We’re in the middle of one of the longest running economic expansion periods in our nation’s history. This makes a lot of individuals wonder: Are we overdue for another recession? As hard as it is to predict when the next downfall might be, you should always be prepared when it comes to making large purchases or investments in your home.
Although purchasing a house during a recession may not be the most profitable idea (housing prices have only decreased twice during a recession, once in 1990 and once in 2008), this might be a great time to start work on your current home renovation or a construction project you’ve been putting off. Here are a few reasons why remodeling during a recession makes sense.
High-Quality Talent Is Available
During periods of economic downturn, the amount of large-scale construction and renovation jobs may also decrease. This means that top-notch contractors, architects, masons, and plumbers who might otherwise be booked will more likely be available and looking for smaller projects.
Excellent Work Costs Less
Because of the rising availability of contractors, architects, masons, plumbers, and more, the competition between them increases. This means that the prices of labor may also go down since there’s only a limited number of projects to get hired for. Take advantage of this by comparing a broader range of laborers and seeing if you can get high-quality work at a lower price.
Materials May Be Less Expensive
In addition to less expensive labor, building materials might be up to 50% less expensive than what they’re expected to cost post-recession. For example, in 2011, the owner of a beautiful shared office property in Santa Ana California called the “Georgetown Building” embarked on a renovation and saved an estimated 50% of costs on things such as paint, concrete, base, lighting fixtures, rebar, and copper.
Whether you’re about to embark on your own home construction project or simply want more information on how to navigate the renovation process now or during a future economic downturn, Vertical Construction can help! Contact us today for a consultation.