Many home improvement items such as paint, and appliances are becoming more expensive because companies continue to increase their prices due to inflation and supply shortages. The Wall Street Journal reported that price tags on consumer goods have also risen more than 10% over the past year. With the new norm of work-from-home, prices have skyrocketed, and no signs of prices declining can be seen.
The pandemic has also brought multiple problems, such as a shortage of laborers, which has affected the entire home improvement industry. With continued supply chain challenges, prices are likely to continue to rise in home improvement.
Home improvement Prices Continue to Increase in 2022.
The recent index revealed that consumer prices have risen by 7.5% since the beginning of the year and continue to rise faster than in previous years. The jump in inflation and consumer costs has affected remodeling contractors and builders. The index report shows that home improvement prices have increased rapidly compared to other house-related goods. Following are some home improvements and furnishings that have experienced rapid inflation:
- Living room/kitchen/dining room furniture 19.9% year over year
- Furniture/bedding 17% year over year
- Window coverings 16.2% year over year
- Bedroom furniture 13.7% year over year
- Appliances 8.5% year over year
- Floor coverings 7.2% year over year
- Clocks, lamps, and decorator items 6.3% year over year
Tips on saving money on Home Improvement Projects.
While home renovation and improvement may seem a costly investment, there are multiple ways to save money on them. Here are some ideas you can use to save on your home improvement projects.
You are a DIYer so this will likely come naturally to you. With the right tools and skills, you can consider doing the demolition projects yourself. If you plan to hire a professional to remodel your home, doing your demolition can save you some money. If you plan to DIY your demolition, make sure you wear the proper protective gear.
Use What You Have.
Have you ever wondered if the things we usually discard, thinking they are of no use, can turn your home into something unique? Yes, using the items within your home can change the look of your house and save money otherwise spent on
purchasing decorative items. Instead of buying new cabinets for the kitchen or bathroom, consider repainting them. Repainting the existing furnishings is cheaper than purchasing new. It not only saves money but also changes the aesthetic of the place. Similarly, instead of changing the cabinets’ hardware, paint them something attractive. Even better, you can save on the paint needed for the job if you buy leftovers from the DIYers in your neighborhood. Check DIYM to see what your neighbors have on offer in your local area.
Although the prices have gone high, you can still look for wholesalers or other shops that offer discounts or lower prices than regular shops. There is no harm in trying so give it a shot.
Sell Or Rent Out Your Idle Tools on DIYM.
Last but not the least, you can rent out your tools and sell leftover home improvement materials on marketplaces such as DIYM. This can help you recoup some of the money you spent when you purchased them. Not only will you be saving, but you will be connecting with other DIYers in your community that you can also rent or buy from in the future which will be cheaper than buying or renting from the big box stores.