Why Homeowners Should Put Fear Away & Renovate Now

Why Homeowners Should Put Fear Away & Renovate Now

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Watch the national news for 15 minutes at a time and you’ll be calling your doctor to up your meds. The news is depressing, distressing and downright disheartening. The news is also grossly exaggerated, inaccurate and simply flawed.

Isn’t at least one network, fair and balanced? Sure, but like any media outlet there is an agenda at play, one where bad news is pushed front and center while any hint of good news is minimized or saved for your favorite animal update. Remember, there will be an important election next year — there are millions of people who are hoping that the incumbent will lose office. There are millions more who want him to stay.

So, why should you renovate now? I can answer that in one word: opportunity. Opportunity is described by Merriam-Webster as, “a favorable juncture of circumstances.” Yes, with the operative word here being favorable. You just haven’t perceived it that way or maybe you did and some talking head has said otherwise.

Yes, the country is in trouble and yes unemployment is too high, housing values have dropped and the national debt is ridiculous. But, change is in the wind and if the current president doesn’t straighten up, he’ll be sent back to Chicago and a new leader will emerge, likely one with the vast consensus of Americans backing his quest to bring about real change.

Which is why you should renovate your home now if you have been considering this sort of project and have been holding back. If you have the means to renovate you can take advantage of everyone else’s worry and get the job done by doing the following:

Put your project out to bid — High unemployment in the construction industry means that there are people who want to work, but they won’t be expecting the wages they earned in 2007 and earlier years. Instead, you can pay them a fair wage and get the job done for less. Find a general contractor with a sterling reputation and sit down and discuss with him your budget matters. Likely, you’ll shave some money here and there, including finding pricey materials at cost.

Consider long term value — Should your home decline in value another five or 10 percent, you may think that your project is all for naught. However, if you plan on staying in your home for 10 or 15 years or longer, then you can expect to get your investment back. In time. That’s why it is important for you to get the most bang for your buck as you renovate, keeping your costs low without sacrificing quality of materials or workmanship.

Fund it at a low rate — Mortgage rates are low and so is refinancing rates and second mortgages. You won’t find money this cheap again and likely in five years we’ll be paying much higher interest rates. Unless you have cash for the renovation, then you’ll be financing your project. Remember, you may be able to use your loan as a tax advantage. Check with your financial advisor on how to make IRS Publication 936 — Home Mortgage Interest Deduction, work for you.

Talk to your tax assessor — One thing that gives homeowners the heebie-jeebies when it comes to a renovation is the thought that their property taxes will go up. In all likelihood this concern is valid. However, keep in mind that your home’s value may have slid significantly since your last valuation. For example, if your home’s value went down $50,000 and your renovation is for $50,000 the two may cancel. Don’t count on your tax assessor “getting it” which is why you should make an appointment with him the moment your revised tax bill is in hand.

So, let the worry warts and boo-birds sit around and twiddle their thumbs. You smell an opportunity, one that you can cease if you act boldly now while others recoil in fear.

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Categories: Home Renovation

About Author

Matthew C. Keegan

Matt Keegan is a freelance writer and editor as well as publisher of "Auto Trends Magazine", an online publication. Matt covers campus, consumer, business and financial topics on various websites and weblogs, and has been published in the "Houston Chronicle", "Sam's Club Magazine" and "Wisconsin Golfer".