A Harvard University study predicted an increase in home renovation spending of nearly 10 percent in 2022, and Bloomberg predicted even larger increases. This is encouraging news, but it does come with understandable concerns about supply chain delays and inflation. Even so, it may still be a good time to renovate your house as long as you keep some prevailing industry trends in mind as you sort through your options and finalize your plans. Here’s what we recommend considering as you move forward with your home renovation goals for 2022.
Renovation Costs
If you’re a homeowner who’s considering a full house remodel, cost is undoubtedly one of your top concerns. According to the journal Construction Analytics, remodeling costs rose more than 10 percent in the first part of 2022. For budget-concerned homeowners, this means they need to allow room for price variations when determining what can realistically fit into their available budgets.
Construction Materials
According to the U.S. Census Bureau, costs of common construction materials increased nearly 20 percent in 2021 compared to the previous year. This remains a concern in 2022 as well for homeowners looking to renovate their houses.
There have also been issues with the production and shipping of certain construction-related materials. This is more likely to be a concern with customized materials or ones that need to be specially ordered.
Minimize the impact of construction material costs and delays on your home renovation plans by:
• Allowing for extra construction material costs in your budget
• Taking time to choose your materials to get the best value
• Ordering materials as early as possible to avoid paying more later
Renovation Completion Times
Coldwell Banker reminds homeowners looking to renovate in 2022 to allow more time to get everything done. Part of the reason for the longer project completion times for house renovations today is because of labor shortages, especially with carpenters, electricians, and other specialized professionals.
Contractors also tend to be heavily booked, which can further contribute to project delays. This began during the first year of the pandemic in 2020, when homeowners had more time to put renovation plans into motion. As long as you allow some wiggle room for the completion of your home updates, it should be possible to deal with unavoidable or unexpected delays.
Completing Your Home Renovation with Confidence
There are some challenges to navigate and factor into your house renovation plans for 2022. The upside here is you can still end up with results that are good for your home’s curb appeal and value and in line with your personal preferences. Start by working with a trusted local contractor to thoroughly discuss your ideas and fine-tune your plans. During your initial consultation, make your renovation more budget-friendly and rewarding by:
• Asking for recommendations for materials that can provide the same look for less
• Being flexible with how your renovation is done and what’s included with it
• Determining if delays can be minimized by using locally available supplies or materials
• Considering smaller improvements that are part of larger renovation plans to keep costs reasonable
When you’re ready to renovate your home, make sure to hire the best contractors in the business. The experts from Forever Builders are whole home remodel contractors San Diego homeowners can trust to provide the most affordable home remodeling services and ensure their visions become reality. From design to completion, we’ll help you create the home you’ve always wanted, meeting all your expectations while keeping your costs within budget. To find out more about our outstanding remodeling services, give one of our friendly team members a call today at (833) 243-5624.