Remodeling Costs Cheaper

Consumers can save money on home improvements in falling market.

By: Larry Dunn

Harvard's Joint Center for Housing Studies finds that home improvement spending has dropped 12 percent. The result has been declining contractors' fees and prices on building materials. Research fellow Kermit Baker notes, "You'll be able to negotiate better prices." Consumers will also be able to get "better-quality contractors" and other concessions. Two-thirds of remodeling costs may be recovered if homes are sold within a year compared to 8 percent in 2005.