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How to Increase Your Home’s Value during a Recession

Recession, unemployment, and an ongoing health crisis have dealt a serious blow to the American economy. New work has dried up, and people are having a hard time holding onto their jobs. While recovery is on the horizon, it could be years before people fully recover from the horrors of the past year.

Now might not be a good time to sell your house if you’re looking to move and cash out. While real estate prices have fallen, no one has the resources to buy a new home. It could be months before you receive a fair and acceptable offer for your property.

Mandatory homestays have transformed our homes into a second office and classroom, and it’s only sensible to make a few alterations to make things easier on everyone at home. New desks and shelves might have to be installed, as well as better lighting for all those online conferences. You could even get driveway gates for sale if you’re looking for protection from the outside world.

Homes were never meant to replace offices and schools, but there are ways to upgrade your space to accommodate our new needs in this new normal. We’ve listed a few home improvement projects that are easy and affordable for many people. These changes will improve your standard of living at home, as well as increase your property’s value.

1. Start with small fixes

Home renovation projects don’t always have to be grand in scale. Repairing things like cracks in the walls, faded paint, and dirty siding can help your home look and feel better. Once you put your house on the market, it should look as if it’s ready to welcome a new family as soon as possible. These updates will make a house work better. It’s also going to yield better offers, too.

If you want to breathe new life into your home’s aesthetic, you can hone in on little details that pop. Replace drab drawer pulls with something more vibrant, or repaint your exterior. You can also install a new shower head to save more on water consumption. The sky’s the limit when you do decide to make some minor changes.

2. Improve the heating situation

Maintaining a poorly-insulated home is expensive. And definitely more expensive than homes with proper insulation because the former could be flagged as an issue by home inspectors. Good heating is a must in any modern home. Leaving your insulation as it is without cleaning the buildup of dirt and debris will not catch the eyes of someone looking for a new home.

An upgrade to your insulation system will save you a lot of money in the future. You won’t have to keep paying for appliances that heat the place. Better insulation can also keep people in the house safe from a cold or actually flu. Replace doors and windows, and check for cold drafts when winter rolls in. You can also use a thermal leak detector to find cold spots in a heated room to find where the leaks are.

3. Repurpose an existing space or room

Adding more space can add more value to your home when you decide to sell the property. But adding an extension is often costly and takes too long, and with all the deliveries and strangers going in and out of your property, the situation can quickly become unsafe.

Not to mention the uncertainty regarding time frames — you can’t predict when things go wrong and deadlines will be missed, no matter how secure your plans and schedules are. So how does one add space to their property, then? You can always convert an existing space.

Work with the space you currently have and check if you have some spare areas you can repurpose. Got a spare room? You can turn it into a study or a guest bedroom. If you’d like to do more, you could go the extra mile and even turn your basement into a cozy den or an entertainment room. Your creativity is key here, so let yourself have fun with it.

A final word

Home improvement projects are always a good idea, regardless if you’re planning to sell your home soon or not. Small tasks such as repairing broken tiles or repainting the exterior walls can greatly improve your home's visuals and make it feel more comfortable in the long run. Improving the value of your home life shouldn’t have to break the bank, especially in the face of a global crisis.

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