Spring is the perfect time to start some of your home remodeling projects. However, COVID-19 is currently destroying the stock market, which puts the country at risk for a major recession. With the economy currently so volatile, you might be wondering whether or not to start that home remodeling project that you had in mind. The answer to whether or not you should consider home remodeling at this time depends on a few things.
COVID-19 & Home Remodeling
Paying for Renovations
Some home renovations are more expensive than others. If you are looking at a project that will not cost much and you are not going to make a huge dent in your savings, go ahead and get started. Starting a small renovation project can be a good thing as you are likely stuck at home anyway and have time to get it done quickly.
Some projects, such as replacing your roof, windows, or siding, might be better to put off for a bit. These projects are expensive. In addition, unless you are planning to do it all yourself, the projects will require another person to be at your house to complete the work. At this time, it is not a good idea to invite other people into your home. Even if the work is mainly going to be completed outside, it is still not a great idea to have anyone outside of your immediate family around.
Another reason to hold off on major home repairs such as roofs, siding, and windows is simply because of the cost. There is no telling how badly this pandemic is going to affect the economy. If a recession hits because of COVID-19, many jobs could be lost, including yours. If this occurs, you need the money that you have on hand to pay your bills while you are looking for work. Before you take out a substantial amount of your savings to pay for a home remodeling project, think about whether or not it might be best to hold off on the project for another time.
Financing Home Remodeling
If you are planning to pay for an upcoming project by borrowing money, either from a credit card, home equity line of credit or loan, or a personal loan, you might want to rethink this as well. If you do lose your job as a result of COVID-19, you do not want to have another monthly payment to make while you are looking for work. Since times are so uncertain right now, it is best to hold off on larger projects while waiting for things to stabilize.
If you happen to have a lot of money in savings and can afford your renovation project while leaving yourself with at least six months of living expenses in your savings account, you might be okay to move forward with your home improvement project. Otherwise, it might be a good idea to hold off.
Types of Projects
As mentioned, some small projects that you need to accomplish might be a good distraction from everything that is going on because of COVID-19. Painting, cleaning, and small repairs are all good ways to pass the time. If you have a larger project that is impacting your quality of life, you might need to go ahead and complete the project. For example, if your heating and cooling system needs to be replaced, holding off can make life unpleasant. This is one thing that you should consider completing, even if you need to borrow money in order to do so. However, if the plan is to tear down a completely functional kitchen, just because you want an upgrade, now might not be the right time.
It is also important to note that with the economy likely taking a downward turn, there is a chance that the value of homes will decline as well. If you are planning a renovation with the hopes of selling soon after, you might not be able to recoup the money that you put into your house. To sum up, the project simply might not be worth it at this time. The most important thing to remember is to watch your cash flow and only commit to projects that you know you can afford.
America’s Best Choice Omaha, NE | Best Omaha Residential & Commercial Window Replacement Company
We pride ourselves on hiring only the most knowledgeable and experienced installers in the industry. We know how important this investment is to a homeowner and we want to educate you on every aspect you should consider before making your final decision.
America’s Best Choice Omaha also offers you a competitive price that you will afford without draining your funds. We also work with all insurance companies to ensure that we keep your costs to a minimum. Proudly, we are also an Accredited Business with the BBB!
We offer a FREE, No-Obligation Estimates. Call us or fill out our form today if you have any questions on whether you need a minor repair or to replace your old roof with a new roof. We will be more than happy to offer our best recommendation that will offer more quality for your dollar.