On one hand, the war creates significant uncertainty for the real estate market. Prices and demand vary greatly by region. Furthermore, there are ongoing risks regarding property damage and disruptions to electricity, heating, and other utilities.

On the other hand, if you already own the home, many expenses are less of an "investment" and more of a necessity. For instance, if the roof leaks, insulation is poor, or the heating system is inefficient, delaying repairs could lead to even higher costs down the line.

It makes particular sense to invest in upgrades that enhance comfort while preserving the home's value: a new roof, insulation, windows, heating, electrical systems, plumbing, and landscaping. Such improvements are generally more beneficial than expensive renovations done solely for the sake of a beautiful interior.

However, not every dollar invested will be recouped upon sale. For example, spending $30,000 on high-end finishes does not automatically increase the home's value by $30,000; in a small town, a buyer might simply be unwilling to pay for that level of renovation.

Therefore, a sensible approach right now is not to try to turn the house into an investment asset at any cost, but rather to invest primarily in its structural condition and long-term livability.

If the house is located in a relatively safe region, you already own it, and you plan to live there for 5 - 10 years or longer, investing in essential major repairs can make perfect practical sense. Conversely, sinking huge sums into the property solely in the hope that its value will rise by an equivalent amount after the war ends would be a much riskier proposition. Ultimately, in Ukraine today, building or renovating one’s own home is more of an investment in one’s own housing and a way to preserve its value than a guaranteed method of making money. The longer you plan to live in the house, the more important the quality and necessity of the renovation become - rather than the potential resale price.