San Diego house remodeling on the rise after three year decline. Contractors see increase in estimates and contracts. After the banks crash of November 2007, it seemed as all contracting came to abrupt halt
After a three year hiatus, the construction industries volume has picked up dramatically. The jump from April to May is the highest increase in 27 years. It may be because banks are starting to allow money to flow freely again after a severe credit tightening. Or it could be the stimulus package of the Obama administration finally kicking in. "The infrastructure can only go so long before finally needing repair just like bridges and freeways need constant maintenance, San Diego's home market is no different explains real estate magnate Thomas Funke.
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"Homeowners forget, we live in a coastal climate, there is nothing more harsh than salt air to a home exterior and interior." Condensation from June glooms fog also takes its toll on a houses exterior. Waiting three years to repair something, only makes a bad situation worse.
" Building of new homes has come to an abrupt halt " One sign of a really bad market is very short lines at the building department in the city. It used to take hours in line just to pull a permit. Now the wait is five minutes.
In fact, San Diego has experienced a 37.6% jump in permits compared to 2009.
From February to March, remodeling permits have jumped 6.5%.
Combined with tax incentives designed to attract first time home owners being extended is helping boost the numbers higher.
Interest rates are at historic lows
But lines are starting to form again as the cities homes are in dire need of repair of alteration.
Three years ago, the prices were to high on many building materials, now they have fallen dramatically.
Many plans in the works had to be put on hold as banks refused to fund speculative building projects, even to their best clients. Projects that had had all the plans drawn and properties purchased just sat there on hold.
The clients get more competitive estimates than just three years ago.
Labor prices have also fallen with the depression like economy, the market just could not bear the inflated prices on material and labor.
Remodeling is on the rise however. People who would normally upgrade into a newer home are staying put. As the family grows they add a room rather than just pack up and move away as in recent times.
After a three year decline because of housing depreciation, many homes that had been slated for work to be done three years ago, are starting to be worked on now.
Banks are starting to allow home improvement loans more often now than in recent years.
The homes outer skin can be compromised by the elements and allow moisture into the homes interior, compounding an already costly situation. Moisture leaks into a homes interior can be a silent killer. Though very rare, dangerous mold spores can start to grow on a homes interior drywall, wood and insulation, thus leading to long term health problems.
A house needing repair three years ago, can almost need a major remodel by the time it is neglected over 1000 days, costing many thousand dollars. Like a tooth needing a cavity drilled and filled to stop the decay, a house is no different. Neglect your home to long and you will need a full root canal and a new crown, costing about 00, rather than 0 to have have a drill and fill. That is a difference of almost 350% in cost over runs that could have been prevented. The health risks associated with toxic mold buildup from moisture leaks only adds to the misery stemming from neglect. Paying 350% more on your house " face lift" can put you in the poor house.
" I think the market can only endure so much neglect until finally the homeowner makes the call. " " After a moisture problem is fixed, many clients comment on how their heath improves. "Headaches suddenly disappear once the repair is finished."
When a house is put on the market, the difference between a sale or not could be the remodel one did but the other did not!
Make sure your home improvement contractor is licensed with the state where you reside. Take five estimates on the work scope you have in mind. Throw out the high estimate and the low estimate. Only consider the middle three for your project. If you like a particular contractor who is slightly higher in price,but seems to know his business, then go with him in stead of just taking the lowest bid.
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