It may not be an easy time to sell your home, but if it needs repairs or upgrades, now just might be the opportune time to complete those projects.

Consumer spending on home improvements is off by 12 percent since peaking last year, according to Harvard’s Joint Center for Housing Studies.

This has led to declining prices on building materials and lower contractors’ fees. With contractors hungry for work and willing to negotiate, homeowners can potentially hire better contractors at lower prices. And if prices on many remodeling materials continue to decline, the overall costs of improvement projects will fall even further.

Overall, experts say, homeowners can expect to save at least 10 percent on the cost of a renovation and possibly much more, depending on where they live and the project they choose.

Source: Money Magazine