If you’ve thought about renovating your home, you might have decided to hold off amid all the negative financial news and recession warnings.
As you begin weighing all the pros and cons of this decision, it’s essential to look at a few key factors as to why it may be more beneficial to remodel during a recession.
Financial experts have been discussing the criteria for the U.S. recession, possibly occurring without a formal announcement for the past year. The nation’s GDP has seen its fair share of negative and positive changes in 2022, and the unemployment rate remains relatively low with continuing layoffs. Gasoline prices also remain higher than average alongside overall inflation, and various shortages occur regularly.
These factors lead to consumers spending less and, as a result, a steady decline in economic activity. It’s no surprise that people want to hold on to their money and spend less however possible.
Everyone’s home and financial situations are different; however, there are some positive aspects to consider when deciding whether to renovate your home during a possible recession. It might be a good idea based on your personal needs, budget, and planning.
With any financial endeavor, the main question you have to ask yourself is whether or not the risk will be worth it. In this case, you’ll want to look at the type of renovation you plan to do and research how it will help your quality of life and make your home function better.
From a positive perspective, try and figure out if your project will have a high return on investment with as low of a cost as possible. Consider what will happen if you spend a large sum of money renovating your home; in the worst-case scenario, things don’t pan out as planned.
Homeowners should be aware of a general benefit to renovating during a recession. With the overall decrease in consumer spending, contractors will likely lower their costs to maintain regular work. This means you’ll be able to shop around and find reduced costs for materials and labor more efficiently.
If you decide to go ahead and remodel your home, certain projects yield a low-cost and high-impact benefit, such as:
This is one of the best renovations for multiple reasons. It’s generally the least costly and requires materials that are easy to gather from a single hardware supply store or online shopping vendor.
This process is rewarding because most family members can participate and help finish the job. With a fair amount of research and preparation, you most likely won’t need to hire professional contractors.
This an excellent project to take on if you can source a discounted price from exceptional contractors. This may cost more initially, but there is a good chance that your home’s value will increase afterward and continue to gain value.
You can also consider replacing different aspects of your home that don’t require a complete breakdown and overhaul.
Kitchen lighting, flooring, cabinets, and countertops don’t require extended periods for contractors to come in and complete.
Ultimately, renovating your home brings a reinvigorating feeling to your family and should be carefully considered. This comfort and experience are priceless and allow you to thrive in your environment. Our team at The Kitchen Master is proud to help you with your next renovation project that will leave your home, kitchen, or bathroom fully transformed into a place of beautiful functionality.
When you choose The Kitchen Master for your next home renovation project, you’ll reap the benefits of our:
Call us at 630-523-9172 or contact us online now and take the first step toward creating your dream home!
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