How to recession-proof your house as a homeowner
From Yahoo Finance: 2025-04-28 14:15:00
Recessions can leave homeowners underwater on their mortgages, owing more than their homes are worth. With a potential 2025 recession looming, it’s vital to prepare now. Stow away cash for emergencies, make necessary repairs, and increase your home’s value. Consider refinancing to lower mortgage payments and avoid overextending yourself financially.
To safeguard your home during a recession, focus on increasing equity, enhancing curb appeal, and making your home more energy-efficient. Explore ways to generate income from your property, such as renting out space. Avoid taking out additional loans and reduce debts to weather financial challenges.
Interest rates typically drop during recessions, making refinancing an attractive option for homeowners. Prepare by setting aside funds for closing costs and researching the best mortgage refinance lenders for favorable rates and fees. Maintain a 20% equity buffer and minimize debt to navigate uncertain financial times.