While new-home construction is still in the doldrums, there is evidence that remodeling has hit bottom and is poised for an upswing in the coming year. But remodeling activity is mainly a local phenomenon, and although the overall remodeling market responds to global and national economic trends, some markets are likely to rebound faster than others. The question is, which ones? Our Top 100 Markets list provides the first real answer.

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Husky Pro Tool Bag

More than 40 pockets keep tools visible and easy to grab. No more digging to the bottom of the toolbox to find a screwdriver. And these pockets keep chisels sharp, and other tools organized and easily accessible. There’s also a large central compartment for cordless drills and other big tools plus a place for a hand saw and level. The Husky 20-inch Pro Tool Bag is available at Home Depot stores and online at homedepot.com for around $40.

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Bargain-basement prices on home renovations are the silver lining of today’s horrible real estate market. According to the National Association of Home Builders, contractors’ bids are coming in at 10 percent to 40 percent below what they were during the housing boom. And smart consumers have apparently taken notice.

An American Express survey found 62 percent of homeowners planned a home improvement project for 2010. They focused on do-it-yourself, or DIY, projects, like indoor cosmetic work, and planned to spend an average of $6,200.

With remodeling, your best tool is neither a saw nor a hammer; it’s knowledge.

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View the annual report on the relationship between remodeling costs and resale value. You can compare national and regional averages for 33 popular remodeling projects and you can also download a PDF with project data for any one of 80 U.S. cities.

As of April 22, 2010, federal law requires that all U.S. contractors be certified to work with lead-based paint in homes, child-care facilities and schools built before 1978. Details of the new RRP (Renovation, Repair and Painting) rule appear in a brochure, “Renovate Right,” which contractors must give homeowners before work begins. The law requires certified renovators to be on-site to ensure that employees follow specific practices to prevent lead contamination. These include posting warning signs, taping up heavy plastic to contain the work area, minimizing dust by wet sanding, then cleaning with a HEPA vacuum and a wet mop. Certification takes 8 hours of training by an EPA- or state-accredited provider and costs from $200 to $400 per trainee. Not every employee of a remodeling firm needs to be certified, but the firm itself pays a $300 fee to obtain EPA certification. Contractors failing to comply could get hit with a civil penalty of up to $37,500 per incident, per day.

Most experts and program managers agree that financing is necessary to encourage homeowners to participate in weatherization programs and meet the goal of reduced energy consumption.

Organizers working with local governments to set up programs that provide homeowners with loans for energy-efficient improvements are choosing a variety of formats. Some are considering low-interest loans; some are using PACE (Property-Assessed Clean Energy) financing, where homeowners pay back the loan through their property taxes; others are opting to use the PAYS (Pay As You Save) system where homeowners pay loan installments through utility bills.

All walls need some kind of insulation otherwise you’re risking a loss of heat in your home through cool drafts, thermal leakage, or actual condensation and damage along the inside of the wall itself. By adding this barrier between your walls, you will be able to reduce drafting, dust build-up, noise pollution, and the temperature on your thermostat, creating savings on your utility bill. However, if you live in an older house with no pre-existing form of interior padding, then your best option is blown-in insulation. Unlike the common batting which is often installed in walls as the original construction is being performed, this loose fill material is literally pumped into the pre-existing wall through a small opening made by your contractor.

Remodeling projects inside and outside the home can bring a good return on your investment while adding curb appeal for selling your house.

Even though housing prices nationwide have dropped over the last year, homeowners continued to improve their investments. Whether you’re considering remodeling to lend curb appeal or to make your homes more comfortable to live in now, there are projects that bring a solid return on your investment.

The National Association of Realtors (NAR) reported a seven percent overall drop in home prices in the last year. But Remodeling Magazine’s 2008-2009 Cost vs. Value Report shows that moderate upgrades and maintenance-related home improvements continue to pay returns. Recovering your investment often depends on your location, and payoffs are simply slower to recoup than in recent years when the market was booming.

Top Remodeling Projects in 2008
Homeowners want to know how much of the money they invest in remodeling will show up in the total housing price when they sell. In 2008, the greatest paybacks came from outdoor, curb-appeal projects such as new decks, replacement windows, and siding. For inside jobs, kitchen remodels reported the greatest returns nationwide in increased valuation, according to the NAR. Here are the winning projects:

1. Fiber cement siding (upscale) brought an 86.7 percent return on investment (ROI)
2. New wooden decks (using mid-range materials) brought back 81.8 percent
3. New vinyl siding (using mid-range materials) returned 80.7 percent on investment
4. Foam-backed vinyl (using upscale materials) held an 80.4 percent ROI
5. A minor kitchen remodel (using mid-range materials) delivered 79.5 percent returns
6. Vinyl window replacements (using upscale windows) had an ROI of 79.2 percent
7. Wood window replacements (mid-range materials) brought back 77.7 percent
8. Vinyl window replacements (using mid-range windows) had an ROI of 77.2 percent
9. Wood window replacements (upscale materials) had a 76.5 percent return
10. Major kitchen remodeling projects (using mid-range materials) had a 76.0 percent ROI

Keep Up with the Joneses
In deciding on improvements, you should evaluate what your neighbors are doing. If you’re in a subdivision that was built in the 1980s, for example, it pays to see if your neighbors have upgraded their kitchens or baths, have built improvements outside for curb appeal, and so on. That’s what you’ll be up against if you decide to sell.

Much of ROI has to do with your region. For instance, a remodeled basement might bring an ROI of 92.7 in California, while in New England you might be lucky to draw as large a return as 61.9 percent. In the Northeast, improvements that increase energy efficiency do better than they do in the Southwest.

Here are some easy-to-complete improvements which can also increase curb appeal:

• Clean up the yard, front and back, removing trash, clutter, and overgrowth
• Paint the exterior
• Wash windows and skylights and replace burned-out lighting fixtures
• Reface kitchen cabinets and re-paint the kitchen
• Finish floors and shampoo carpeting

You just might accomplish immediate gains by employing elbow grease and a few hours as opposed to spending a fortune.

People who refrained from splurging on big home-improvement projects during the housing boom are reaping the rewards now.

Depending on the region and the job, some homeowners are paying as much as 20% less for home-remodeling projects than they would have a few years ago. Many contractors are willing to accept smaller jobs and “handyman” projects that they used to snub. And more projects are being delivered on time and on budget—a stark contrast from the boom years.

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Hiring a contractor might be the single most important decision you make when remodeling your kitchen. A reliable, top-notch contractor will ensure that your plans are followed correctly, on schedule and without cost unavoidable overruns.

The first step is to ask your friends and family members – and even neighbors who’ve completed remodeling projects you like — for advice and contractor recommendations.

Rank the names you receive and start with the top three choices to call, then:

#1 Ask for references and insist on references from recent jobs. Contractors frequently change laborers and subcontractors. You want to be sure you’re getting the same quality of work your friends and family members received.

#2 Among the questions to ask references include: Did the project stay on time and on budget? How were the contractor’s work habits? Were unauthorized changes of materials or work orders ever made? How well did the contractor communicate the progress of the project? Were there any problems? If so, what and how were they resolved?

#3 Get at least three price estimates. Rates can vary wildly and knowing what different contractors charge can give you room to negotiate a better price with the one you really want to hire.

#4 Ask to visit an in-progress project to see first-hand how a contractor works. Are the workers clean and respectful of the home? Are adequate safety precautions being taken?

#5 Don’t hire a contractor just because they’re available to start right away. The busiest contractors tend to be the best ones – and they’re worth waiting for.

Finding the right kitchen remodeling contractor can be tricky, but ending up with the wrong one can be costly, time consuming, and down right aggravating.