We’ve all been bitten by the recession in some way or another, and while homes are not selling and the value of your home may have been reduced by the home market, it is the perfect time to consider improving your home. The facts are clear that there is probably never a better time than during a recession because materials and labor have also been reduced. So why not improve your home now while it’s cheaper so that when the market rebounds, and it always does, you will have increased the value of your home at a much lower price than at any other time possible, not to mention enjoyed the improvements that you make while waiting for the market to come around.
There are several ideal types of home improvements to make right now. Starting with the less expensive painting of rooms or the exterior to making green improvements that will increase the value of your home while also providing you with savings on energy bills and other tax breaks. The most value you can bring to your home is to add space. According to experts, by adding space to your home, it can increase the value of your home by as much as $40,000. But be careful not to pay more for additional space than what you can actually add to it in value. It’s important to check with a realtor to get an idea of the price for comparable homes selling in your area to make sure that any addition of square feet to your home will pay off. The next addition that is sure to add value to your home is the kitchen – upgrading your kitchen can add as much as $16,000 to your home’s value. Another great value adder is central heating and air conditioning. If you can get the financing during a recession for these kinds of value added improvements – you’ll find that interest rates are low and at the same time competition for work is higher than ever which results in lower contracted rates for labor. Materials are also lower during a recession. During this recession there are also government grants, tax incentives and credits that are being made available to home owners to make improvements and hire workers in order to stimulate the economy. Keep in mind the Tax Credit of 30 percent of cost of the home improvement, up to $1,500 is due to expire December 31, 2010. You should be able to save 20 percent to 30 percent right now on the cost for any home improvement during this recession and your return on investment will multiply considerably in value once the economy rebounds and it always does. In the mean time, you and your family will be able to enjoy the improvements and, depending on what improvements you make, there are energy and other savings. So if you can do it – now is the best time to make home improvements.
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