5 REASONS TO RENOVATE DURING A RECESSION
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 renovating your home during a recession.
1. UPGRADE TO FIT YOUR LIFESTYLE
Due to Covid-19 and the resulting social isolation restrictions in place, most people have been forced to cancel family holidays and weekends away. As a result, we are all staying home a lot more often. A renovating 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 renovating projects can make your home more liveable.
2. COUNCIL FAST TRACKING PLANNING PROJECTS
In order to keep the economy moving and people in jobs, Council are cutting red tape and simplifying the planning system to fast -track planning projects and allow for new construction jobs and construction work to continue where possible. This means that you may have less wait time to have your plans approved and in turn means we can get started asap on your project.
3. AVAILABILITY OF GOOD CONTRACTORS
A slowdown in construction means that many experienced highly qualified contractors are available to take on additional projects. With more contractors available, the work may be finished sooner.
4. LESS EXPENSIVE
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.
5. IMPROVES LATER RESALE VALUE
While you may be remaining in your home in the short-term, a renovating 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 building a deck or a granny flat may have added appeal to potential buyers in the future.
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 renovating your home, call Richie on 0424 830 863.