If you’ve been thinking of remodeling or upgrading any of your home’s systems or appliances, now may be an ideal time to do so. There are three reasons why this is:
1. Prices are about to rise. The various natural disasters that have occurred throughout our country in recent times have led to a shortage of raw materials and other building supplies. As such, the costs of making home repairs, remodels, and upgrades have risen by at least 25% to 30% in just the past year. With that in mind, it may be wise to get a head start on your to-do list before prices go up any further.
2. Recent tariffs have impacted affordability. If any of your upgrade, repair, or remodeling projects will require you to purchase imported goods, then the cost to complete them may be impacted by the tariffs placed on countries like China. Anything from replacing your countertops to re-shingling your roof could be made more expensive as a result. While a total remodel of a 1,700-square-foot home might have cost between $25,000 to $30,000, that same remodel today might cost between $45,000 and $50,000.
3. Labor costs have skyrocketed. It was really easy to find cheap labor after the recession, but this is no longer the case. Therefore, the now-increased cost of labor is another point homeowners must factor in when budgeting for home renovation projects.
The bottom line is this: The cost to remodel is projected to become as much as 40% more expensive in the next few years. Though prices are higher today than in the recent past, they are still lower now than what they soon may be. If you’re thinking of making any repairs, upgrades, or renovations to your home, now is the time to start such projects.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
