Home Improvements in a Recession

by Mary Ann Romans | More from this Blogger

21 Mar 2008 06:53 AM

As the housing market continues to nose dive, food and gas prices continue to soar and people are finding themselves nervous about surviving a recession, it is tough to know what to do about home improvements. You want to make good decisions on home improvement whether or not you are actively thinking of selling your home. With limited resources and the possibility of having to sell a home quickly in a rock bottom market, making the right home improvements can really benefit you in the end.

So how do you know the how, what and when of home improvement?

Here are some guidelines.

First, take care of anything that could quickly evolve into an emergency situation. If you have a furnace that is on its last legs, a roof that leaks or plumbing that is crumbling, take care of those items first. Waiting to fix a problem when it has turned into an emergency can be quite costly. Also consider safety hazards. While we weren't originally considering replacing the flooring in our family room right away, when it started peeling, crumbling and exposing the subfloor, we knew that the resulting danger to our family from falls and splinters (not to mention possible damage to the subfloor) outweighed any other home improvement project we might have liked to make.

Seek projects that offer the maximum return from the minimum investment. Home improvements can be seen as investments in your property. Even in a bad market, there are certain areas that will improve the value of your home or at least sell it over other similar merchandise. Lavish remodels, while they may set your home apart, really aren't the best use for your money in a recession. Be modest with the expenses, such as replacing the hardware and facings in your kitchen instead of ripping out every cabinet and piece of woodwork. A little can go a long way right now.

Mary Ann Romans writes about everything related to saving money in the Frugal Blog, technology in the Computing Blog, and creating a home in the Home Blog. You can read more of her articles by clicking here.

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Learn more about Mary Ann Romans

Mary Ann Romans is a freelance writer, wife and mother of three children. She lives in Pennsylvania with her husband, the kids and a 16-pound cat.

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