31 Dec Home Improvement at a Time of High Inflation
The rise in cost of building materials has been well documented in recent months with articles such as this one. And of course building materials are not unique, with nearly all products that we buy having gone up in the last 12-18 months. A lot of this is driven of course by transport costs due to fuel increases because of the invasion of Ukraine by Russia.
So what does that mean for your bathroom renovation project? Should you hold off or go ahead with Home Improvement at a Time of High Inflation?
Based purely on inflation you should probably just go ahead. Even if the inflation rate reduces, which it will, it is unlikely that prices will fall back significantly.
Regardless of the headwinds facing the world economy there is still a lot of demand for home improvement and still a huge shortage of skills in the Irish construction sector. This has a knock on effect on salaries and in turn construction costs.
Here at Bespoke Bathrooms we are booking in customers projects up to six months in advance. Whilst costs have risen it is still possible to shop around or pick sanitaryware from more economical ranges without compromising too much on quality.
Another financial consideration is that a bathroom renovation can add 4-5% to the value of your home. So even if you do have to pay a bit more to get it done it will in turn yield more for you as property prices have increased too.
Finances aside having a luxury bathroom can give you a real boost. Unlike a weekend break or holiday a bathroom renovation will last for many years to come. It’s something that you will use multiple times a day so perhaps it isn’t an area that you should cut back on.
If you’d like an up to date quote on a bathroom renovation then get in touch with us today and we can discuss the options with you.