In the nearly 30 years that we have made our living as remodeling contractors, we have experienced several economic recessions. And in the home improvement business, that's not such a bad thing.
When demand for new housing slows and home values flatten or decrease, home improvement goes through the roof. Though the present economic turndown has not been dubbed a recession, it has -- thanks in part to the subprime mortgage debacle -- had an equally devastating effect on housing. Decreased home values make moving less attractive or even impossible.
If house-hunting is not an option, here are five things you can do to maintain your investment -- and perhaps make it a bit more livable:
SAFETY FIRST: There is no project or improvement that should take precedence over making your home safer. Start by making sure that smoke detectors and carbon monoxide detectors are installed throughout your home and that they are in good working order. Detectors and alarms 10 years and older should be replaced with new equipment.
Check the electrical system to prevent fires. Flashing lighting, blown fuses and popped breakers are telltale signs of bigger problems. Have an electrician check for little problems before they become major catastrophes. The same holds true with major appliances and heating and cooling equipment.
CLEAN IT UP: A little cleaning can go a long way in improving the appearance of your home. We find that many people needlessly yank out perfectly good counters, cabinets, appliances and plumbing fixtures that could otherwise be rejuvenated with a little cleaning.
Cleaning grungy grout, replacing mildewed caulking, buffing out scale on a tub or shower (and door), cleaning grimy kitchen appliances and refreshing wood cabinets can do wonders for your home's appearance and tide you over until your budget allows for that new gas range that you've been dreaming about.
PAINT: Most people view painting as the opportunity to change the look and feel of their home. While it's true that a fresh coat of paint can do wonders to improve the curb appeal of one's home, paint also protects siding, trim, exterior doors, windows and rain gutters from the elements, which prevents rot and damage due to structural pests such as termites.
LESS IS MORE
Just because your budget doesn't allow you to have granite kitchen counters or hardwood flooring doesn't mean that you can't improve your kitchen. In the short term, consider installing more affordable, mainstream finishes such as laminate counters; paint or refinish cabinets; install new cabinet door and drawer pulls and knobs; paint appliances and install new door panels (stainless steel, colors or wood); and consider sheet vinyl or laminate flooring instead of more costly hardwood or ceramic tile.
When economic times improve, you can do your dream remodel without feeling guilty about yanking out your temporary upgrades.
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For more home improvement tips and information and an opportunity to win a $25,000 bathroom makeover, visit our Web site at www.onthehouse.com or call our listener hot line 24/7 at 1-800-737-2474 (ext 59).
By JAMES and MORRIS CAREY
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