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Home Owners Remodel Rather Than Sell

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Oct 18, 2008 9:07 pm US/Mountain

Home Owners Remodel Rather Than Sell

Written by Andrea Lopez
Reporting
Andrea Lopez
DENVER (CBS4) ― Shoppers at the 2008 home decorating and remodeling show going on at the Denver Convention Center this weekend are hoping to do more than invest a little money in improvements. They're hoping to make investments that give them a good return on their money when the housing market and the economy turns around.

Many homeowners had plans to sell but are holding onto their homes right now because they know they'd lose quite a bit of money in this buyer's market. So, instead, they're spending their money on upgrades, hoping to see a return with interest when the market turns around and they do sell their homes.

"The thing we're seeing right now is people trying to improve their homes," said vendor Judy Reed of architectural laser designs. "The market will come back. Right now they don't want to sell but they want a better place to live and they have some great ideas. So they're talking to us about those ideas and when the market does come back, those are built into the value of your home."

Vendors say some shoppers have been very cautious and hesitant to spend money. Others are spending big bucks on major improvements like solar panels that will cut costs along the way.

"Even in this tough economy they're finding a way to do this," said vendor Michael Gifford with Akeena Solar. "This is the one thing they can really control by putting solar panels on the roof and the whole system. It makes sense to buy electricity now rather than wait until the rates increase."

"I'm taking my money and reinvesting it in my home as in remodeling and improvements," said homeowner Scott Boyd, who was planning to sell his home but will now wait until the market turns around. "I can sell it when the economy comes back. When people see what I've done, I'll get a return on my investments."

Some vendors say that people have placed orders, only to cancel them a day or two later after watching their portfolios dwindle.

(© MMIX CBS Television Stations, Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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