2021 True Cost Report Tells us How 2020 Affected Home Improvement

By HomeAdvisor (Powered by Angi). 

HomeAdvisor’s digital marketplace gives the opportunity to better understand how your prices stack up against your competitors, trends for the upcoming year and more. 

The past year has seen a number of shifts and changes to accommodate such unprecedented times. HomeAdvisor’s 2021 True Cost Report has found that the demand and price of popular home projects has changed and predicts that these shifts are here to stay for the foreseeable future. Over the last year, we have seen changes in homeownership and a general boom in real estate. Factors like tariffs, factory shutdowns, supply chain disruptions, and an increase in consumer demand have all impacted what home service pros are charging for projects. 

Topline costs increased nearly across the board for most of the top 20 most popular projects. Exactly how COVID-19 changed prices is harder to say, The True Cost report suggests that the most likely culprit was an increase in materials cost at most quality points.  

Nobody enjoys overpaying for anything or feeling ripped off. In general, your customers want the highest quality at the lowest price, expecting reliability, functionality and affordability. Are you wondering how your prices compare to your competitors? Here’s a look at the average prices home service pros are charging around the country: 

• Interior painting: $2,007 

• Bathroom remodel: $13,401 

• New flooring: $4,680 

• Landscaping: $2,389 

• Kitchen remodel: $35,317 

• Exterior painting: $3,291 

• New smart home device: $205 

• New roofing: $9,375 

• New fencing: $2,991 

• Install deck or porch: $3,291 

As of now, most planned projects will continue to have an elevated cost, the 2021 True Cost Report predicts. Pros should keep an eye on material costs, as there’s potential for further price inflation. Read the 2021 True Cost Report here. 

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Original article source: HomeAdvisor