These Home Improvements Are the Most Resistant to Inflation
With inflation still high, the chances of this changing anytime soon are pretty low, and you might be wondering if now is a good time to tackle any home renovation projects. Even in relatively calm economic conditions, choosing the right refurbishment project and getting the most bang for your buck can be a daunting task, and now the decision is even more difficult.
But there are some projects that will amaze you with lower upfront costs and retain their value for longer. Here are inflation-safe projects you can take on even in a volatile economy.
Settle for smaller improvements
When you’re thinking about renovating your home during a time of high inflation, it’s a good idea to cut costs. Small scale renovations will provide better bang for your buck in challenging economic times. Since inflation pushes up the price of materials and labor, the narrow scope of the project will help control costs. Plus, upgrades that don’t take long or that you can do yourself will always save you money.
So instead of doing a total kitchen renovation—new flooring, new cabinets, new appliances—try replacing cabinets, adding a kitchen island or pantry, or updating your sink and cabinet hardware instead. A simple kitchen island costs around $200 at most hardware stores, while a larger one with more features can set you back around $3,000 , with plenty of price point options in between. New cabinet doors and cladding cost between $15 and $50 each, offering a more affordable option for a significant style upgrade. You can change a kitchen faucet for $40 to $300 or more, depending on how fancy you are; Similarly, new cabinet door handles and drawer handles can cost as little as $5 each. Compare these simple redecoration projects to the $30,000 cost of a complete kitchen remodel.
Focus on homemade improvements
Consider also simple upgrades you can make yourself that will add impact without spending an arm and a leg. Repainting, adding wallpaper, adding molding, replacing a door, or upgrading your home’s security with new locks are all projects you can do yourself without going over your budget. These simple improvements will help your home retain its value, and if you can make them yourself, all the better – not hiring a contractor is the fastest way to save money if you know what you’re doing (poor quality work has its consequences). hidden costs). Even these small projects can add value to your home if you decide to sell it, and if not, see the benefits right away.
Finishing an unfinished space is probably cheaper than moving into a new home right now.
If you’re putting off moving to a larger home due to current inflationary interest rates and market uncertainty, adding more usable space in your current home can help you stretch out for less than the cost of moving. Even though refinishing a basement, attic, or garage can be an expensive renovation—$3,000 to $30,000 depending on variables —the ROI when you decide to sell is quite high, around 70 to 75 percent. This means that when you eventually decide to sell, your home will retain most of the value of the remodeled space, giving you more options to upgrade to a bigger or better looking home.