Are you planning a house project? Here’s what supplies and prices will look like in 2023

If you’re thinking about renovating your home this spring or summer, you’re not alone.

With high house prices and mortgage rates this year, many homeowners are opting to rebuild rather than move.

So you might be wondering how supplies and prices are doing this spring, after two years of long delays and high prices.

We found the crews who put the finishing touches on the kitchen renovation and for the first time in a long time, all appliances were delivered in the shortest possible time.

Kerry Muddiman and Brian Bramble of Innovative Interiors say it’s a big change from 12 months ago.

“Now we don’t have problems with being late,” Muddiman said.

This is great news for homeowner Janet Rooker, who negotiated the project.

“I want a fully equipped kitchen,” she said, “I want a complete renovation.”

More homeowners are choosing to renovate

NerdWallet’s 2022 Home Improvement Report found that more people are staying put due to the tough housing market, opting to renovate or remodel their existing home instead of buying a new one.

The survey found that while many people are tackling small projects like renovating lighting fixtures, 51% of homeowners say they are considering renovating a room or adding to their home.

Holden Lewis of NerdWallet says more designs are now about comfort rather than resale.

“Because people just hide in their houses,” he said, “they want to stay there for a long time and just make this house their own.”

The problem, however, is that fewer homeowners are able to take on projects without using their savings due to the end of stimulus checks and high inflation.

Holden offers you:

• Set aside money for your project or develop a specific plan to repay it.
• Take care of minor repairs now, like a leaky gutter, or risk bigger problems in the future.
• Try DIY small projects if you have the skills.

“Doing it yourself gives you pleasure and can be a lot cheaper,” Holden said.

One last word of caution: Despite the greater affordability of home appliances, Kerry Muddiman and Brian Bramble say prices for cabinets, appliances and even plumbing have gone up this year.

“The time frame has shortened, but the prices have definitely gone up,” he said.

So plan carefully so you don’t waste your money.

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