back then, homeowners were complaining to contractors about the lack of response. The frenzy around housing values increasing stirred plenty of business for contractors, who were so successful that they wouldn’t provide price quotes. The end price would be due upon remodel completion and homeowners would need to be in a position act fast. That was then, and this is now.
Now, a few years following the economic downturn, homeowners are apprehensive to spend money on any remodel project. In turn, this allowed time for those who survived the crash to evaluate and keep the best crews and staff on board. While some contractors are getting by, most are not.
We took advantage of this time to strengthen our company structure and implement software to help us provide a better service for our clients in the future. Given the adjustments, there are some great benefits to move forward with Affordable Contracting. Aggressive pricing, professional staff, internal systems to support the entire process, production teams for managing the project, and project managers to oversee the job are just a few of the benefits you receive with us.
The average payback for a renovation has decreased over time, but baths and kitchens still remain at the top. Historically, renovations never did pay back at a 1:1 ratio. For every dollar you put in a house, it might only yield 80 cents at time of resale. A moderate kitchen or bathroom redo had historically paid back about 85 cents on the dollar. Today, that equates to nearly 65 cents on the dollar. This is why you never do a renovation to increase your home’s value in today’s market; you do it to increase your enjoyment of the home while you’re living in it.
So, we want to hear from recent homeowners that have invested in a remodeling project since the announcement of the recession in 2007. What motivated you to update your home during the down economy?