How foolish is it to embark on an expensive home remodel right now?

Post date: 2020-08-01 04:59:56

We've been planning a large home remodel for 2-3 years now. Our design-build firm just informed us they could begin construction in October. Based on the financial state of the world right now, is it foolhardy to go ahead with construction right now? Should we hold off for a few more years?

The remodel is comprehensive (down to the studs in about half the house; we'd be moving out for the duration). The construction estimate is large, using up most of our savings as well as incurring new debt. (We do have the loan lined up.) I've always been worried by the magnitude of the expense, but COVID and the gloom over the national/global economy brings a whole new aspect to this worry.

My wife and I are both employed, but our employment (like so many other folks') is precarious due to the economy. We have a young child. We're going to set aside 4-6 months of living expenses, but is that enough? What are the pros/cons of waiting for a future time that seems safer? What should I be thinking about?

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