Why Renovate in a Recession?
When times are tight, travel and recreation expenses are usually the first to go in the family budget. This has prompted a new type of vacation, aptly titled the staycation. This is when you take off work and vacation at home instead of hitting the oceanfront rental. This is a great opportunity to beautify your biggest asset: your house. Not only will this provide enjoyment for your family, but it will also pay off when you decide to sell.
Another good reason to renovate during a recession is because of the availability of good contractors. If you were trying to get a construction project done during the housing boom, your contractor of choice may have not been available within your timeline. But in 2008, new construction work took a sharp decline, and contractors with the six-month waiting lists suddenly became more available. The bad contractors are generally weeded out as well once things slow down, so your chances of getting a quality crew goes up when times are tough. And since supply outweighs demand, sought-after contractors offer more competitive rates to get work and keep their crews busy.
The do-it-yourself (DIY) route is another great way to go in a recession. Most of the costs associated with contractor budgets are labor hours, so if you opt to take on projects yourself, you stand to save a lot of money. Couple that with the fact that building materials are marked down in a recession and a DIY-er can save even more. Keep an eye out for sales at your local building supplier.