By Kim Brazell, Marketing Director, Flooring Depot of Panama City
The price of gas is higher than it has been in years. Groceries are soaring. There is a shortage of workers. There’s a shortage of materials. Supply issues abound. Everyone is well aware of the dirty I-word, inflation. It’s enough to cause fear in those of us who haven’t seen it this high in our lifetimes.
Should we hold on to our money or should we spend it? Should we invest in projects that we want to do for our homes? There are no easy answers, and everyone’s situation is different, but here are some things to consider and why now is still a good time to update your home—especially your floors.
Inflation and Rising Costs
Inflation measures the value of the dollar and how it changes when there are imbalances in supply and demand. At the end of April 2022, the U.S. inflation rate was 8.3 percent for the prior 12 months. According to the U.S. Inflation Calculator website, the annual rate of inflation in the United States actually slowed during April—which was the first time in eight months.
The main reason for the spike—COVID-19. With the shutdown of the economy during the first days of COVID, people stopped spending on extras such as entertainment and travel. Restaurants were shut down for a time, production stopped, thus creating a shortage of materials and a lower-than-normal labor workforce. All of this caused supply chain issues. Suppliers raised prices. Businesses raised prices. And consumers are stuck.
Real Estate is an Asset
As we work to catch up with the supply and demand issues, the nice thing about owning a home is that it is an asset that will usually withstand the ups and downs of inflation. Updating your home is still a good investment because you will reap the return when you sell it, borrow against it or just enjoy it.
According to Forbes.com, in times like this it’s important to focus on home improvement projects with a high return on investment such as—flooring upgrades, kitchen remodels and landscaping. Flooring improvements can equate to an approximately 70 percent recoup on your investment. Plus, beautiful flooring can help your house sell faster and at a higher price.
“Right now, is still a great time to purchase flooring,” says Kristen Carter-Rowell, sales manager at Flooring Depot. “We carry more than 100 colors of luxury vinyl plank, in-stock. So, there’s a lot to choose from. And because it’s something that we stock, there are no added shipping costs or waiting months for products because of supply chain issues—the product is already in our warehouse.”
Carter-Rowell adds, “If it’s better for our customers to pay over time, we offer a 12-month same as cash option for customers, so they don’t have to part with a large amount of cash at one time. Customers can apply in the store and be approved right there. It’s easy and quick and as long as the amount is paid off within those 12-months, the buyer doesn’t pay interest. It’s also not limited to one or two products, but virtually anything in the store can be financed.”
Helpful Hints in Purchasing Flooring
There are several things you can do to prepare to buy new flooring.
First, have an idea of how much flooring you need and where you want to install it in your home. At Flooring Depot, we will send someone to measure your space to ensure that your measurements are correct and that you accounted for all the spaces—so just an approximation is good to start.
Second, set a budget based on that square footage. Have a figure in mind that you know you want to stay at or below or if you can even go over that and be comfortable financially.
And lastly, communicate with your salesperson. Make sure that you tell them how you are going to live in the space, how much traffic it gets, and whether you have small children or pets. All of these things are important in finding you a floor that will stand the test of time.
“Here at Flooring Depot your salesperson can help you find the perfect floor to fit your needs,” says Carter-Rowell. “Not only do we have very durable options that will stand up to the Florida humidity, but also any color that you could want. Investing in your home with new floors is a great way to add value—no matter the economy. It’s your home so not only do you want to make a smart investment, but you want to love it too. Now’s the time you can do both.”