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LEARN MOREPosted: 3:43 p.m. EST Feb 5, 2023
If you're thinking of fixing up your home this spring or summer, you are not alone.
With high home prices and mortgage rates this year, many homeowners are choosing to remodel instead of move.
So you may want to know what supplies and prices are like this spring, after two years of long delays and high prices.
We found crews putting the finishing touches on a kitchen remodel, and for the first time in a long time, all the appliances arrived promptly.
Kerri Muddiman and Brian Bramble of Innovative Interiors say that's a big change from 12 months ago.
"We're not having any trouble really with anything arriving late right now," Muddiman said.
That's great news for homeowner Jeannette Rucker, who was negotiating a project.
"I want a complete kitchen," she said, "I want the full remodel."
More homeowners opting to remodel
The 2022 Home Improvement Report by NerdWallet found more people are staying put due to the tight housing market, opting to repair or renovate their existing home instead of buying a new one.
And the survey found that while many people are doing small projects like updating light fixtures, 51 percent of homeowners say they're considering a room renovation or home addition.
NerdWallet's Holden Lewis says more projects nowadays are about comfort rather than resale value.
"As people just hunker down in their homes," he said, "they want to stay there a long time and just make that home theirs."
The problem, though, is that fewer homeowners can take on projects without tapping into their savings due to the end of stimulus checks and high inflation.
Holden suggests you:
- Set money aside for your project or have a specific plan to pay it off.
- Take care of small repairs now, like a leaky gutter, or risk bigger problems down the road.
- Try DIY on smaller projects if you have the skills.
"A do-it-yourself job gives you a satisfying feeling and it could be a whole lot cheaper," Holden said.One last caution: despite greater availability of appliances, Kerri Muddiman and Brian Bramble say prices on cabinets, appliances and even plumbing are all up this year.
"Time frames have gone down, but pricing has definitely gone up," he said.
So budget carefully, so you don't waste your money.
