Due to a credit crunch, a housing downturn and a wobbly economy, consumers opting to remodel their home or condo are having no problem finding contractors. While these same factors have dampened the once-booming home remodeling industry, several housing experts say that can mean less frustration finding a contractor and maybe even lower costs.

According to Harvard University’s Joint Center for Housing Studies, overall growth in spending on remodeling projects in 2007 is expected to be 3 percent. A year ago, it was 6.8 percent. In 2004 and 2005, at the height of the housing boom, it was nearly 20 percent each year. And, the Home Improvement Research Institute, an organization backed by manufacturers, retailers and wholesalers, projects that total home improvement product sales will decline this year by 1.3 percent.

Some people are spending on renovations precisely because of the housing-market downturn. When they know they’re going to have to hold on to their homes longer, they have more time to get the best out of the price of renovation. One good thing about the slowdown, remodelers said, is having their pick of employees. During the boom, finding qualified subcontractors, such as electricians, plumbers and laborers, was a challenge. With new-home construction slowing down, there are plenty of people looking for work.

Looking for a home in Boca Raton Real Estate? Realtor® Caesar Parisi is ready to help you buy your dream property.

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