Have you been thinking about remodeling a part of your home lately?
Maybe upgrading your kitchen cabinets, replacing your old, worn windows, or remodeling your primary bathroom has been on your mind for several years.
You feel as though you’ve been saving up and looking forward to the time when you can finally get started on this project when all of the sudden…..the economy is slowing down, again.
Now, you’re feeling hesitant and maybe a little scared to start your project.
Is now the right time? Will I be okay financially if I start this project in this economic climate? Is there any reason I shouldn’t wait any longer?
We understand. When the state of the economy starts to decline, the entire country starts to worry. Inflation is rising, and everything is costing more than we’re used to.
So, if you’ve been thinking about remodeling a part of your home for quite some time now, should you let this economic downturn stop you?
In this article, we’re going to look at past trends in pricing in the home remodeling industry as well as some reasons why you shouldn’t wait to start your next project.
After reading, you’ll understand how home remodeling costs have continued to rise year over year and know whether or not you should start your remodeling project in this economic climate.
How the cost of home remodeling projects has risen over the last decade
Even when the economy is not in a state of distress, the cost of goods and services continues to inflate year after year.
Gas prices, our groceries, home goods and appliances… We see it everywhere, and the home remodeling industry is no exception.
The reality is costs of supplies, labor, and services continue to rise year over year, economic crisis or not. While, yes, some costs rise faster than others, no product can stay the same price as it was when it came onto the market (except maybe a Costco hotdog or AriZona tea).
As a high-quality home remodeling contractor since 1989, Southwest Exteriors knows how costly a remodeling project is.
Whether you are having your siding replaced, installing a new concrete coating, or want to replace the flooring in your home, a remodel is an investment.
The graph above represents the cost of common home remodeling projects from 2013 to 2022, as compiled in the Remodeling 2020 Cost vs. Value Report (www.costvsvalue.com).
As you can see, the cost of each remodeling project rose over the decade of data reported.
The cost of a fiberglass siding replacement rose by 69%.
Vinyl window replacement costs rose 57%.
The cost of a minor kitchen remodel rose by 53%.
Nearly every common home remodeling project had a cost increase of over 50%, economic downturn or not.
What this data shows is that no matter the state of the economy, inflation marches on. And, the cost of your home remodeling will continue to increase as the years go by.
This means if you want to replace your front door, it will be more expensive next year than it is now. It may even be more expensive next month than it is today.
So, is there any reason you should wait to start your project?
3 reasons why NOW is a great time to start your next remodeling project
Now you understand the continuous trend of rising home remodeling costs. Because of this, we want you to know why you shouldn’t wait any longer to get started on your next project.
There are three main reasons why you should still start your remodeling project, even during a time of economic distress.
Now, let’s dive into each of these reasons to better understand why you shouldn’t wait to start your next project.
1. Fewer people are remodeling during this time, making wait times shorter and high-quality contractors more available
The first reason why you shouldn’t wait to start your next project is that now is the time to take advantage of the open market and widespread availability of high-quality companies to work with.
We understand that many homeowners are scared to take the risk of investing in a large home remodeling project during this time. But, if you have the means and are comfortable starting a project, now is the perfect time to find a high-quality contractor.
Because of this, lead times for your installation may be shorter than usual. This means you’ll have your project started and completed quicker.
2. Prices for products, installation, and labor will continue to rise
The second major reason why you should start your next project now is because of the continuous rise of products, installation, and labor.
As shown in the graph above, you can see how the cost of common home remodeling projects will rise over time, no matter the economic environment.
The longer you wait to start your project, the more it will cost. So, if you are in a financially comfortable place and want to start your home remodeling project, don’t wait.
3. If you wait to fix any damage, it will get worse and be more costly in the future
The third reason you shouldn’t let an economic downturn deter you from starting your remodeling project is if you have any part of your home that is damaged and needs repair, it will only get worse and more costly the longer you wait.
Say you found rotting in your siding or around your windows and doors. The longer you let the rot fester around your home, the more it spreads and damages your home.
The worse the damage gets, the more costly it will be to fix it in the future. So, you will save money in the long run by starting your project now and will get to enjoy your investment for longer.
Don’t wait any longer to start your next home remodeling project
Now that you understand how the costs of home remodeling projects have risen over the past decade and three reasons why you shouldn’t wait to start your project, you have the right information to know whether or not you should start your project now.
The cost of products and labor will continue to increase year over year. No matter the economic climate, the cost of your project will always be more expensive tomorrow than it is today.
If you are financially comfortable investing in your home remodeling project now, don’t wait any longer.
Even if you are a little hesitant about how much your project will cost and how you will pay for it, many contractors offer monthly payment options that can span up to 20 years to make your project as affordable as possible for you. Simply put, if you’re looking to finance your project, lock your rate in now before interest rates go up.
If you are ready to start your home remodeling project now, it’s important you find the right contractor that will meet all your needs and provide a successful project. But, how do you do that?
Ready to start your next home remodeling project now?
Southwest Exteriors offers high-quality window, siding, and door replacements, and concrete coatings that are made to last a lifetime in your home. When you work with us on your project, we’ll do it once and do it right the first time.
We also offer various monthly payment options to help make paying for your project as comfortable as possible, even during a time when the economy is iffy.