From Yahoo Finance: 2025-05-27 08:07:00

Tariffs are causing chaos in the home renovation industry, with rising costs affecting designers, contractors, and homeowners. Suppliers are adding surcharges on Chinese imports, leading to price hikes on goods like lighting, rugs, and furniture. This uncertainty is forcing businesses to pass on these costs to consumers to stay profitable. While the U.S. home remodeling market is projected to grow, the lack of clarity due to tariffs is causing delays in projects. Some professionals are seeing minimal impact, while others are struggling with material price surges and uncertainty. To combat rising costs, experts recommend adding a contingency to renovation budgets to accommodate unexpected expenses. Budgeting tools like spreadsheets or apps are essential to keep track of expenses and prevent project costs from escalating. Global supply chains are unpredictable, leading to pricier imports due to tariffs. Opt for U.S. lumber or steel to avoid high tariffs or work with local suppliers to reduce shipping costs. Renovations can be financed through options like HELOCs, home equity loans, or personal loans. Obtain multiple bids from contractors and compare itemized estimates to negotiate better rates. Despite a temporary relief from high tariffs, the home renovation industry anticipates ongoing volatility. This article serves as information only, not advice, and is provided without warranty.



Read more at Yahoo Finance: Pressure building for homeowners as renovation industry gets hammered by supply chain chaos thanks to tariffs