January 7, 2022
There are many reasons to consider renovating your home. Whether you are looking to update your home in preparation for selling, or you simply want a more usable and enjoyable space, now is the best time to get started on your renovation project. Here are three reasons to stop waiting to renovate your home.
While it may be tempting to try to wait out the current rise in materials costs, the reality is that prices are not going down any time soon. According to Tradingeconomics.com, a reputable commodity forecasting website, the price of lumber is expected to soar by as much as 25% over the course of 2022. The pandemic has led to a labor shortage, which has had a drastic impact on the cost of the materials commonly used in home renovations. Between 2019 and 2020, the cost of new cabinets increased by 56%, pantries increased by 33%, and home additions increased by 30% – as these improvements are driven by the cost of lumber, they will continue to climb in 2022. Beyond the price of lumber, other materials such as copper wiring, tile, and steel have all experienced surges that will continue to drive up the cost of renovations.
Over the past several years, we have seen a nationwide increase in the price of real estate. This trend has held especially true for homes in Middle Tennessee, a hotbed of real estate activity as our state continues to experience an influx of people moving from out of state. According to Norada Real Estate Investments, the median price for a residential single-family home in the Nashville area is $425,000, an increase of 21.4% from 2020 prices. Additionally, the supply of homes for sale in the Nashville area has decreased by 23.6% in the past year. This means that the Middle Tennessee real estate market is a strong seller market, making now a great time to cash out on your property. Even in a seller’s market, a freshly renovated home can make the difference between your house selling quickly for top dollar instead of just sitting on the market. The fact is that prospective buyers have a difficult time envisioning what a house could look like after a proper renovation, so it is best to have everything looking great prior to listing the home. The best areas to focus on when renovating to sell your house are updating the paint and floors, updating the kitchen, and remodeling the bathrooms to have a more modern appeal. The professionals at RSU Contractors can help take you through the process of renovating to increase value, leaving your house aesthetically pleasing and ready for its next owner.
Even if you are not planning on listing your home, renovating can transform the way you feel about your house. Renovations such as updating your kitchen, adding a home office, or creating your dream entertainment space can greatly improve your use and enjoyment of your home. No matter the size of the job, RSU Contractors can get it done.
In conclusion, all of the data suggests that the prices of home renovations will not be going down any time soon. The longer you wait to renovate your home, the total cost will likely be even higher. With years of experience and a proven track record in the Middle Tennessee area, trust the experts at RSU Contractors with your home renovation.