THINK A RECESSION MIGHT NOT BE A GOOD TIME FOR A REMODEL? THINK AGAIN.
YOUR GUIDE TO REMODELING DURING A RECESSION (AND WHY IT'S ACTUALLY A GOOD IDEA)
IS NOW A GOOD TIME TO REMODEL?
Wait. Are we actually in a recession? Good question. According to the so called "official recession scorekeepers" the National Bureau of Economic Research, that's a no. But ask your friends, families, neighbors, and local business owners and you'll probably get a different response. I know more than one person poking around their IRA, constantly checking interest rates, and keeping a keen eye on inflation. So, while there is all kinds of news and chatter floating around about the state of the economy and what everyone wants you to do about it, there is one thing we can all be certain about: we have found ourselves in tough, unstable, and just bizarre economic times. As a homeowner, it can be tough to decide what to do (or not do) with your home during times like these if you were or are considering any changes. And the present housing market has a lot of us leaning toward staying put rather than purchasing new. But what if you've outgrown your space? What if you are sick of working from home out of your closet? You don't want to buy but do you want to remodel? What dose that look like in wobbly economic times? We are here to shed a little light on whether or not it’s a good time to remodel, and what the benefits of taking one on might look like.
I can already hear the wheels spinning in your mind. Is now a good time to remodel? Things are weird. I can't buy. I can't move. So the solution is to put more money into a According to Forbes, the seasons before or during a recession are historically relatively good times to go ahead with a remodel due to the likelihood of less competition for contractors and materials. There is also the added benefit of stimulating the economy and potentially adding significant value to your home if or when you decide to sell.
Due to these tougher economic times, it is also possible that as a result of construction decreasing in most sectors, the cost of building materials will dip in order to keep inventory moving. Meaning you will be getting more bang for your buck, and of course the added reward of strategically making your space more livable, comfortable, and functional. Whether you decide to eventually sell or stay in your home, you will definitely be reaping the benefits of your investment in the years to come.
KITCHENS, BATHROOMS, AND ROI'S, OH MY!
When deciding what to focus your home improvement efforts on, two good places to start are the kitchen and bathroom. It turns out that updating the kitchen and bathrooms provide the highest ROI when considering home projects. Some particularly hot upgrades in the kitchen might include new pendant lighting over the island, new cabinet paint and hardware, or a unique backsplash.
If you’re looking for a more transformative update, you can make changes to the flooring, opt for upgraded appliances, or add new countertops.
As far as bathrooms go, there are plenty of places to make your home improvement vision come to life for a bigger return. You can start with replacing the tub, toilet and the sink or vanity. Even smaller changes like replacing the shower head can make your everyday experience in your home more pleasant and add more value to your home as well.
Here's one of our faves:
FINISHING AN EMPTY ATTIC OR BASEMENT
Finishing an attic or basement is also a great idea whether you decide to renovate and stay, or eventually want to sell your home. While a project like this will definitely increase the functionality and livable space in your home, it typically also has a great ROI (estimated by sources between 70% and 75%).
This also gives you a chance to turn those unfinished and unused spaces into a more personalized space depending on your needs, such as an added bedroom and bath, a home office, or an additional living or entertainment room for the family or guests.
There are also various other smaller areas in your home that may hold potential for creating functional spaces, getting a bigger return on your investment, or just simply making life easier. Entryways, hallways, and other nooks may be good areas to look into transforming into a mudroom, home office, or much needed storage solutions.
A good tip for planning and executing these kinds of changes is to make sure you aren’t making other rooms pale in comparison, and instead, are adding useful, complimentary spaces to your home. For example, you may not want to transform the only closet in the area into a cramped, barely functional home office. Try finding inspiration, instead, by using already wasted space and giving it a new purpose by adding shelves or cabinets for storage.
Regardless of whether you intend to renovate and stay in your home while you wait out this economic storm, or make improvements designed to eventually sell when the time is right, there are plenty of reasons and creative ways to remodel using the existing structure of your home. Need some ideas or help brainstorming your next moves? Reach out to us through our website, or email us at firstname.lastname@example.org. We would love to hear from you and help make your vision come to life!