Every time you turn on the news, you hear about home devaluation and the abysmal state of the housing market in the United States. What is a homeowner to do? Even if America is actually facing a recession, as many economists predict, there are several home improvements a homeowner can make to preserve the value of their home.
For instance, a great place to start improving your home in a rough economy is its energy efficiency. Are your windows old and leaking warm or cold air? Not only will a new set of windows make your house look better, it will also improve your energy bill every month. Look for an Energy Star seal of quality and a good U-rating when you select your new windows.
A more efficient water heater, air conditioner or furnace can save you money in the end. Even if you aren’t looking to tout these upgrades to potential home buyers, they will most certainly benefit your bottom line every month. For instance, if you currently have an electric water heater and natural gas is available in your area, the switch might save you quite a bit of money over the long run. In San Diego, for instance, natural gas is one of the cheapest sources of energy. Why not take advantage of it?
Basic home maintenance is key when the economy is unstable. Even if you can’t afford to sink thousands of dollars into renovations, you can keep your home looking its best with some simple maintenance.
Rent a power washer and blast years off the exterior of your home. Borrow a carpet steamer and steam clean your carpeting to make it look like new. While you’re at it, get down and dirty with your floorboards. Cleaning dust from white trim can make a room look much brighter almost instantly. And the best thing about all these home improvements? They make your house look like a million bucks, and all they really cost you is your time.
Other improvements that are easy on the pocketbook and wield lots of bang for your buck are simple to do. A fresh coat of interior paint will make any room in your home come alive. Planting flowers or shrubs in your yard adds a finishing touch to your curb appeal. Again, a minimal investment in your home’s aesthetics makes a big difference.
Regardless of whether we are currently facing an economic downturn or a full-blown recession, real estate is one of the best long-term investments you can make. Sure, that’s easy for a real estate agent to say, I know! But it’s true. The economy will always fluctuate, but real estate that is in a good location and well maintained almost always increases in value. Can you say that about your car or your entertainment system? Probably not. But, you can almost always say that about your home. So, recession or not, it will pay in the long run to tough out the economic bumps in the road by maintaining your home and making modest improvements to it.
Return on investment is key. It’s probably not a great idea to spend $45,000 on a new bathroom if it’s only going to boost the resale value of your home by $5,000 right now. However, basic home improvements are always a good idea, regardless of the nation’s economic situation.
About the author of this article:
kari shea, of shea real estate
