Spring is kickoff season for many kitchen remodels, bathroom updates and deck repairs, but recent economic turmoil may have homeowners questioning their home improvement plans.
Spending on home renovations is expected to slow this year because of factors such as declining home sales and values, rising interest rates, continuing inflation and rumblings of a coming recession, says Abbe Will, senior research associate with Harvard University’s Joint Center for Housing Studies.
As economic growth slows, planning and prioritizing will be key to remodeling confidently. Here are five tips to help you remodel in an uncertain economy.
Start with an emergency fund
Even when the economy is doing well, it’s ideal to have an emergency fund before starting a remodel, says Eric Maldonado, a certified financial planner based in San Luis Obispo, California.
“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…
This article was written by Annie Millerbernd and originally published on www.nerdwallet.com