As a kitchen designer, lately I've been hearing people question if now is a good time to remodel. My answer? You bet. Despite the weak economy, if you have a dated, inefficient kitchen and you plan on staying in your home for at least a few more years, now is an excellent time to remodel-maybe the best time in decades, in fact.

First off, home values in our region-Colorado and southern Wyoming-are holding up well compared to many other parts of the country. If you had sufficient equity in your home before the economy started to falter, it's likely still there.

Second, return on investment for kitchen remodeling has dropped very little. Even in the best economy, it's rare to totally recoup your remodel investment within the same year. In 2004, you might have recaptured 79 percent of your investment if you had sold your home immediately after a major kitchen remodel. In 2008, this percentage in the Western U.S. dipped only slightly, to 76 percent, according to Remodeling magazine.

What's more, home mortgage and home equity loan rates are at historic lows right now. Today, in late April, 30-year fixed rate mortgages are averaging 4.8 percent. If you need to borrow money to finance your remodel and you have adequate home equity, you might be surprised at how affordable your new monthly payments could be.

Then there are the consumer benefits yielded by the good old law of supply and demand. Contractors are simply more available today than they have been in recent years. "Contractors have more time to discuss your project right now," said Fort Collins residential contractor Greg Mizer. "And if they're slow, some will give you a really good value on their bid." Materials costs are lower, too, because of fallen energy costs and bigger supplies. "Certain materials costs are down a lot," added Mizer, "including lumber and drywall."

Finally, don't forget to consider the day-to-day cost-benefits of having an updated kitchen. Americans spend fully half of their food budgets eating out. How much would your family save every month simply by eating at home more often? And what if you applied that money toward your new kitchen? You might actually end up in the black! Besides, an updated kitchen makes it much more efficient and enjoyable to prepare food at home. And home-cooked food is typically much healthier, too.

So why not remodel your kitchen right now? That's my only question.

5 Cost-Conscious Kitchen Remodel Choices

1. Do it yourself

While bad DIY work is a bad investment and can actually devalue your home, competent do-it-yourself projects can save your budget. Tile work is a good example. In Colorado, average tile installation rates run about $10 per square foot, including underlayment and other prep. But if you choose inexpensive tile flooring, you may only pay $2 a square foot for the tile. Learning to lay tile yourself is a doable DIY task that adds value and saves cash.

2. Low-cost countertops

Who doesn't want granite or soapstone? In the past decade, we all grew accustomed to equating high-end kitchens with solid-surface countertops. But low-cost laminate in a tasteful solid or mottled black can give a similar appearance and function at a much lower cost.

3. Clearance appliances

Good old scratch-and-dent and floor model appliances are a good bet right now, as are overstock models. Just like car dealers, many appliance dealers in this economy have a surplus of appliances to move, so you might just get a great deal if you keep looking and are bold enough to haggle. While you're at it, look for Energy Star ratings, which will also save you energy costs.

4. Reused materials

Visit your local thrift shops to look for interesting lighting fixtures, sinks, and other remodeling treasures. Habitat for Humanity operates building materials thrift stores up and down the Front Range, and all the money you spend goes to help build Habitat homes.

5. Efficient cabinet design

A good kitchen designer can save you hundreds-even thousands- of dollars on your kitchen cabinets. Drawers are more expensive than cabinets with doors, for example, so if your budget is tight, a good designer will use drawers judiciously. Wood and finish choices also radically affect cost. Don't skimp where it counts, though. Make sure your new cabinets are built to last.

Carla Riedel has 13 years experience designing kitchens and overseeing remodels in Colorado and Wyoming. She is design director for Schroll Cabinets, the largest custom cabinet company in the interior West. To contact her, e-mail criedel@schrollcabinets.com  or visit http://www.schrollcabinets.com

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