Recession Resistant Home Improvement

Recession resistant projects for the home that outlast a tough economy

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When a tough economy leads to pinching pennies, some of the changes people make often include canceling or delaying home improvement projects. However, there are some projects that shouldn't be scrapped--projects that reduce energy costs, add to a home's value and hold that value in a changing housing market.

Siding

New siding increases a home's curb appeal, and retains much of its investment value. Over 80% of the money invested in upgrading the siding can be returned when selling a home. And the extra insulation that energy-efficient siding provides can help reduce heating/cooling bills, which is always welcome during a recession.


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Bathroom & Kitchen Updates

Updating or adding a bathroom also retains much of its initial investment cost. Simple bathroom updates like new paint, updated fixtures or replacing a sink can completely change the look of an outdated bathroom.

Bathroom additions can be very expensive on a cost per square foot basis. There are many components to consider when planning a bathroom addition including: electrical work, heating/cooling, plumbing, flooring and ventilation. In the long term, bathroom additions can return 85% of the money invested when selling a home. In the short term, an additional bathroom means extra space and convenience for the household.

Kitchens

Small-scale updates to a kitchen will have the same effect—adding instant value and appeal to a home. New countertops, new appliances and new cabinets can completely remake a kitchen. Minor improvements to kitchens return 70-80% of the money invested.

Flooring

A gorgeous tile or hardwood floor can make any room shine. While it is more expensive than carpet, a professionally installed hardwood floor can last up to 100 years, which will outlast any recession.

Energy Efficient Central Air

Cooling and heating tend to be a homeowner's biggest energy expense. Older central air systems are often about 60% efficient, while newer systems can be over 90% efficient. Installing a more energy-efficient system will cut utility bills and may qualify for a 30% federal tax credit.




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Home Assessments

Home energy audits are getting a lot of buzz in the home improvement industry. A professional audit identifies how much energy a home uses, and shows homeowners how they can make their home more energy-efficient. For example, a home assessment can determine if energy is being wasted due to poor insulation or leaky windows. Knowing what elements of a home need to be corrected or updated can allow for planning and prioritization of projects.

Recession-Resistant Projects: The Bottom Line

Many people may feel that home improvement projects are out of their reach in this economy. Instead of canceling home improvement plans, select projects that will trim energy bills in the short term and increase home values in the long term.

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