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. .
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