For many homeowners there is an upside to a recession. A downturn in the economy and housing market may be an ideal time to invest in your home. Here are five reasons that you should consider remodelling your home during a recession.
Upgrade to Fit Your Lifestyle
Oftentimes a recession means fewer family vacations. As a result, you will be staying home more often. A remodelling project can provide a kitchen, bathroom or family room floor plan that better suits your lifestyle. You can upgrade lighting or transform your shower into a spa-like experience. Simple renovations or larger remodelling projects can make your home more liveable.
Availability of Good Contractors
A slowdown in construction means that many experienced highly qualified contractors are available to take on additional projects. This top-notch talent has spent decades working with homeowners and honing their craft. With more contractors available, the work may be finished sooner.
In addition to a ready supply, building materials like concrete, lumber, cabinets and plumbing fixtures may be available at lower prices. These discount prices can make a project cost-effective or enable you to upgrade to higher quality materials while staying within the same budget.
Improves Later Resale Value
While you may be remaining in your home in the short-term, a remodelling project can add value to your home should you decide to sell when the market turns around. An extra bathroom, an updated kitchen or increased living space provided by finishing off a basement or room over a garage may have added appeal to potential buyers in the future.
Save on Energy
Replacing older windows, doors and appliances will make your home more energy efficient. These items may available at competitive prices. In addition to lowering your carbon footprint, the energy savings may help offset the cost of the renovation project.
A slowdown in the economy or housing market can turn home improvements into a buyer’s market and make it the best time to accomplish the project that you have always wanted. For more information on remodelling your home, call Litwiller Renovations in Calgary at 403.275.2588.