Klaus Vedfelt / Getty Images
Much like the year before, 2021 continued to see many people spending more time at home, prompting homeowners to invest more money in maintaining and improving their spaces. According to Angi 2021 Statement of household expenses, average home renovation spending was $ 10,341 this year, a 25% increase from 2020.
Spending on emergency repairs increased by 42%, with an average of $ 2,231 spent on an average of 2.2 projects per household, likely due to the additional stress on home systems due to people being more inside. The weather also played a role; the report found that in states that experienced extreme weather conditions, such as California, Texas and New York, emergency repairs were even higher.
Thanks to a hot housing market, homeowners have also gained equity. â2021 has also offered homeowners billions of dollars in unexpected home equity, and that wealth has been, at least in part, reinvested in the home through improvements, maintenance and repairs,â he said. said Mischa Fisher, chief economist at Angi.
So what can homeowners expect to spend on home repairs and upgrades as 2022 approaches? The Angi Report indicates that the increase in home improvements in 2021 (and the ongoing pandemic, which has centered our lives around our homes), is expected to continue over the next several years.
Additionally, the housing market is expected to remain competitive next year, which means more equity and a focus on house maintenance and upgrades. Here are the home repair costs and trends to forecast in 2022, as well as how to prepare financially.
Related: What Type of Loan is Best for Home Renovations?
Home repair costs are higher and will continue to be so in 2022.
Inflation, labor shortages and rising house prices have resulted in higher home maintenance costs. According to the Thumbtack Home Care Price Index, the average cost of maintaining a single-family home has increased 9.3% this year, bringing the annual total to $ 4,886. Thumbtack, which helps people find professionals for a variety of tasks including home services, found that 30% of homeowners surveyed say they plan to spend more than $ 10,000 on home projects in 2022.
âThe average cost of home repairs is a difficult number to pin down, because every home and every repair is different,â says Leonard Ang, CEO of online real estate guide iProperty Management. âThe general trend, however, has been upward in prices across the board. There have been severe supply and labor shortages in the home repair industry, and with more people working. at home, we are seeing increased use of appliances, and people are better able to notice problems with their homes. â
Home improvement financing platform Acorn Finance says homeowners should expect to spend an average of $ 3,600 in 2022 on home repairs.
Related: Three Common Problems You Might Discover When Renovating Your Home
Prepare for uncertainty over material and labor costs, and don’t wait for essential repairs.
Lumber costs were high this year, and although they have declined slightly, expect material shortages in 2022 as well. Pedro Passos, one of the founders of the Florida-based construction company International Contractors of America says there has been a shortage of materials “from appliances to shingles” across the country in recent months, resulting in more expensive repairs and longer delivery times. time. âThis is expected to continue until 2022, as many supply chains related to the construction industry have been affected due to the COVID-19 pandemic,â Passos said.
It could affect home repairs and improvements like building a patio, upgrading your kitchen, or essential maintenance projects like strengthening your roof. âHomeowners should consider alternative materials such as wood veneer for a wood look at a lower price,â says Adam Graham, construction industry analyst at Fixr.
Graham says that due to rising energy costs, many homeowners are making sure their homes are more energy efficient, which includes checking and maintaining the roof to make sure it is properly insulated. and that no air escapes (or enters).
âHomeowners should hurry to complete any type of roof repair before it becomes a bigger and more expensive problem; the cost of replacing a roof is much higher than the cost of repairing it, âsays Graham. He also says that a well-maintained roof adds extra curb appeal, which can help when selling a home.
Related: Eight Ways to Save Money on a Home Renovation
Start planning and budgeting for 2022 repairs now.
The best thing you can do is plan all home repairs and improvements in advance for 2022. âA great way to save money on home repairs, especially if you are planning a long term project, is to buy your own materials in advance, âsays Ang. “Be on the lookout for deals at home improvement stores, local suppliers and other sources, and stock up on everything you’ll need before you even call the contractor.”
Review and prepare your finances to get a good idea of ââwhat you can afford to spend on home repairs, and save for emergency expenses at home. Start your research now for all of the bigger projects you’ve planned for the New Year, so you can start budgeting for them.
âIf you want to start your repair in mid-2022, start contacting contractors and getting quotes,â says Passos. âThey’ll have a better idea of ââmaterial delivery times, but don’t be surprised with a delivery time for a single finish of two to three months.
This article originally appeared on Better Homes & Gardens.