As the housing slump hits contractors’ bottom lines, homeowners are in a great position to negotiate sweetheart deals to remodel their homes – if they can find the cash.
The total money spent on home improvements and maintenance was expected to dip by more than 4 percent to $216.3 billion in 2008, from $226.4 billion in 2007, according to the National Association of Home Builders. The industry group doesn’t expect spending to reach 2007 levels again until 2010.
Often, those who want to renovate their homes look for a source of cash that doesn’t tap into the money they set aside for savings or day-to-day expenses. This is especially true for homeowners who find that the equity they have in their homes has dropped in value due to difficult housing market and economy.
Some have found that the cash they need is waiting for them by selling unwanted gold, platinum and silver jewelry. Selling unwanted gold is likely an option that many people have not considered – even though they probably have lots of it.
From 1975 to 2005, there was a gold jewelry explosion in the United States, according to the World Gold Council. Consumers bought more gold jewelry in those 30 years than during any other time in U.S. history. However, because Americans see their jewelry as a fashion statement, many don’t wear older gold pieces that may be considered out of style.
At the same time, the price of gold has risen dramatically over the past three years. For those interested in realizing its value, they’ll likely find the cash they get for it can fund home renovations and many other luxuries.
To get the highest price, gold sellers must be educated about the gold business, said Michael Gusky, founder of GoldFellow™, the trusted Internet-based gold buyer. Gusky, who sold his gold jewelry manufacturing business to legendary investor Warren Buffett’s Berkshire Hathaway in 2007, says that many people have taken the time to learn about selling their gold – and profited significantly from doing so.
“At GoldFellow™, we have talked with a number of customers hoping to fund home renovations by selling their gold to us,” he said. “We pay higher prices for their gold than most gold buyers, so it actually is possible for some to pay for the renovated kitchen or bathroom they have always wanted.”
Gusky noted that gold sellers should be aware that the prices of gold, platinum and silver change daily, since they are traded as commodities. Buyers of precious metals will melt down objects that contain them for their pure content and sell the refined product to international banks and precious metals dealers. So the price they pay consumers for their gold, for example, will reflect profits for buyers – some of which pay significantly less than others.
“Gold sellers need to do their homework,” Gusky said. “Compare prices and policies of gold buyers”
Gusky provides helpful industry insights into selling jewelry and information about the benefit of the jewelry industry. To know more about GoldFellow™, selling gold jewelry and gold selling today, visit www.goldfellow.com.
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