Will home renovation costs go down in 2022?

Home Renovation Costs in 2022: Should You Wait or Act Now?

Home renovations can be a costly and time-consuming process. Whether you’re planning to remodel your kitchen or add a new room to your home, one of the most critical questions on your mind might be whether home renovation costs will go down in 2022. Let’s take a closer look.

What Does the Data Say?

According to the fourth annual Reno Report for 2022 from HomeStars, despite a decrease in planned home renovations, renovation spending will nearly double in the next 12 months for Canadians. This means that while there may be fewer renovation projects planned for 2022, those who do renovate can expect to spend more.

Why the Increase in Renovation Spend?

Several factors contribute to the expected increase in renovation spending in 2022. One of the main reasons is the current state of the housing market. Due to high home prices and low inventory, many homeowners are choosing to renovate their current homes rather than buy new ones.

Additionally, the pandemic has also played a role in the increase in renovation spending. With many people spending more time at home, homeowners are investing in renovations to create more comfortable and functional living spaces.

Should You Wait or Act Now?

If you’re in the market for a home renovation, you may want to get the ball rolling on it now. With the expected increase in renovation spending, the cost of materials and labor may also increase. By acting now, you may be able to lock in lower prices and avoid any potential price hikes.

Waiting until 2022 to start your renovation project may also result in longer wait times for contractors and builders. With many homeowners expected to undertake renovations next year, contractors and builders may be booked up months in advance.

However, if you’re not in a rush to start your renovation project, waiting until 2022 may give you more time to plan and save for the renovation. Additionally, waiting until next year may give you access to new and innovative renovation materials and techniques.

Whether you choose to start your home renovation project now or wait until 2022, it’s important to do your research and plan carefully. By understanding the current state of the housing market and the expected increase in renovation spending, you can make an informed decision about when to start your renovation project.

Remember to budget carefully, get multiple quotes from contractors, and communicate clearly with your contractor or builder about your renovation goals and budget. With careful planning and preparation, you can create the home of your dreams without breaking the bank.