While the conventional wisdom is to save money during an economic downturn, many experts will tell you that carefully investing in home maintenance and renovation now instead of later can pay immediate as well as future dividends.

“Provided you do your homework, putting money into home upkeep and improvement is almost always a smart move, even in a down market,” said Laura K. Harris, vice president of PowerHouse Home Building and Remodeling Consultants, a full-service new construction and remodeling consultancy and a division of PowerHouse Advisors, LLC, based in Riverwoods, Ill.

“If you’ve been itching to put your home on the market, you may want to think twice considering the slow pace of sales and instead devote your time, energy and resources to transforming your current residence into the home of your dreams.”

In other words, if you know you’re not going anywhere for a while, “why not live in greater comfort while also trying to increase the resale value of your home by properly maintaining it and remodeling key living areas?” asked Harris.

“Or even if you don’t plan to sell for years but have been eager to upgrade and remodel, why put those projects off for later? Chances are that you would have had to renovate later anyway to help sell your home, so why not reap the benefits of doing it now?”

Harris said that the time is ripe to capitalize on lower construction and material costs due to the state of the economy.

“There are a lot of quality contractors, remodelers and tradesmen who are eager for business and available immediately, and many have lowered their prices to effectively compete in this market,” she said.

What’s more, smart home enhancement projects like replacing old windows with new energy efficient ones, installing a higher efficiency furnace and adding extra insulation to the walls and attic can produce instant savings in the form of lower utility bills as well as increased thermal comfort for your family.

Thanks to her vast experience as a custom builder, Harris has a knack for knowing which specific renovations garner the best payback come sale time. Through PowerHouse, Harris serves as a homeowner’s “coach’: an expert who oversees a homeowner’s renovation or upkeep project from start to finish, saving them valuable time and expense while protecting their investment.

Harris said if you’re worried about recouping the dollars you invest in a home improvement job at resale, rest assured that many home projects are proven winners that pay you back.

According to survey results published in the recently released 2008 Cost Vs. Value Report, jointly issued by the National Association of Realtors and Remodeling Magazine, exterior projects and kitchen renovations yielded the highest rates of return upon resale.

The report revealed that adding fiber cement siding or a wood deck can recoup approximately 87 and 82 percent of project costs, respectively, while new window replacements can recover 76 percent of costs. A minor kitchen upgrade can recoup nearly 80 percent of costs, while a major kitchen remodel can return 76 percent.

A midrange bathroom renovation or midrange attic-to-bedroom conversion was each estimated to return approximately 74 percent upon resale. Additionally, a midrange basement re-do recovered nearly 73 percent of its investment.

Remodeling a kitchen or bathroom—especially a master bath—is always a smart move, said Harris. Other hot improvement projects include turning bare and unused attic space into a private retreat, building an extra bedroom over an attached garage, creating a mudroom or craft area, and jazzing up a garage as a private getaway—decorated, heated and cooled—for the man of the house.

“If you are considering remodeling your home but still questioning the timing based on the state of the economy, remember that some things never change,” Harris said. “Investing in your home pays off in virtually every situation. And of course maintaining your home is key, too.”

However, you must perform your proper due diligence, she added.

“These projects must be done with the right contractors, within your pre-specified budget and in a timely manner,” Harris noted.” You have to take the time to thoroughly search for the right professionals for the job. And you need to monitor the project to make sure it stays on schedule and remains affordable.”

That's where PowerHouse can help, she said. Harris and company can ensure that the job is done right—on time and on budget. And the professionals in her “Platinum Rolodex” that she refers to clients are invaluable.

The PowerHouse approach begins with a free initial consultation, during which Harris meets with you to determine your home’s needs and objectives.

If you decide to work together, you’ll be asked to sign an exclusive buyer representation agreement with PowerHouse and pay a small retainer fee to cover the first few hours of consultation, including the creation of a project profile and personalized budget plan. PowerHouse then earns a commission for its services on your entire job by charging you a small percentage of the project’s total budget or by collecting a referral fee from each recommended professional you enlist.

Next, Harris will evaluate your project carefully and recommend the ideal experts for the job or else meticulously research any professionals not on their list whom you prefer. Upon request, the PowerHouse team will help with gathering bids from a handful of experts you have narrowed down your list to and then work closely in educating and assisting you in your selection of the best match to your project.

“Once you’ve hired these resources, we’ll stay in close communication to ensure your comfort and satisfaction as well as help to keep the project moving in a timely fashion,” said Harris. “You’ll be continually updated on the progress of your project. And if you have any questions during the process, you can expect quick and thorough answers from us.”

To learn more about PowerHouse Home Building and Remodeling Consultants or to schedule a no-cost initial consultation on your property, call Laura K. Harris at (224) 420-6222 or visit http://www.powerhouserealestateil.com/.