Is this really the right time to invest in home upgrades?
- I have several home improvement projects on my to-do list.
- I won’t be doing any of them this year.
- There’s a simple reason why I don’t think it’s a good time to invest in home upgrades.
I’m hoping to do several upgrades to my home soon, including converting a bedroom into an office as well as finishing a part of my basement to add a full playroom for my kids so I can reduce the toy clutter that’s pervading every corner of my house right now.
I have the money set aside to undertake these projects. And I could easily afford to do them in 2022 without taking out a new mortgage or personal loan. I had originally hoped to do them this year since I was financially ready.
But despite these facts, I’ll be steering clear of not just these projects but any major or minor upgrades in 2022. In fact, I’ll be putting off any changes or fixes to my home unless there’s a pressing safety issue or repairs that need to be done because they put my property value at risk.
Here’s why I’ve opted out of renovating this year despite my original intention to move forward with making some big changes.
A good reason to delay home improvement projects until later
The biggest reason I’ve decided not to complete my desired home upgrades this year is because of the rampant inflation, which is the highest in four decades.
See, the price of both goods and services has risen dramatically and is likely to continue to do so throughout 2022. Both materials and labor for home improvements aren’t immune to these rising prices. If I decided to undertake my renovation projects this year, I could end up paying seriously inflated prices.
There are also ongoing supply chain issues which have resulted in many builders indicating they’re experiencing months-long delays on getting parts. Because of the problems getting materials, I might have to settle for items that aren’t exactly what I want. Or the projects could end up taking months longer than expected since my contractor could get started and then be forced to wait for materials in order to finish. I don’t want to live in a construction mess for months while we wait for materials.