Spending on home renovations slows, but high remodeling costs mean little relief

LOS ANGELES — Homeowners have been spending more on home renovations in recent years, as high interest rates and stubbornly high inflation drove up costs for everything from flooring to refrigerators.

The home improvement spree got particularly heated early in the pandemic, when Americans invested to make their homes better suited for remote work and learning. But the home improvement frenzy appears to be cooling.

Harvard University’s Joint Center for Housing Studies’ latest leading indicator of remodeling activity, or LIRA, suggests homeowner spending on renovations and repairs will fall to $449 billion this year. That would represent a roughly 7%

Read more

This is how much homeowners are spending to replace a roof or furnace and fix a toilet

Something you often hear about home ownership is that it’s a forced savings plan. What you never hear is that owning a home is a forced spending plan as well.

While you’re building equity by making regular mortgage payments, you’re also paying for repairs and maintenance. But how much, exactly? Home repair costs are the great unknown of home ownership.

To bring some clarity to the cost of home maintenance, I asked readers of the Carrick on Money e-mail newsletter to fill out a questionnaire about the cost of repairs they’ve done and additional details such as the size and

Read more

6 Reasons You’re Spending Too Much Money on Home Repairs

If you’re anything like the average American homeowner, you spend thousands of dollars a year repairing your home. In fact, HomeAdvisor estimates that on the low end, a home repair can still cost almost $4,000. That’s a good chunk of cash that you’d prefer to spend (or save) elsewhere, but that’s just the cost of being a homeowner. Right?

A few critical mistakes might be driving your home repair costs up, causing you to dip into your hard-earned savings or stress about taking on more debt to pay off. Keep reading: We’ll point out some ways you could be

Read more