In 2023, millions of households are facing price increases in everything from groceries and gas, to rent and home projects.
Residential construction costs are up 19% from a year ago. This can translate into higher costs for home improvement projects, including tile projects.
A new survey has found that homeowners plan to spend on average, $15,000 to remodel their homes.
The spending is more obvious for those who purchased property in the past year. These recent homebuyers tend to spend more on renovations than the national median of $15,000.
How much more? Nearly $30,000, which is double the norm.
But no matter how high the price, homeowners are still paying up to make their house more livable. In fact, a survey found that more than half of respondents (55%) are planning to renovate this year despite the cost.
Since this affects homeowners, residential tile projects will be the focus of our article.
Not all tile projects are created equal
Delaying some tile projects can be risky. For example, putting off a shower floor leak can lead to bigger repair costs later on. Last year, homeowners spent an average of about $4,000 on home repairs.
While it’s wise to have money set aside for maintenance, you can also take steps that may help avoid costly repairs.
Prioritize issues that are known to be costlier to repair such as water leaks and any structural issues around the house. Not all home repairs are created equal, so it’s important to look for signs that a project needs to be addressed quickly.
Kitchen tile projects still come first
The kitchen reigns supreme when renovating right now, with homeowners spending 25% more money in this space than in 2022. While this makes sense given how much time we spend cooking here, it makes financial sense, too; because kitchens have the best return on investment. For example, adding tile to your kitchen like a new backsplash.