From milk to lumber, prices have been increasing at a seemingly breaknecking speed in the last year. Life in general in 2022 has just been…expensive. We get it, you may be looking for some relief. The good news is that renovations during a recession tend to be a good idea. In fact, historically, near-recession seasons (or seasons of recession) are relatively good times to embark on a home renovation project.
Now, the economic experts can’t seem to agree whether or not we are actually in or heading towards a recession. But regardless, our economic state is reflecting recession-like conditions.
Why are renovations during a recession a good idea?
Home renovations are typically a good idea in general. But renovating during a recession may be your better bet (than buying or renting). Why? Well, there are a few reasons that it’s a good idea to undergo renovations during a recession.
There’s less competition.
If you’ve been paying attention, it’s likely you’ve noticed that contractors and materials have been in high demand for quite some time now. With the pandemic slowing production but increasing the desire and demand for home projects, everything seemed to have a wait-list. Cost of materials reached an all-time high in 2021, carrying into 2022. But now, as we enter into a recession type state, there’s less competition for both materials and contractors.
Add value to your home.
There are a few sure-fire ways to add value to your home during a recession. The things you want to focus on are pretty specific. The first is that you want to focus-in on those small fixes. Dented baseboards? Cracks in the wall? Calking cracking and crumbling? Pay close attention to the detail fixes. Showing your heating and cooling system some love is also a great way to add value to your home during a recession. And lastly, consider repurposing an existing room or space. Adding useable space to your home is a great way to get an additional bang for your buck.
Stimulate the economy.
As spending slows across the board, embarking on renovations during a recession helps the economy. Infusing cash into the construction industry stimulates the economy in several ways. Buying materials. Hiring contractors. Improving the housing market. All of these are great ways to help stimulate the economy during a recession or in recession-like conditions.
Inspired? Check out more of our home renovation content:
- Wise home improvements to make before selling
- Millennial renovation must-haves
- Top baby-boomer renovation trends
So, are you looking to make some updates to your home? Let us help!
We are Meridian Design Build, Ltd. a Charlotte construction company that provides every client with comprehensive, timeless results with an unwavering commitment to quality, character and integrity. Ready to start a project?