Jump on Discounted Home-Improvement Products for Future Projects

(MoneyWatch)  Lowe's lousy profit report today underscores the problems that big home-improvement retailers face when homeowners delay planned additions and remodeling amid economic uncertainty. If you've already set aside some cash for a such a project, though, Lowe's woes -- and those of similar outlets -- actually offer you a rare opportunity to stretch your budget further.

That's because items such as hardwood flooring and granite-countertop slabs are currently available at steep discounts, with markdowns especially attractive among luxury goods. So you could either bring in your remodeling project significantly under budget, or upgrade the quality of your materials without busting through your (prudent, of course) spending limits.

"Many companies are more willing to make deals and sell things at cost with the homebuilding market as slow as it is," Alan Primack, director of the Decorative Plumbing and Hardware Association, told me in an interview. "If you visit a local luxury showroom now, you'll get better deals than you've ever gotten before."

Take note: Prices are rising for some products due to higher commodity costs. If you've thought about installing a hammered-copper sink in your master bathroom, for example, you may be out of luck on the savings front, since the price of copper has risen sharply over the last year due to growing global demand.

If you'd like to pursue a project start-to-finish now, you could also benefit from the fact that many building contractors are charging lower prices. Homeowners are saving as much as 20% on projects compared with a few years ago due to more competitive bidding and reduced labor costs in the hard-hit construction trades.

Whether it's for onyx tile, a mahogany front door, a custom-built, stained-glass window or just an ornate ceiling fan, consider shopping online and at retail showrooms for deals now -- and you might also save on the cost of installation once they arrive.