Advice For Home Remodeling Amid an Uncertain Economy

Advice For Home Remodeling Amid an Uncertain Economy

Advice For , Home Remodeling , Amid an Uncertain Economy.

'The Independent' reports that recent economic uncertainty has thrown many home improvement plans into question.

Here are some expert tips for remodeling during the current economic climate.

Make an emergency fund, Eric Maldonado, a certified financial planner, suggests that an emergency fund is a good idea even when the economy is doing well.

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What you’re trying to avoid is starting with nothing saved, taking out debt to afford these things and not really providing yourself with a smart foundation to start from, Eric Maldonado, Certified financial planner, via 'The Independent'.

What you’re trying to avoid is starting with nothing saved, taking out debt to afford these things and not really providing yourself with a smart foundation to start from, Eric Maldonado, Certified financial planner, via 'The Independent'.

Refine your goals, Maldonado recommends adding your remodel to a short list of annual financial priorities and planning your budget accordingly.

Refine your goals, Maldonado recommends adding your remodel to a short list of annual financial priorities and planning your budget accordingly.

This means determining how much each goal would cost and how much your household can spend on realizing those goals.

Prioritize properly, Katherine Fox, a certified financial planner, says projects that have the potential to impact your finances should come first.

Topping the list is repairs that could be costly to delay.

Then comes updates that could save money in the future, including new windows or insulation.

It might not be the right time, According to the Leading Indicator of Remodeling Activity, home improvement spending is forecast to start dropping in early 2024.

Harvard’s Joint Center for Housing Studies found that while the pandemic triggered a steep increase, costs for labor and materials are likely to soon start falling.

Harvard’s Joint Center for Housing Studies found that while the pandemic triggered a steep increase, costs for labor and materials are likely to soon start falling