To say that we’ve had a good economic run is an understatement. But with gas prices on the rise and interest rates increasing, money might be harder to come by over the next couple of years. If you have been sitting on the sidelines not wanting to pull the trigger on moving or remodeling, it’s time to decide. If you do want to stay put, now is the time to borrow money cheaply and hire remodeling contractors in Augusta, GA. Here are four reasons why!
Materials Might Get More Expensive
COVID might be over, but we are just beginning to feel the sting of some of its effects on the economy – like the price of materials soaring. The US is experiencing a supply chain issue like we haven’t seen since the 70s, and as any economist will tell you, it is all about supply and demand. Materials are already more expensive than they used to be, but if things get worse, the prices will soar higher. If you start now, you might just be ahead of the game.
Lack of Supplies
One of the biggest reasons remodeling contractors in Augusta, GA, and around the nation fall behind on schedule is shipping times for materials. The longer the project goes on, the more costly it becomes, and the more you will be inconvenienced as a homeowner mid-construction. Now is an excellent time to plan for remodeling; that way, you can order with plenty of time to get started. Not only will you get what you need for a cheaper price; you will hopefully get it when you need it to stay on track for completion.
Money is Still Cheap
Although the average person is somewhat shocked by the interest rates settling at less than 6%, they have likely forgotten that during the 80s, interest rates were about 19-20% for a mortgage. With interest rates in that realm, remodeling doesn’t only not make sense – for most of us, it isn’t even feasible. If you get started on your equity loan or second mortgage loan now, you can lock in your rates for the entirety of the loan, be able to afford it, and pay less in the long run.
Staying Put Versus Remodeling
Many homeowners who are tense about the nature of the market are putting their homes up for sale to cash in now in case the bubble bursts. That’s a great idea for some, but for others, if you are selling at the height of the market, you are also buying at it. If you take out a mortgage now for a new home, you might be pricing yourself to the point that you have lost all of the equity you’ve built. It might be smarter to renovate your current place, save the equity you’ve accumulated, and still get what you want instead of going through the hassle of listing and selling!
As we move into a post-COVID recovery phase, we are just starting to see the effect on our lives in everything from social skills to the economy. Interest rates are on the rise and are likely to continue increasing, which means that now is an excellent time to lock in rates and hire remodeling contractors in Augusta, GA. But not all contractors are created equal. At Clean ’n’ Brite, we have an established reputation in the area for excellence in building, so you can rest assured that hiring us will always be a good investment, no matter what the economy and real estate market do! Contact us today to get started.