More Evidence It is A Good Time To Remodel
| Indicators continue to suggest, instead of buying a move-up, it’s not a bad time to turn your existing home into one — before the spring thaw awakens hibernating homeowners with the same idea. Home improvement demand remains soft and thanks to woes in the new home market, material prices are as low as they’ve been in years, and the building industry is flush with contractors able to do the work. |  |
Even if home prices don’t stabilize, as others expect, at least in some regions, home improvements are a way to shore up the value of your home. According to Remodel Magazine, on average, most common remodeling jobs return at least 70 percent of the cost of the work to the value of the home. Cheaper materials. Wood products industry information source Random Lengths said it’s “Framing Lumber Composite Price” (a weighted average of 15 key framing lumber items’ prices listed in dollars per thousand board feet) was $288 in December 2006, the lowest December price since 2002 when the figure was $276. Another measure, Random Lengths’ “Structural Panel Composite Price” (a weighted average of 11 key panel items’ prices in dollars per thousand square feet) came in at $266 in December, also the lowest level for that measure since December 2002.
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