How inflation can impact your window, siding, and door projects
Inflation is rampant in the news and is a measure of the purchasing power of your money. In periods of high inflation, things increase in price, and your money buys less – including home improvement materials and projects!
Inflation and your window, siding, and door project
For windows, siding, and door projects, this means that costs can increase due to the following factors:
- Material Costs
- Labor Cost
- Overall Project Cost
- Financing Cost (Interest Rate)
- Planning and Timeline (Sourcing)
Inflation can impact window, siding, and door replacement projects by affecting material costs, labor costs, overall project budget, financing costs, and project timeline.
Impact on Material Costs
Inflation can lead to higher costs of construction materials, such as wood, fiberglass, vinyl, glass, tempered glass, framing material, trim, and hardware, which are essential for window, siding, and door replacement projects – as well as any other home improvement project. When the cost of materials increases or is unpredictable, it can significantly impact the overall budget of your next window project, leading to higher full window installation cost.
For example, if the cost of a glass sheet doubles in cost, and a window is typically 50% glass by surface aera – that can cause an increase in price. Essentially, when the price of a raw material (glass) used in the production of a finished good (window) increases, it can impact the cost of production, supply and demand dynamics, pricing power, profit margins, and value chain effects, all of which can contribute to an increase in the price of the finished good. With a higher material cost you would need a larger budget to complete your next project.
Working with other companies you may be forced to use lower cost materials or not do your full project. Here at Window Concepts, we can fight rising inflation, because we can lock in your price for up to a full year from when the estimate was written. Ask our project engineers about our Price Lock Guarantee and take full advantage of our offer.
Impact on Labor Costs
Window Concepts has been serving locally in Wisconsin since 1989 and have always taken care of our employees, as a result we pay a fair salary and demand high quality work and service for our products.
Inflation can also affect labor costs, as wages and salaries may increase in response to rising prices. If you hire contractors or laborers for your home improvement project, you may face higher labor costs if inflation leads to increased wages in the construction industry. Inflation can also impact labor costs, as increased inflation can lead to higher wages and salaries for workers to maintain a living wage.
To fight inflation, we book the installer time when our agreement is struck. So, any inflation that occurs after our agreement doesn’t cost you anything, it only adds additional value to the work and craftsmanship that we complete.
Impact on Overall Project Budget
Inflation can impact a home improvement project budget in several ways. It can lead to increased costs of materials, such as lumber, paint, or fixtures, which can directly impact the budget of the project. Additionally, inflation can affect labor costs, as higher wages and salaries for skilled labor may result in increased expenses for hiring contractors or workers.
Due to these new economic headwinds, the cost of home improvement has risen slightly over the previous 12-months, and we offer flexible financing options to accommodate any budget. The important thing to realize with rising inflation, is that when prices go up, so does the value of the work completed.
Reach out today or use our online calculators to determine the cost of your next project and how it can easily fit into your budget.
Impact on Financing Costs
If you have a cautious economic outlook, we offer flexible financing, so you are able to hold onto your hard-earned money and complete a project with a low monthly payment that fits into your budget.
Through these financing plans your window, siding, or door, project can be paid with a loan. Inflation could impact the cost of borrowing. This ensures that your project can be completed on your budget.
Additionally, inflation can influence other costs associated with window replacement projects, such as borrowing costs. If inflation leads to higher interest rates, it can result in higher borrowing costs for homeowners who need to finance their window replacement project through loans or credit, leading to increased expenses.
Working with other companies you may be forced to use lower cost materials or not do your full project. Here at Window Concepts, we can fight rising inflation, because we can lock in your price for up to a full year from when the estimate was written. Ask our project engineers about our Price Lock Guarantee and take full advantage of our offer.
Furthermore, Window Concepts can help mitigate rising interest rates through careful planning, research, and negotiation. As a homeowner you can shop around for the best interest rates, improve creditworthiness, consider alternative financing options, negotiate with lenders, budget, and plan ahead.
Impact on Project Timeline
Supply disruptions can significantly impact the timeline of your home improvement project. Supply disruptions, such as shortages of materials, delays in shipping, or production delays, can disrupt the availability of essential components or products needed for the project, leading to delays in project completion.
With many of our competitors, as inflation rises, so do the costs. Window Concepts offers a 12-month Price Lock Guarantee which allows you to fix your price and start the project when it is convenient for you.
Over the past year, supply disruptions have led to project delays when materials, specifically highly customized materials, are not available as it could take longer to source materials.
The impact of supply disruptions on the timeline of a home improvement project can be significant, resulting in project delays, rescheduling of contractors, and with some competitors, potential increased costs due to price fluctuations or expedited shipping. Proper planning, communication with suppliers and contractors, and flexibility in the project timeline may be necessary to manage and mitigate the impact of supply disruptions on the overall timeline of the home improvement project. At Window Concepts we never change the price of a contractor or ask for more.
Inflation and your next project
To mitigate the potential impact of inflation on your home improvement project, you may consider taking the following steps:
- Lock in your project cost: Schedule an estimate from one of our project engineers to lock in your price for up to 12 months.
- Cash in on flexible financing: We partner with local lenders to ensure that we can fit your project into your budget.
- Monitoring interest rates: If you plan to finance your home improvement project, keep an eye on interest rates and consider locking in a favorable rate before they potentially increase due to inflation.
- Being flexible with timelines: Be prepared to adjust your project timeline if there are delays in sourcing materials or contractors due to inflation-related issues.
Inflation can impact your home improvement project through increased material and labor costs, overall project costs, financing costs, and timeline delays. Being proactive, budgeting for potential price increases, obtaining multiple quotes, monitoring interest rates, and being flexible with timelines can help you mitigate the impact of inflation on your home improvement project. Consulting with financial professionals or contractors may also provide valuable insights and guidance for navigating the potential effects of inflation on your specific project.