09 Jul 08 
Thinking About Remodeling Your Existing Home?
For some, declining home values has many homeowners seeking to remodel rather than sell. As recent reports from the National Association of Realtors have stated, pending home sales are down and in most major real estate markets, so too are home values. It is for this very reason that many homeowners are inclined to sit on their home and are willing to ride out the housing slump in hopes of regaining some of their home’s value in the future.
The Home Improvement Research Institute (HIRI) has estimated that homeowners will spend in excess of $302 billion on remodeling and other home improvement projects in 2008. This is a slight decline in home improvement spending from 2007, when homeowners spent $306.7 billion on remodeling projects.
Finding a trustworthy contractor is often a concern for those wishing to conduct major remodeling jobs. My advice for those homeowners is to consult the Better Business Bureau (BBB). The BBB’s Reliability Report is designed to help protect consumers from being taken advantage of. This service allows you to either enter in the business name or the type of business you are seeking, e.g. contractor, plumber, real estate agent, etc., which will then provide you with a list of businesses to choose from. Another great resource offered by the BBB is their Accredited Business listings, where users can also search by business name, type of business, and even the product offered.
A few things to remember when hiring a contractor is to hire one that is a member of a professional association, never pay for the entire job upfront, and check out the company’s references. Speaking to past customers can sometimes be the best way to feel out your new contractor.
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Tags: bbb, bbb reliability report, better business bureau, contractor, hiri, home improvement research institute, home values, housing slump, NAR, national association of realtors, remodeling
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Remodeling is the only idea I have with our ancestral house.though we manage to preserve it’s ancient looks but we made some conversion and this makes a perfect vacation house.
Finding a HELOC or cash out refinance will be the biggest challenge remodeling clients will have this year. There will be plenty of sub-contractors ready to do the work but the clients will find a difficult time getting the money out of their homes.
A renovation loan is the key. The lender bases the loan on the future appraised value with the improvements (not before). Let’s hope the client hasn’t done a cash out refinance or just bought it with little down in the past 3 years. It will be a lot harder to get a renovation loan.
A renovation loan is also great choice for buying a lender-owned foreclosure and fixing it up.
I know it helps to put the BBB logo on your website showing that you are a part of the BBB. Even though it really does not mean anything it does to average consumers who when they see that logo have a feel good feeling.
I’m in the process of remodeling our home, its very dated, but i think we’ll have some great updates, i am excited about the kitchen.
In my experience I have found people who were listed with the BBB and still did horrible work. Naturally I filed a complaint but how many people actually take the time?
BBB is something as a home builder and deck contractor, I may end up joining. Just as others here have said, it gives the homeowner a better feeling.