COVID-19 has impacted nearly every industry in some way or another, and Houston Services is no different. Before we discuss whether or not you should put off home renovations because of COVID-19, we wanted to let you know that we are still open, working, and taking proper precautionary measures to ensure everyone’s safety.
Our employees will not come into work if they or anyone in their household are sick and they are wearing face coverings when they are out. We are also calling customers before starting a job to make sure that they are not sick.
If you need to cancel your residential renovation project because of finances or fear of illness, we understand. Just let us know.
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Now the fact of the matter is, COVID-19 has hit our economy hard, and the whole world seems to be in a state of flux right now. That being said, is it still a good idea to move forward with your renovation project?
Well, it depends. The big question is:
How Are You Paying for Your Residential Renovations?
Some remodeling projects are more expensive than others. Smaller, cheaper projects that you can easily pay for in cash without making much of an impact on your savings are perfectly fine to complete. You don’t want to stop taking care of your house entirely! In fact, now might actually be a good time to embark on a home renovation project if you’re self-isolating at home.
Alternatively, you may consider putting off larger, more expensive renovations because parting with a large chunk of cash may not be the best idea right now. We aren’t sure yet how badly COVID-19 will hurt the economy, but if a recession hits, jobs could be compromised. You could need that money to pay for bills while looking for work. Of course, not everyone is in the same financial situation, so you have to make smart decisions for yourself and your future.
Additionally, if you are thinking of paying for an upcoming renovation by borrowing money, whether with a personal loan, credit cards, or a home equity loan or line of credit, you may what to rethink that. The last thing you want in the face of financial instability is another monthly debt payment to deal with. It may be in your best interest to wait for things to stabilize and then consider spending the money.
Other Factors to Consider
To reiterate, you shouldn’t put needed home maintenance on pause. If you are spending more time at home, you may also want to consider projects that benefit you at home and make life more pleasant. For example, if you want to upgrade and outdated heating and cooling system that doesn’t work well, delaying that project could make home life harder. It’s still important, maybe now more than ever, to take care of yourself and your home.
On the other hand, if you have a perfectly functioning room, like a kitchen or a bathroom, doing a remodel for aesthetic purposes is probably something that can wait. Just be mindful of spending and think or needs versus wants.
Lastly, if you were thinking to make improvements now because you’re looking to sell shortly thereafter, you may not recoup your money the way you expect to. If the economy does take a turn for the worse, there is a chance home values will start to decline.
Houston Services is Here for You
We know times are hard, which is all the more reason to truly analyze your situation and make smart choices for the future. We can help talk through home remodeling ideas, renovations, and repairs while taking time to factor in your budget and schedule. If you have any questions or need any help around the house, contact us!
