Hope For Remodeling Contractors During Tough Times
Well this is about the third time for me, going through
some tough times and the bad economy, in the construction business. If
you're a remodeling contractor or are currently working in the
remodeling business, you're in a better position than those who are used
to working in new construction, track framing or commercial tilt ups.
I got out of and will probably never go back to, track house framing. There were some pretty tough times and plenty of ups and downs, during the first recession I went through, which started in 1980. I was working one day a week and just barely making enough money to pay my bills. I would actually buy a box of doughnuts and make it last me for three days. Not the most healthy thing you could eat but financially, it did the trick.
I never wanted to go through that, ever again and decided to try my luck in the remodeling field. I've never had to go through the tough times like that ever again. I hope I never have to either, even though things are pretty bad right now, for those reading this article in the future, the date is March 3, 2009 and the economy is on the verge of going into tougher times. It seems like everyone is holding their breath, for the government to bail us out, with a stimulus package.
I don't know about the stimulus package, but I do realize, that once the interest rates drop, I would imagine, and that most remodeling contractors are going to have a free-for-all and plenty of work. People right now are waiting to buy homes, and when the interest rate drops, I would imagine the prices of some of these homes will actually increase as they start to get snatched up, remodeled and repaired to either rent down or sell at a profit.
Home owners that are waiting to remodel their bathrooms, kitchens or other home improvements, are waiting for signs that the economy is going to get a little stronger. This will provide them with a sense of job security, I know a few people who are waiting until we come out of the recession, to do any home improvements, because they're afraid of losing their jobs and not having the money in the bank to make their payments.
I live in Southern California and when I go to my local home improvement center or lumberyard, the parking lot is full. This tells me, that people are still working, buying and selling things and the economy isn't really that bad. For those remodeling contractors who aren't doing much work right now, there is hope and light at the end of this economically miserable tunnel. Things will get better and if you look back at history, things always do get better.