Maybe you need additional space for your growing family or a home based business.  Maybe you want to modify your home to make it safer and more comfortable as you get older.  Maybe there are components of your home that are wearing out or are not as energy efficient as you would like them to be, or more simply, maybe it is just time for a change.  As I walked around the floor at our recent Home and Remodel Show, one question that I kept hearing from attendees was “Is this really a good time to remodel, now, in this economy?”  There are several reasons why now is a great time to consider remodeling your home.  With stable and in some cases even falling material prices, interest rates continuing to hover at historic lows, rebates and available tax credits for energy efficient upgrades, now may be the opportune time to consider that remodeling project you have been dreaming of.

After seeing rampant inflation in the cost of building materials for years, prices have now fallen to near record lows for stick lumber and many lumber products.  Other commodity prices for items used in building components like steel, aluminum, copper, and petroleum are also down.  Many material suppliers are offering deep discounts to move excess inventory created by a slowing new construction market.  Now is a great time to take advantage of these lower prices and discounts.

Contrary to popular belief, borrowing money to help finance your remodeling project is still an option.  Many of you may be thinking that banks are no longer in the business of lending money for remodeling projects or home improvements.  That is actually not the case.  At our recent Home and Remodel show lenders were there to let us know that financing is still available and rates are at historically low levels.  Many financing options exist from home equity lines to new first mortgages.  With rates this low, many people are choosing to borrow the money to finance their project and take advantage of this bargain rates.  Now may be a good time to explore those options.

Now is also a good time to take advantage of the many rebates available to customers from their utility providers.  Rebates for installing new Energy Star appliances, on-demand tank-less water heaters and high efficiency heating and cooling systems are just a few of the items that may be eligible for rebates.  Other lower cost improvements that may qualify for a rebate include upgrading the insulation and air sealing your home.  There are rebates available for solar power and water heating systems, as well as wind power.  These rebates will help provide short-term relief from the cost of improvements, but the real savings is over the long term.

Another opportunity available to you now are tax credits that have been restored and even increased up to three times under the new economic stimulus plan.  Improving the energy performance of your home through the installation of new energy efficient windows, doors, roofing and insulation, as well as high efficiency water heaters and heating and cooling systems may qualify you for up to $1500 in tax credits.  Geothermal heating systems, solar systems, and wind systems may qualify you for tax credits of up to 30% of the total cost of the system.  These tax credits are available from now through 2010 and could go a long way towards paying for the cost of these improvements.

Remodeling your home now can modernize the style, add needed space, make it more safe and comfortable, and improve energy efficiency and performance, all while increasing the value of your home.  Remodeling is a sure investment in your home and now may be the best time to take advantage of these money saving opportunities available.  Contact our local Home Builders Association-Remodelers for a list of members to assist you in finding the many opportunities available to you.  We can be reached at www.hbanco.com or 970-686-2798.

Michael Doddridge, CGB, CGP, CAPS,  is owner of Doddridge Construction, a local full service remodeling company.  He is currently serving as Vice President of the Home Builders Association of Northern Colorado and Chairman of the NAHB Remodelers of Northern Colorado.  He can be reached at mjd@doddridgeconstruction.com or 970-218-3120.