I hope to make several improvements to my house soon, including converting a bedroom into an office as well as finishing part of my basement to add a full playroom for my kids to reduce clutter toys that are invading 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 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 will avoid not only these projects, but also any major or minor upgrades in 2022. In fact, I will postpone any changes or fixes to my house unless there is a security issue. emergency or repairs that need to be done because they put the value of my property at risk.
Here’s why I chose not to renovate this year despite my original intention to go ahead with big changes.
A good reason to put off home improvement projects
The main reason I decided not to complete my desired home renovations this year is because of the galloping inflationwhich is the highest for four decades.
You see, the price of goods and services has risen dramatically and is expected to continue to do so throughout 2022. Materials and labor for home renovations are not immune to this rise. 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 that have caused many builders to report experiencing months-long delays in getting parts. Due to issues with obtaining materials, I may have to settle for items that aren’t exactly what I want. Or projects could end up taking months longer than expected since my contractor could start and then be forced to wait for materials to complete. I don’t want to live in a construction site for months waiting for materials.
Will 2023 be a better time for home improvement projects?
Of course, there is no guarantee that this situation will improve significantly in 2023. Many factors go into inflation rates, and the supply chain crisis is caused by a myriad of issues, including the ongoing effects of the COVID-19 pandemic. Relief may not come soon.
But since none of my improvement projects are absolutely essential, I have no reason to spend a lot more money than necessary – and incur a lot of extra disruption – just to do them now. Instead, I will wait and watch for indicators that economic conditions negatively affecting my ability to improve my home will fade. Once they do, I should be able to go ahead with whatever upgrades I want at a much more affordable price.
While everyone’s situation is different, many people may find it best to wait to make large non-essential purchases, just as I do, in the hope that the decades-long spike in inflation will end and that the supply chain will return to more normal conditions in the years to come.
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