00:00In the face of a recession and economic turmoil, how can you tackle home improvements?
00:05Financial planner Eric Maldonado told Market Watch to start with an emergency fund.
00:10He said, what you're trying to avoid is starting with nothing saved,
00:14taking out debt to afford these things,
00:16and not really providing yourself with a smart foundation to start from.
00:20Put remodeling on a short list of your financial priorities for the year
00:24and narrow your budget accordingly.
00:25Make a list prioritizing updates and repairs and work your way through it.
00:31Fox recommends starting with fixes that would be costlier to delay
00:34and make sure you are clear with what would be nice to have versus must-haves.
00:39Forbes also recommends focusing on low-cost projects with a high impact
00:43that help your home function better.
00:45Lastly, compare financing options to find the best home equity loans and lines of credit.
00:51The future looks bright though.
00:52Home improvement spending is expected to decline in early 2024,
00:57for the first time in more than a decade.
01:00So, if you can continue to stomach the guest bathroom,
01:03delay to save money down the line.
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