5 Ways Tariffs Might Affect Your Remodeling Project

Wondering if you need to change your house remodeling plans in Ann Arbor because of tariffs?

Ready to remodel your space, but need to know more about recent tariffs first?

Feeling unsure about a renovation because of tariff and trade policy news?

We’ve all been hearing a lot about tariffs lately, but most of us probably don’t have the answer to the question we really need: how does all of this affect me? If you’re considering house remodeling in Ann Arbor, tariffs could have a big impact on you. But before you pack up the blueprints, paint chips, and fabric swatches, let us explain why it’s actually the perfect moment to get your project in motion.

1. Material Prices: data for the past year shows material prices have gone up nearly 10%, with new tariffs playing an important role in the increase. But with the rate of construction projects holding steady, end-consumers aren’t feeling the weight of the increases yet! 
2. Supply Options: as materials become more expensive, consumers and contractors may have fewer options for finishes and affordable materials. But this is still just a projection!
3. Timeline Delays: with imported materials being more expensive, the demand on the domestic product goes up. This can lead to significant delays in project schedules. But the current rate of construction projects tells us this isn’t happening yet!
4. Borrowing Rates: lending rates are likely to go up as project costs increase and the rate of construction projects potentially decreases. But looking at borrowing rates right now compared to the last 10 years, we’re still in a pretty good spot! 
5. Contractor Projections: with uncertainty in the future of the market, contractors are put in a tough spot. They have to predict if costs will go up significantly and potentially raise bids, so they aren’t left covering the difference on months’ worth of major projects. But, again, the rate of construction projects tells us bid prices are still favorable for new projects!

Get ahead of the effects of tariffs when you start your house remodeling project now.

Although all our information suggests that major price increases for house remodeling are on the way, it hasn’t happened yet! Materials are more expensive, but these changes aren’t making a significant impact on the end-consumer and construction project rates aren’t slowing down. If you’re considering a renovation project, now is the time to contact Alpha Design + Build and get started. We’re ready to help you design and build your dream space.