The year 2022 turns out to be very different in terms of home renovations, with rising prices and inflation. This blog is to consider few things to handle this inflation storm, and still invest smart for your home renovations.
Clearly for the same kind of renovation last year, the ticket prices have increased somewhere between 6 to 8%. We all know supply-demand imbalances during Covid and its aftermath is largely to be blamed for this. To maintain a balance prices from a nail to cabinet everything has gone through the roof. In addition to that labor prices are also very high, making profit margins for contractors like us at Kitchen and Bath slimmer and tighter. Here is a good read.
People are still eager for home renovation but definitely the big ticket investment like Kitchen Remodel are causing a sticker shock. Consider few tips when venturing into these projects.
Plan Ahead and be patient
Shortages in labor and materials are annoying but unavoidable fact, make plans much ahead of time and expect lengthy delays. This will give you room to accept multiple bids, ask pertinent question on delays and schedules, ask about surprises and unexpected costs. Make sure you ask questions and references. Also have an itemized contract with pricing f each item.
Time to Barter and DIY
If you have a skill that your contractor can use to lower the prices, is something to think about. Tackling smaller jobs can save money, but it involves learning curve if you are new, make sure you choose wisely your DIY projects.
When shopping for a appliance, see if retailer can offset costs. Ask for freebies like delivery, installation, removal of old appliances, upgrades and extended warranties.
At the end, keeping in mind the present situation we at Kitchen and Bath are a call away and ready to fit to your budget and transform your vision to reality of home renovation. Call us at 973 965 8407.