Contractors are less busy and material costs are lower
If youve done the hard number-crunching and are confident you can afford to stay put in retirement, your home likely needs a few tweaks to make it safer for an older you.
If your household finances are not under stress due to the economic fallout of the coronavirus crisis, now can be a smart time to start tackling age-in-place renovation projects.
A slowdown in the remodeling boom means contractors and architects are likely more motivated to return phone calls. For the past few years, spending on remodeling grew at nearly triple the rate of inflation. The Joint Center for Housing Studies at Harvard recently issued a downside update to its remodeling forecast that projects spending growth will turn negative into early next year due to the economic impact of the coronavirus.
A slowdown in business should make contractors more willing to negotiate price, and timing may be more flexible, as their backlog and waitlist on projects may have already shrunk.
Material costs are also lower. The National Association of Home Builders reported a record 4.1% decline in material costs in April. The -5.4% year-to-date decline eclipses the previous record slide of -1.3% in 2009.
Appliance costs should also decline amid reduced consumer demand.
And though some banks are making it harder if not impossible to qualify for a home equity line or loan, there are still lenders out there (hint: Check out credit unions) willing to make deals with qualified borrowers. If you have $400,000 in equity and are looking to borrow 10% or so of that to polish off an age-in-place project, you could get a more receptive greeting than if you have $100,000 in equity and want to borrow more than half of that.
Heres how to create a sensible age-in-place renovation game plan:
Focus on needs, not aspirations. Sure, aesthetics matter, but so too does cost. Reworking the bathroom so there is a level-in shower that wont require an older you to climb over a bathtub rim is a valuable age-in-place project. But its on you to decide if youre going to spend $20,000 for the bathroom you need or $40,000 for the HGTV-ready bathroom you want.
And keep reminding yourself that every dollar you spend will never be fully recouped by you, or your heirs. A quick web search of remodeling cost v. value will land you at sites that show the typical payback can range from 65% to 75% for many projects, such as a kitchen or bathroom remodel.
Polish off the low-hanging fruit first. Age-in-place renovations fall into two camps: smaller less expensive projects, such as installing grab bars in bathrooms and replacing trip-tastic rugs with carpet, to big-time construction, such as a new full bathroom on the first floor.
What you always want to avoid, especially right now, is stretching your renovation budget. If you have any queasiness about household income as we work our way through the coronavirus crisis, focus on affordable projects first.
Get three line-item bids The standard advice to get at least three bids is especially useful now. Quality and reputation remain paramount especially for big projects but having multiple bids gives you valuable intel to negotiate the best rate with the best contractor for your project.
There is never a good reason to accept a bid that does not carefully line-item every expense, but right now, with demand expected to be weaker, contractors should be more than eager to provide this breakdown to you.
Drill down on materials. Carefully reviewing the bid is essential before you hire anybody. Is the estimate based on using the materials and appliances you want? A low bid can be based on using cheap materials that you dont want. Conversely, you may find that your contractor has assumed a higher quality material than you deem necessary. Make sure you are comparing apples-to-apples bids that use the same materials and assume the same quality of appliances and mechanicals. For instance, does the bid include the cost of the most energy efficient new HVAC system which might cost more upfront or is it based on a more middle-of-the-road model?
Discuss subs. If you ask, you can often learn there are a variety of qualified subcontractors your contractor can use. Again, work quality is important, but there can be a wide range of rates among providers for certain projects.
And if your contractor suggests sticking with a certain sub, dont be shy asking if there is any give in the cost. In a slower market a smaller profit margin is better than having no work. But youre not going to get a break unless you ask.
View post:
Planning to Age in Place? A Recession Can Be a Good Time to Remodel - Guaranteed Rate
- WEDNESDAY, APRIL 17, 2024 Ad - Mt Pleasant Window & Remodeling Co - Tribune-Review - TribLIVE.com - April 17th, 2024 [April 17th, 2024]
- Experimental and theoretical model of microvascular network remodeling and blood flow redistribution following ... - Nature.com - April 17th, 2024 [April 17th, 2024]
- New Housing Starts Plunge in March, Remodeling Sentiment Remains Positive - CE Pro - April 17th, 2024 [April 17th, 2024]
- Power Home Remodeling Grabs 14th Spot on Fortune '100 Best Companies to Work For' - Roofing Contractor - April 17th, 2024 [April 17th, 2024]
- Monterrey Airport remodeling to be ready in one month - MEXICONOW - April 17th, 2024 [April 17th, 2024]
- County proceeds with plans to remodel school for government offices - The Augusta Chronicle - April 17th, 2024 [April 17th, 2024]
- Remodeling Market Sentiment Remains in Positive Territory in First Quarter - National Association of Home Builders - April 17th, 2024 [April 17th, 2024]
- Chick-fil-A in Mt. Juliet to temporarily close tor remodel work. When and for how long? - Tennessean - January 5th, 2024 [January 5th, 2024]
- Adobe Resort in Yachats kicks its $2 million remodel into high gear with lobby, bar, restaurant and room changes ... - Yachats News - January 5th, 2024 [January 5th, 2024]
- Roofers In Blue Ash, Ohio, Crown Pointe Roofing & Remodeling Announces Expansion To Kentwood - Yahoo Finance - January 5th, 2024 [January 5th, 2024]
- Main Street Threads in Vermilion to undergo remodeling in January - The Morning Journal - January 5th, 2024 [January 5th, 2024]
- Smithfield Burger King looks to remodel - Smithfield Times - Smithfield Times - January 5th, 2024 [January 5th, 2024]
- BCA Launches Public Campaign with Plans to Remodel the Second Floor | Prairie Communications, LLC - Radio Monmouth, IL - January 5th, 2024 [January 5th, 2024]
- Contractor starts repayments to Kodak couple 7 years after unfinished remodel - WATE 6 On Your Side - January 5th, 2024 [January 5th, 2024]
- Design approved for alternative school remodel | The Humboldt Independent - The Humboldt Independent | - January 5th, 2024 [January 5th, 2024]
- Police Department remodel awarded to Evergreen Construction | Free | emporiagazette.com - Emporia Gazette - January 5th, 2024 [January 5th, 2024]
- Warner Grand Theatre in San Pedro to Close Jan. 1 for Remodeling - MyNewsLA.com - January 5th, 2024 [January 5th, 2024]
- Dougherty County Tax and Tag Office set to begin renovations - WALB - January 5th, 2024 [January 5th, 2024]
- Assessment of Right Heart Remodeling Post PVR in Patients with Pulmonary Atresia or Critical Stenosis and IVS - Physician's Weekly - January 5th, 2024 [January 5th, 2024]
- Seven steps to save money on remodel - Akron Leader Publications - October 11th, 2021 [October 11th, 2021]
- This Schnucks location just got a makeover, with new dining hall and apparel store - KSDK.com - October 11th, 2021 [October 11th, 2021]
- MH issues 15 building permits in August - The Baxter Bulletin - October 11th, 2021 [October 11th, 2021]
- Rotating House by Self-Taught Inventor Is Awesome, a Testament of Love - autoevolution - October 11th, 2021 [October 11th, 2021]
- Herkimer Housing Authority, now Stone Ridge Residences, completes first phase of project - The Times Telegram - October 11th, 2021 [October 11th, 2021]
- How Broad Ripple's vibe was reflected in the design of HGTV's 'Urban Oasis' home - IndyStar - October 11th, 2021 [October 11th, 2021]
- NYC Kitchen Trends in Line with National Trends in 2021 - PR Web - October 11th, 2021 [October 11th, 2021]
- GE Appliance employees giving back to Louisville with year of community service - WLKY Louisville - October 11th, 2021 [October 11th, 2021]
- 11 crucial tips for your next home renovation makeover - AZ Big Media - October 11th, 2021 [October 11th, 2021]
- 2050-year-old Roman tomb offers insights on ancient concrete resilience - MIT News - October 11th, 2021 [October 11th, 2021]
- Harvard study shows metro areas with expected remodeling growth - LBM Journal - February 20th, 2021 [February 20th, 2021]
- U.S. Remodeling Industry Fully Recovered From COVID Outbreak - World Property Journal - February 20th, 2021 [February 20th, 2021]
- Jasco Products gets a $3.8-million remodel, and more Oklahoma City building permits from The Oklahoman for Feb. 20, 2021 - Oklahoman.com - February 20th, 2021 [February 20th, 2021]
- United States Commercial Windows Market Report 2020-2027: Renovation and Remodeling Activities of Existing Structures are Expected to Drive the Market... - February 20th, 2021 [February 20th, 2021]
- Outlet Recreation is opening a second store in Detroit Lakes - Detroit Lakes Tribune - February 20th, 2021 [February 20th, 2021]
- Blast from the Past / 1967: The finishing touches on a remodel - Lewiston Morning Tribune - February 20th, 2021 [February 20th, 2021]
- U.S. Home Remodeling Market to 2026 - Developments Strategies and Regional insights - Technology Magazine - February 20th, 2021 [February 20th, 2021]
- Titus ONeil helps remodel East Tampa grandmothers home, surprises her with new car - WFLA - February 20th, 2021 [February 20th, 2021]
- Home Improvement Spending is Projected to Grow in 2021 - The MReport - February 20th, 2021 [February 20th, 2021]
- So, the pandemic has you looking to improve your home. How do you pay for it? - Oklahoman.com - February 20th, 2021 [February 20th, 2021]
- Man Arrested After Claiming to be a Contractor and Allegedly Botching Remodel - Coral Springs Talk - Coral Springs Talk - January 20th, 2021 [January 20th, 2021]
- Budget team votes in favor of $800000 quad remodel - La Voz Weekly - January 20th, 2021 [January 20th, 2021]
- Home Remodeling Market Size to Observe Strong Growth with Key Drivers and Top Trends by 2026 - Jumbo News - January 20th, 2021 [January 20th, 2021]
- PHOTO REPORT: Universal Orlando Resort 1/13/21 (Remodeling of Ben &Jerry's Ice Cream Shop, More Walls in Jurassic Park, Low Wait Times, and More) -... - January 15th, 2021 [January 15th, 2021]
- House Flippers And Real Estate Agents Are Going Viral On TikTok - BuzzFeed News - January 15th, 2021 [January 15th, 2021]
- Reno of the Month: 5 Tips for Finding a Home Remodeler in Reston - Reston Now - January 15th, 2021 [January 15th, 2021]
- Working from Home is the New Norm: Time for a Home Office - Signals AZ - January 15th, 2021 [January 15th, 2021]
- A&K Remodeling & Turnkey Offers Aging in Place Bathroom Renovation in Houston, Texas - Press Release - Digital Journal - January 15th, 2021 [January 15th, 2021]
- A&K Remodeling & Turnkey Is the Place for Kitchen Renovation in Houston, Texas - Press Release - Digital Journal - January 15th, 2021 [January 15th, 2021]
- Ethics Commission: Hubbardston officer used deception to drive work to remodeling business - Worcester Telegram - January 15th, 2021 [January 15th, 2021]
- Scottsbluff moving to remodel all elementary schools, Roosevelt first on the list - Scottsbluff Star Herald - January 15th, 2021 [January 15th, 2021]
- Madrid gives up the machinery it uses in the remodeling of the Bernabu to remove snow - Sportsfinding - January 15th, 2021 [January 15th, 2021]
- AMLO's government grants $89 million pesos to remodel the stadium for the baseball team headed by his brother. - The Yucatan Times - January 15th, 2021 [January 15th, 2021]
- Tokyo area theme parks remodel themselves while waiting out pandemic - Japan Today - January 15th, 2021 [January 15th, 2021]
- Dispatch Top 10 - No. 10: Construction continues in city and Brainerd schools - Brainerd Dispatch - January 3rd, 2021 [January 3rd, 2021]
- Remodeling of old BMV continues - Record Herald - January 3rd, 2021 [January 3rd, 2021]
- Bathroom Remodeling Ideas To Spruce Up That Old Layout - California Herald - January 3rd, 2021 [January 3rd, 2021]
- 2020 Top 3 Stories-#2 Construction of the new school - Pipestone County Star - January 3rd, 2021 [January 3rd, 2021]
- Some MN businesses are booming amid the pandemic - TwinCities.com-Pioneer Press - January 3rd, 2021 [January 3rd, 2021]
- Paso Robles Contractor Reports 'Tips for Choosing the Best Windows' - Benzinga - January 3rd, 2021 [January 3rd, 2021]
- What Homeowners Need to Know About Making Their Bathroom Smarter - RealtyBizNews: Real Estate News - RealtyBizNews - January 3rd, 2021 [January 3rd, 2021]
- Coastal Commission Order to Homeowners to Remove Seawall and Pay $1 Million Fine Upheld - JD Supra - January 3rd, 2021 [January 3rd, 2021]
- Homeowner's Headquarters A Discussion with Encore Construction on Remodeling Trends - CapeCod.com News - October 23rd, 2020 [October 23rd, 2020]
- NAHB: Remodeling Industry Confidence Surges in Third Quarter - RisMedia.com - October 23rd, 2020 [October 23rd, 2020]
- Right Ventricle Remodeling Predictive of Covid-19 Death - Physician's Weekly - October 23rd, 2020 [October 23rd, 2020]
- Remodeling Industry Confidence Surges in Third Quarter DWM Magazine - DWM Magazine - October 23rd, 2020 [October 23rd, 2020]
- Local Event: Home Remodeling: 101 (VIP in-person or live streaming options) - Patch.com - October 23rd, 2020 [October 23rd, 2020]
- Thickening of arterial walls in the lungs of badly asthmatic horses seen in study - Horsetalk - October 23rd, 2020 [October 23rd, 2020]
- Contractor of the Year Awards: Diverse General Contractor of the Year, KOR Building Group - Las Vegas Sun - October 23rd, 2020 [October 23rd, 2020]
- 100 years ago: $3 million in construction, remodeling set - Bloomington Pantagraph - September 22nd, 2020 [September 22nd, 2020]
- Immune signature driven by ADT-induced immune microenvironment remodeling in prostate cancer is correlated with recurrence-free survival and immune... - September 22nd, 2020 [September 22nd, 2020]
- Remodeling Market Trends, Companies, Driver, Segmentation, Forecast to 2024 - The Research Process - September 22nd, 2020 [September 22nd, 2020]
- Bioabsorbable Stent Market Size Share Analysis and System Production (2020-2026) | Abbott, BIOTRONIK SE & Co. KG, REVA Medical, Inc, Elixir... - September 22nd, 2020 [September 22nd, 2020]
- In Excelsior, neighbors now can have a say on whether you can expand your house - Bring Me The News - September 22nd, 2020 [September 22nd, 2020]
- Richland Taco Bell gets makeover, more square feet - tricitiesbusinessnews.com - September 22nd, 2020 [September 22nd, 2020]
- Guard and protect your job site - Daily Commercial - September 22nd, 2020 [September 22nd, 2020]
- How to deal with a big hospital bill when jobless, uninsured - Los Angeles Times - September 22nd, 2020 [September 22nd, 2020]
- For the record - Sept. 19, 2020 | Community | thedailycitizen.com - Searcy Daily Citizen - September 22nd, 2020 [September 22nd, 2020]
- Small army needed to move L&C Library collection - KTVH - September 22nd, 2020 [September 22nd, 2020]
- Crosslake: Council votes 3-2 to proceed with fire hall remodeling project - Brainerd Dispatch - September 9th, 2020 [September 9th, 2020]
- Harvard and Cornell Grad Duo Shake Up The Kitchen Remodeling Industry - PR Web - September 9th, 2020 [September 9th, 2020]