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Inflation Causes Most Homeowners in the US to Postpone Renovations

Inflation Causes Most Homeowners in the US to Postpone Renovations


Inflation Causes Most Homeowners in the US to Postpone Renovations, But They're Not Planning to Move

Inflation is having a significant impact on homeowners' plans to renovate their homes. A recent survey by Discover Home Loans found that 59% of homeowners have postponed home improvement projects due to inflation, and 26% have reduced the scope of their projects.


The survey also found that despite the rising costs of home improvement, most homeowners are still not planning to move. In fact, 79% of homeowners said they would rather renovate their current home than move to a new one.


There are a few reasons why homeowners may be reluctant to move despite the high cost of home improvement. First, the housing market is currently very competitive, and it can be difficult to find a new home that meets their needs and budget. Second, moving can be a stressful and expensive process. Third, homeowners may be emotionally attached to their current home and community.


While inflation is certainly a challenge for homeowners, it is important to remember that there are still ways to save money on home improvement projects. Here are a few tips:


Do your research and compare prices from multiple contractors.

Get multiple estimates before making a decision.

Consider DIY projects if you are handy.

Look for ways to save on materials, such as buying used or discounted items.

Be flexible with your timeline and be willing to compromise on some of your desired features.

By following these tips, you can still make home improvements without breaking the bank.


Tips for Saving Money on Home Improvement Projects

Do your research and compare prices from multiple contractors.

Get multiple estimates before making a decision.

Consider DIY projects if you are handy.

Look for ways to save on materials, such as buying used or discounted items.

Be flexible with your timeline and be willing to compromise on some of your desired features.

Conclusion

While inflation is a challenge for homeowners, it is important to remember that there are still ways to save money on home improvement projects. By following the tips above, you can still make your home more comfortable and stylish without breaking the bank.


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