Average home repair costs will be higher this year – what should homeowners expect to spend in 2022?
Homeowners are planning to spend more time up-keeping and improving their homes than ever before. (learn how LiteHouse can help you prioritize these projects) But the demand, failures in the supply chain, and delays are causing more complex and costlier projects.
Such as in the prior year, 2021 remained seeing many people who spent more time at home, which lead to homeowners who invest more money to maintain their spaces and update them. According to many reports, 2021 average home improvement cost was approximately an increase of 25% over 2020.
Emergency repair costs rose by 42%. This included an average of $2,231 paid on an average of 2.2 projects in each home and can be logically attributed to spending more time using the home. The climate also played a part. Industry reports showed that emergency repairs were higher in areas with brutal weather conditions such as California, Texas and New York.
Thanks to the very hot housing market, homeowners also received more equity in their property.
"2021 also presented homeowners with trillions of dollars of unexpected home equity, and that wealth has been, at least in part, reinvested in the home through improvements, maintenance, and repairs," says Mischa Fisher, chief economist at Angi.
So how much should homeowners plan to pay for modifications, repairs and improvements on their home in 2022?
Industry experts are expecting the rise in costs associated with these repairs and projects to continue over the next few years.
In addition, the housing market is expected to remain competitive this year, which means, more value and focus on maintaining homes and modernization. Below are some home repair guidelines for 2022, what to expect to spend and how to get ready.
Repair costs will remain higher in 2022.
Inflation, lack of workers and high house prices has increased home maintenance costs. According to the Thumbtack home care price index, average costs for maintaining a average home increased 9.3% this year, or $4,886. Thumbtack, which helps people get professionals for a variety of different projects, including home services, learned that 30% of those polled plan to pay $10,000 or more on projects this year.
Homeowners should be expecting to pay on average $3,600 in 2022 for home repair projects and be prepared for uncertainty around materials and costs of labor. Homeowners should not delay essential projects, however.
The costs of wood were high this year, although they have somewhat dropped, expect the lack of materials in 2022. This is expected to continue in 2022 because many of the supply chains of the construction sector are compromised by the Covid-19 pandemic. This can affect home repairs and improvements such as building decks or upgrades to the kitchen or basic maintenance projects, such as strengthening your roof
Because of high energy costs, many homeowners want to assure their homes are more efficient in energy consumption, including roof-attic systems to ensure that it is insulated properly and that air does not escape. Start the plan and budgeting for your home repairs of 2022 now.
The best thing you can do is plan and budget for 2022 home repairs ahead of an emergency. A great way to save on home projects, especially if you are planning a long-term project, is to buy your materials early. Keep you eye on sales, closeouts, discontinued items at hardwares and home repair stores to keep you costs down.
Prepare your budget and money to have a good idea of what you can pay in home repairs and save to have them in case of an emergency.
Need help prioritizing a home maintenance list and identifying potential issues in your home?
At LiteHouse Inspect, we offer regular Annual Home Maintenance Inspections in the greater Cincinnati and Dayton areas. These inspections review your homes major systems and identify areas in need of repair or improvement, or just regular maintenance. Call LiteHouse today to schedule you Annual Home Maintenance Inspection.
Don’t forget, if you are moving to a new home in 2022, you should definitely have a Detailed Home Inspection completed before hand.