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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.