With soaring inflation, out of control energy prices, and the ever-increasing cost of living, with no sign that the economy will strengthen anytime soon, it is likely that a full-blown recession is on the cards.
So, where does that leave your renovation plans?
You may be wondering if it is a clever idea to make home improvements during a recession or should you wait?
Well, providing you have the cash flow available, there are some huge benefits to renovating your home during a downturn, let us take a closer look…
What happens to house prices in a recession?
If recession history teaches us anything, it is that house prices tend to fall when the economy recoils. As uncertainty strikes, spending confidence plummets and people stop spending. Extravagant purchases like buying a house are put on hold. Plus, the fall in house prices will make it unlikely that anyone will want to put their house on the market, leaving the option to renovate a more favourable one to choose.
Why renovate property during a recession?
While there is a temptation to resist spending money during periods of uncertainty, it could prove to be the ideal time to renovate. Here are some great reasons why…
You will likely be spending more time at home
For many people, luxury holidays and extravagant spending on takeaways and meals out will be the first things to be cut. With so many of us tightening our purse strings, it is highly likely that staying in on a Friday and Saturday night will become the norm. The money you save can be put towards some long-overdue home improvements which could make a significant difference to your day-to-day home life, especially if you plan to socialise at home more rather than go out.
Competitive pricing during a recession
With lower demand for house purchases, we will typically witness a higher demand for home renovations during an economic downturn. Instead of upscaling and moving to a bigger home, homeowners will choose to improve their existing home instead.
This means that contractors will be readily available to get to work and offer homeowners competitive pricing for their improvement projects.
Availability of quality contractors
Finding the right contractor for your project within your price range and preferred timescale will be more important than ever. You do not want to end up paying out more money than planned on additional planning applications, overpriced materials, and extra works needed to amend mistakes.
As competition rises, high-quality contractors will stand out with their online reviews and trustworthy accreditations and associations.
A trustworthy contractor will work for you to find the best solution to your project, provide helpful and genuine advice, and find the best materials at the most reasonable price. They will put your needs and wants before the needs and wants of their business.
You can reduce energy costs
Replacing old windows, doors and appliances can make your home more energy-efficient and reduce energy bills in the long term. It is even possible to double glaze sash windows, and sash windows within listed properties.
With the lower prices for these items, you may be able to save in both the upfront renovation costs and in the ongoing monthly energy bills you pay. Plus, you will also be doing your bit to reduce your carbon footprint.
If repairing or replacing your timber windows or doors is a renovation project you are thinking of undertaking in the coming months, we would be happy to help. We specialise in the design, manufacture and installation of high quality, custom-made joinery and we also have a wealth of experience with period and listed properties. Call 01273 052342 today and speak to a member of the team.