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Undertaking a Remodeling Project when Home Values Decrease

by Mike Dodd, Home Remodeling Expert
October 07, 2016

Question: Is it best to undertake a remodeling project when home values are down?

Answer: Home values typically rise as the economy rises and, while I am not an economist, there seems to be a correlation between rising home values and construction activity. The construction industry as a whole took an absolute beating in the 2008 recession and of those that survived, many have just gotten back on their feet in the last two years. Admittedly, the industry has recovered and is exceedingly busy as of this writing. If you believe in the premise that I suggested, it would make sense that undertaking a renovation project when home values are down is advantageous to the homeowner. Professional organizations don't like laying off valuable personnel in leaner times as qualified individuals in our industry are extremely hard to come by.  It's very costly to on-board and train new personnel, so retaining good people is an essential business component. Accordingly, many organizations may be willing to perform work at a reduced margin in the essence of keeping their work force intact and engaged. I don't personally subscribe to that belief. We know what our margins need to be in order to remain a viable operation and we work very hard to deliver the best value possible in every endeavor that we undertake.

Mike Dodd is the founder and President of Lifewise Renovations, that combines home remodeling project management with the expertise of health care professionals, to make it possible live safely and comfortably at home regardless of age or physical ability. As a member of the National Association of Home Builders (NAHB), Mike holds the Certified Aging In Place Specialist (CAPS) designation.

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