The first months of 2022 have carried on the volatility of 2021’s housing market, which means you must prepare for any and every obstacle if you plan to remodel your home. Here’s everything you should know about home renovations and whether you should remodel your home this year.
Remodeling Your Home in 2022
The global economy has seen better days. It’s currently experiencing a few pressing issues that might negatively affect your renovation plans:
- Supply chain issues: COVID-19 and its shockwave of effects have caused the global supply chain to slow down. It costs more time to produce, store and ship products, and everything is more expensive. You might find it challenging to get the materials you need to complete your project (especially lumber), which would set back your timeline and add to your expenses.
- Product shortages: even if you order your materials well in advance, you might experience prolonged delays and indefinite shipping times. This means you have to establish some cushion in your timeline and budget to deal with these delays.
- Labor shortages: labor is in short supply as well. You might have difficulty finding a contractor or other specialists to complete your project. If you do find someone, their prices might be higher than expected.
Despite these global challenges, home renovations are still popular in 2022. We spend more time inside our homes than before the pandemic, which means many homeowners have upgraded their existing houses. Some have also added modern features to increase their home’s property value before putting it up for sale. Renovated properties tend to do much better in the current housing market.
Remodeling is still an active business, but you could experience major delays and increased expenses as long as the above issues stick around.
Other Factors to Consider
Aside from the housing market’s overall condition and supply chain issues, your circumstances could make or break your renovation plans. You need to perform a thorough and honest self-evaluation before you take any action on your project. Ask yourself the following questions:
- Do you have the connections to complete your project (contractors, design firms, etc.)?
- Is your home located in an area that justifies the renovation?
- If the project requires you to temporarily leave, do you have another place to stay?
- Do you have your home’s original building plan?
- Did your house undergo any previous renovations? If so, why?
- Are there any hazardous materials that might interfere with the project?
- If any unforeseen obstacles arise, are you still willing to see the project through?
Remodeling is a long-term, expensive commitment that could take up to a year, depending on the supply chain’s cooperation and the changes you want to make. In any case, the economy’s unpredictability means you must plan ahead and establish some leeway in your budget.
Keys to a Successful Remodel
In today’s climate, a successful remodeling job requires two paramount qualities and a flexible amount of money. The two qualities are thoughtfulness and patience.
Of course, you need thoughtfulness to plan your project from start to finish, but the quality also goes a long way in getting the project approved by the right people. Contact your homeowner’s association (HOA) and local municipality for any regulations that you should be aware of. See if your home insurance will cover some of the costs for the project. You must also show consideration for your environment. Your changes should make your home more eco-friendly, or at least keep your carbon footprint the same.
You need patience for all of the reasons mentioned above. Supply chain issues, product and labor shortages could cause significant delays. You must be prepared to withstand those delays. Patience is also required when the renovations begin. Provide the builders with any help you can and give them space to work. You don’t want to be too overbearing. Remember that each step takes time, and stressing about it won’t change anything. Trust the professionals you hired, and most importantly, trust in your vision.
Planning Your Remodeling Project
Home renovation is a complicated project, but planning it is relatively straightforward if you have a clear vision. Following these tips will set yourself up for success:
- Put your plans in writing. Your ideas, timeline and budget should go on paper first. It’s imperative that you keep constant documentation of your project from the get-go. Start by writing why you want to remodel, and go from there.
- List your priorities. List the changes you want to make in order of their importance. You probably have many changes in mind, but some might prove more valuable than others. Some might also be incompatible with your home. This list will help you narrow down your choices to streamline your project.
- Have a flexible timeline and budget. Given the current state of the economy and the housing market’s activity, your timeline and budget must have some wiggle room. It’s better to prepare for delays now than work around them on the fly.
- Look at other remodeling projects. With a firm list of priorities, you can look at examples of your project online and use them as templates for your home. This tip will also give your contractor a clearer vision of the final product and make their job easier.
- Keep your options open. Hiring a contractor to make the renovations is just one path you can take. You can also take the task upon yourself with a DIY project or hire a design firm. Remember your priorities and determine which choice is right for you.
Remodeling is Feasible in 2022
For all of the uncertainties facing the world’s economy, the housing market is still quite active and homeowners are making big changes to keep up. If you’re serious about the commitment, you should remodel your home this year because it’s better to start your project now while the market is still in working order.