Staying Put in Today's Housing Market

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With U.S. housing starts down, sales of existing homes down and sales prices dropping, putting your home on the market or staying put depends on individual situations and local market conditions, say experts. If you have decided to remain in your home and remodel, consider these three possible directions for your projects. Projects to Help Save Energy Costs and Live Greener If you are considering a remodeling project, such as this two-story remodel, you may find that costs are a little less than a few years ago. With fewer new construction, many contractors are seeking jobs during this downtime. With soaring fuel and electric prices, energy-saving projects can ease your stay as well as be attractive to future buyers. According to Singer, the 2007 NAR Profile study revealed that nearly half, or 46 percent, of all buyers said energy efficiency was "very important" to them when considering a home purchase. Therefore, she recommends that homeowners consider making window replacements and adding new appliances and extra insulation. “With the market and energy costs being the way they are, it’s wise for people to shift home improvement dollars to renovations that conserve energy and save them money,” says Fritschen. “It makes a lot of sense to reduce energy and focus your energy on ‘doing more with what you already have.’ ” With projects varying greatly in cost and scope, pinpoint your needs with a home energy audit. With these inspections, you will get a customized list detailing projects that will reduce your home’s energy consumption—a great starting point. (For more information about home energy audits, read “Plugging Up Leaks with a Home Energy Audit.” Review that list and select projects you can do yourself or have done at low cost. Replace inefficient incandescent bulbs with CFLs (compact fluorescent lights) or the new LED (light-emitting diode) lights. Add low-flow aerators to your bathroom faucet or showerhead. Install a programmable thermostat. Caulk around windows and where plumbing and electric conduits enter your home. View BobVila.com’s Step by Step How To Videos to learn just how to make these energy-efficient changes. Get several estimates for larger projects, such as adding insulation, replacing windows or doors, or installing a tankless water heater. For energy-saving projects, you may also want to calculate their longer-term implications. Look at payback periods and the assumed yearly rise in utility rates. Projects that Make You Happier If the current mortgage crisis has you staying in your home longer than you thought, these projects can increase your satisfaction with being there and help you fall in love again with your home.

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