Word on the street is “It’s a great time for [kitchen] remodeling – if you have the money,” at least according to a recent The Arizona Republic new article. While that logic may go against the grain of everything that’s happening in the economy right now, it has some merit to it. And even homeowners who don’t have the cash saved up to update their kitchen with new kitchen cabinets and other remodeling features can take advantage of all time low rates on home improvement loans.
So why now of all times, in the midst of a recession, would experts contend that the stars are aligned for remodeling the home, in particular the kitchen? The newspaper article points out several compelling reasons.
1. First and foremost, the recession is fueling never before seen price wars. Contractors and retailers alike are slashing their prices in an effort to stay competitive in a slow market. This competition is good news for kitchen remodelers who want custom built cabinets as well as those who are satisfied settling for assembled and ready to assemble kitchen cabinetry from their local home improvement supercenter. Indeed, there are kitchen cabinet deals to be had around every corner. “It’s the perfect time because (remodelers) will negotiate with you, and they will listen to you,” one newspaper source pointed out.
2. If a homeowner is planning to remain in his or her home for a while, the cost savings realized now on new kitchen cabinets can turn into substantial profits down the road. Once the economy recovers and real estate starts selling again, savvy homeowners can leverage their remodeled kitchens into higher asking prices. After all, the kitchen is one of the main selling points in any home.
3. “During the most recent housing boom, when local contractors were swamped, projects often came with longer time frames and higher bills,” The Arizona Republic article points out. According to data from the U.S. Census Bureau and the Department of Housing and Urban Development, new home sales dropped to the lowest rate on record in December 2008. As a result, kitchen cabinet contractors and kitchen cabinet manufacturers are not only slashing their prices; they’re also getting those cabinets installed much more quickly. How much faster? “For an average kitchen remodel, where it probably took close to three months before, it can be done in half that time,” one expert estimates.
4. If you’re a homeowner who’s looking to turn a profit on home foreclosures and short sales, there’s no time like the present to get those houses up to and above par. “Because you can get real estate at essentially bargain basement prices [right now], it makes it much more attractive to put money into that home.” And when the goal is securing the highest possible return on investment, new kitchen cabinets are an excellent place to start.
Assembled and pre assembled kitchen cabinets allow homeowners to get started on their kitchen remodels more quickly and to finish the project at lightning speed. By eliminating manufacturing and home assembly wait times, homeowners can see their kitchen remodeling transformations come to life in near no time.
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