Current real estate market offers favorable conditions for building a new home or remodeling

DENVER, CO – The housing bubble that led to the worst U.S. recession in decades and shows only the slightest signs of recovery after more than two years of stagnation has a bright side for those people able to take advantage: housing costs are down considerably, mortgage and construction-loan rates are the lowest they have been in decades, and a whole host of general contractors and subcontractors are hungry for work and pricing their services accordingly.

While the conventional wisdom is that buying a home in this environment may offer the best combination of pricing and lending rates ever seen, it may be even a better time to consider building a dream home or to extensively remake an existing home into a new castle.

For new-build homes, the same positive economics that apply to the real estate market in general come into play: low acquisition costs of an older, smaller tear-down home or a building lot, and 30-year mortgage rates well below 5%. The added advantage is that builders, jam-packed with business at inflated fees just a few years ago, are in a mood to deal just to keep the business operating. Same for remodeling projects and the many subcontractors who work on both new-build and add-on projects: they take business wherever they can find it, and the market is so competitive the fees charged are some of the lowest seen in more than 20 years.

However, as always, caveat emptor: let the buyer beware. While contractors are keeping fees low in a hyper-competitive marketplace, there is also the potential of the cutting corners to maximize returns. Anyone contracting to build a new home or to substantially remake an existing one would be well advised to insist that subcontractors hire by general contractors or developers to perform critical elements of the building project be fully licensed and capable of the task at hand.

One of the key aspects of any home construction project, whether new or remodel, is the electrical contractor charged with wiring the new home or addition. Modern lifestyles call for the addition of a myriad of appliances, home theater systems, home-wide entertainment systems, security systems, extensive cabling for entertainment and work spaces, outdoor decorative and security lighting, HVAC units, and more – in other words, the modern home is a marvel for wiring and cabling, with electrical demand far exceeding what was the norm only a few years ago. Not every electrician has the experience and expertise to handle a high-demand electrical job, even though most of them will say they do. Best to check the level of experience and all references to insure a new home or extensive remodeling project is done correctly the first time. The best contractors and developers will supply all the necessary background on subcontractors before work commences and are open to make a switch to one the client prefers.

Building a new home or making a new home out of an existing one is a daunting undertaking, but the stars are all aligned and indicate this may be the best time ever to build the dream. Make sure, however, that each and every contractor and subcontractor has the expertise to fulfill that dream, or it could become a nightmare.

Allstar Electrical Services of Denver is a premier electrical contractor, serving the residential, commercial and industrial with cutting-edge, professional and fully licensed electricians with vast experience in new build and remodeling projects.

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