Time to Remodel?
During 2008 there were 697 properties listed on the active real estate market in the Aspen area, a dramatic increase from 97 in 2007*. With so many more properties to choose from, property owners are finding ways to differentiate their property and hopefully get a better return because of it. An easy way to increase the value of a property is to remodel–making living spaces larger or updating a kitchen can make a huge difference in the selling price of a home.
According to Forbes.com, the costs associated with remodeling have dropped since 2007. Copper, used most commonly in plumbing and electrical work, decreased 11% over the past year (currently at $1.42 per pound) and aluminium dropped from $1.50 to 70 cents over the past 7 months. Many people use granite for countertops in their kitchen or bathroom remodel and it costs 25% less than a year ago.
Plus, the sudden halt on most development in the nation has created a large surplus of labor. Home remodeling activity has declined by 44% from 2005 according to the National Association of Home Builders. There are fewer jobs for construction and remodel companies to bid on, so the rates have to be more competitive.
Is it the time to remodel for you? Right now might be the least expensive it has been in years because of the decrease in cost of goods and demand. Contact me if you would like help making your property stand out in this market.
* All data gathered from Aspen/Glenwood MLS. All information contained here is deemed reliable, but not guranteed.
