How can i Renovate in a Recession?

In recent years, many homeowners bought what should have been their starter home. Sometimes the starter home got a few upgrades to improve the value. Other times, it was left as is. But the bursting of the real estate bubble in 2007 and 2008 put a lot of homeowners in a bind. They would stay in it a while to let it gain some value and then sell it for a profit and trade up to their “forever” home.

Bulbs are also inexpensive and easy to care for, and many come back year after year, providing delightful ranges of color. Bathroom redos are big right now because they’re one of the main things that buyers look for when purchasing a house. And if you want to be really thrifty, you can start seeds early in the season and transplant them to your yard once the weather warms up. So, if you have an out-of-date bathroom, you can make several inexpensive improvements to get it up to the times.

You don’t want to use a handsaw for a task that requires a circular saw. Look to your big-box retailer for free classes on home renovation projects. If you want to get into more home projects, consider buying some major tools, but if it’s a job that requires a specialty tool, then you should rent. There are also a dozens of TV shows aimed at the DIY-er that provide helpful tips and how-to’s for the adventuresome homeowner. If you don’t own a stock of tools, many hardware stores offer tool rentals, bangkok condo for sale near bts (bangkok.thaibounty.com) as well as advice on how to use them. They instruct you in everything from tiling and laying wood flooring to hanging drywall and building a fence.

All of a sudden, it was no longer possible to sell to the highest bidder for a big profit. With contractors out of work and materials dropping in prices, a recession is a pretty good time to renovate that starter home, as long as the project will add good value for minimum investment. During the boom, contractors and builders had their hands full with new construction. During the downturn, however, demand decreased, home loans dried up and builders found themselves with a surplus of empty homes. The Joint Center for Housing Studies at Harvard University indicated that spending on home improvement peaked in 2006 and fell during each quarter after this. One result of the housing mess is people are staying in their houses longer.

And since supply outweighs demand, sought-after contractors offer more competitive rates to get work and keep their crews busy. Couple that with the fact that building materials are marked down in a recession and a DIY-er can save even more. 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. The do-it-yourself (DIY) route is another great way to go in a recession. Painting is the cheapest way to make a dramatic difference to a room. Keep an eye out for sales at your local building supplier.