Many are taking the equity and fixing up or redoing part of those homes.
As the annual BIA Home Building and Remodeling Show opens this weekend, it appears it will be a busy time for contractors.
"Now that they are refinancing, going through the cost of refinancing it makes sense to pull some of that money out to again remodel the areas of their home that need to be fixed up," said Scott Allen, In Solid president.
"Really our main goal is to do whatever the client needs us to do. And right now the clients are really demanding a lot of renovation work, and a lot of additions," said James Kijek of Kijek Construction.
The contractors say it’s not as crazy as five or six years ago when lots of loans were being made to anyone who qualified.
"You know people aren’t making that big investment and moving up to a more expensive property. They are just deciding that you know what we’ll take that existing home and we’ll make it into our dream home," said Greg Liu of Design Trends Construction.
It made national news days ago, the federal reserve saying interest rates were likely to remain under four percent for the next few years. Great news for these guys.
"Our industry does ride on the home owners ability to remodel something. So, when they can pull out money out of their home equity and then put it back into the economy it helps the economy a lot," Allen says.
The BIA Home Building and Remodeling Show runs through the weekend at the Blaisdell Exhibition Hall.
See the original article at: KHON2 Local News
