East Tennesseans are reeling from the effects of rampant inflation—the highest in 40 years—and are rethinking expenditures on everything, including home remodeling.
A recent national survey revealed that 60 percent of homeowners are less comfortable about making large purchases for their homes because of rising prices. According to Hippo Insurance’s 2022 Homeowner Preparedness Report, nearly 43% either strongly (14.4%) or somewhat (28.4%) agree that inflation has caused them to delay planned home improvement or maintenance projects.
Primary considerations include:
- Current Problems With the Home – If a home has underlying issues, it will absolutely contribute to the price of the remodel. Possible issues with the structure of the home, water damage and other issues are contributing factors to the cost of a home remodel.
- Cost and Availability of Materials – In general, raw material prices are extremely volatile, with higher prices becoming common.
- Scale of the Remodel – The scale of the remodel will be the ultimate factor when determining the price Complete remodels will be priced on the higher end while partial remodels will be much more affordable in most cases.
Financing renovations or improvements also is getting more expensive, with interest rates expected to continue ticking upward as the Federal Reserve drives rates higher to battle inflation.
So, what’s an East Tennessee homeowner to do?
Start with a routine inspection of your home,” said Courtney Klosterman, consumer trends expert at Hippo. “Take note of any visible imperfections, such as cracks in the foundation or damp areas, which could be an early sign of mold.”
From there, Klosterman said, create a list of must-dos and nice-to-dos, so you can work through your list over time. “Prioritize issues that are known to be costlier to repair such as water leaks and any structural issues around the house,” she said. “Not all home repairs are created equal, so it’s important to look for signs that a project needs to be addressed quickly.”
Even with inflationary pressures, you may still be ready to do that special remodeling enhancement to your home or fix that problem that can grow bigger over time. Garrett Construction and Roofing can customize your design just the way you like it. And we can make the project easier on your cash flow with our attractive in-house financing. LEARN MORE
Under the experienced leadership of Matt Garrett, Garrett Construction and Roofing has been serving the East Tennessee area since 2005. We are a licensed General Contractor and our general services range from full residential and commercial construction projects to remodeling, painting, drywall, roofing and gutters. We also help with disaster recovery with experienced teams available to address fire and water damage.
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