When the economy is in a downturn, you may not be thinking about putting money in your home, but it can actually be a great time to renovate. When the economy is slow, it can mean renovation costs are cheaper and workers are more readily available.
When the economy is slow, construction projects tend to dry up, so construction companies are looking for work. That means they will be more aggressive in their bidding, which means you are likely to get lower bids for your renovation project.
When the economy is slow, demand drops for many products, which means their prices can go down. This is especially true in the construction industry. When demand is lower, prices are lower, which means you will save money on your home renovation project. Many of the inputs that go into construction materials, such as oil and cement, are very price sensitive and often see their prices go way down when the economy is slow.
Labour more available
Another fact of an economic slowdown that can benefit your renovation project is that labour is often more available. Contractors are less busy, so they have more time to devote to your project. This can mean the project gets done faster and without delays due to labour shortages for skilled tradespeople.
Build your home equity
If the economy is slow, it may mean the value of your home has stagnated or even declined. A home renovation project can help boost the value of your home and either help you get more money now if you have to sell or make your home more attractive to renters. If you will be living in your home for awhile, doing a renovation when the economy is slow can mean your home gains more value later when the economy recovers.
If you are looking for a contractor to do a home renovation project, Call Litwiller Renovations in Calgary at 403.275.2588.