Tariffs are not a new concept, but they’re back in the news so let’s talk about how tariffs may or may not impact the home remodeling industry.
We recently sat down with Maverick Home Remodeling Inc President, Adam Berlin, for a quick discussion on tariffs and how they might impact the home remodeling industry – especially from a customer’s perspective. When asked, “Are tariffs going to affect the price of home remodeling?" Adam simply answered, “Yes, no and maybe.”
According to Adam, when it comes to tariffs and home remodeling, only time will tell. As of now, the home remodeling industry is not seeing the impacts of any tariffs as they have not gone into effect. That said, suppliers are anticipating that they may be impacted and are making shifts just in case, but they do not know anything quite yet. One example that Adam has experienced is from a plumbing supplier who has moved from a 30-day price guarantee, to a 10-day price guarantee. And really, they are only doing this because things are uncertain at the moment and want to ensure they stay up to date on accurate pricing.
Realistically, we’ve been through this before. When tariffs were raised 8 years ago, they were never dialed back. Since tariffs are passed down to the consumer, even if tariffs decrease, prices aren’t typically lowered. Meaning, when prices go up, they typically stay up, so it’s always best to make a purchase now rather than waiting. For example, during COVID, the cost of lumber shot up over 400%. But when the costs dropped, they only dropped by 200%. This meant that the costs stayed elevated compared to pre-COVID costs, even after decreases took place. While we are on the subject, let’s talk about the price of lumber. Home remodeling requires much less lumber than building homes from ground up. So the cost impact, if raised, should be minimal for those renovating their home versus building a home.
Ultimately, some manufacturers may use the current climate to raise prices, even if tariffs are not implemented. But, we are hoping they do not. Adam’s best advice is to not panic about something that we do not know. Tariffs or no tariffs, things will always be cheaper in hindsight. If you are going to wait to do something because you are afraid of what the cost will eventually be, then you’ll always worry about it. We wrote a previous blog on, “If You’re Not Going To Do It Now, You’re Not Going To Do It Later” Give it a read. At the end of the blog, we say "You will just be looking in the rearview mirror saying, ‘I should have done it back then.’ ” We certainly don’t want you to feel that way. It’s always better to do things now, then to wait for prices to decrease, because ultimately, they won’t.
Adam's advice is to not sit and wait. If you’re in the market to renovate your home, now is the time to do it. At Maverick Home Remodeling, Inc., you can trust in our transparency in all aspects of your home remodel, but particularly when it comes to cost. Contact us below to learn more about how we can Renew Your Life by Renewing Your Home.
