When we hear about the construction or housing industry being down, it’s usually more in reference to new home construction. Unfortunately, the recovery of this segment of building may take a while. An article posted June 10 on Window & Door magazine’s web site predicts that it could take several years.
There are currently too many existing homes on the market, mortgage money remains tight, unemployment is close to double digits and many employed homeowners—unsure of their job future—are not thinking about investing in new homes now.
The home-improvement business, on the other hand, is expected to recover much sooner, as early as this year. Homeowners not planning to build new homes soon may be deciding to do something with their present homes to make them better and nicer places to live in.
A smart home-improvement idea is to replace windows. It’s a good decision, economically and otherwise. New windows add to a home’s value. Remodeling magazine reported in January that 77.2% (national average) of the cost of replacing windows is recouped when the home is sold. And that doesn’t factor in the big 2009-2010 federal energy tax credit of up to $1,500. (See http://www.gorell.com/pages/energy_tax_incentive_act.htm for more details on the tax credit.)
Premium-quality replacement windows also save homeowners money because of lower home heating and cooling bills. Window replacement also contributes to a cleaner environment and reduced dependency on foreign oil.
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