How to Update Your Home During Inflation
We've seen an increase in DIY home makeovers and renovations since 2020. And most recently an uptick in first-time homebuyers looking to furnish their new homes. But the rising costs have made that challenging for everyone.
Our biggest tip for updating your home during inflation? Buy sooner rather than later. Prices are likely going to keep rising on a lot of consumer home goods. We've shared some of our tips on how to save money on new home necessities, but in the long run, the best way to save is to buy what you need as soon as you can.
Here’s how to save money on home necessities whether you’re renovating, updating, or just getting started.
Furniture
If you're hoping to furnish your new place with some new finds or update your current space, be aware that there are major warehouse and shipping delays on furniture right now. Some furniture retailers are quoting 6 months to over a year for products to arrive at your home. Here are a few tips to help you buy now and save.
Shop Online
If you need furniture quickly, shopping online for ready-to-ship furniture is a great option. You'll always find sales at online stores like Wayfair or Overstock. Just be sure to check free shipping thresholds and watch for freight shipping fees.
Shop Floor Models
If you do shop in-store and are lucky enough to find floor models in stock, go ahead and scoop them up. Not only will some floor models be available same-day, but you'll also snag a bargain and pay hundreds under the MSRP. You can always ask your local furniture stores when they'll offer floor sample sales and base your buying schedule around that.
Pay with a Credit Card
For most big-ticket purchases, we recommend paying with a credit card. Depending on the card you use, you can earn points towards travel, cash back on your purchase, or use 0% APR to make smaller payments on your furniture without accruing any interest.
When to Shop
ASAP. For the necessities that you don't already own and will need right away, shop as soon as you can. Get the correct measurements and start buying as soon as you make a decision. This is especially true if you are looking to purchase custom pieces.
If you have some wiggle room and are willing to sleep on your old bed frame for a few more months, the best furniture sales are at the end of winter (January and February) or the end of summer (August and September).
Appliances
Many new homes come with the appliances, but for those that don't, or if your current appliances are in bad shape and will need replacement in the near future, here are some tips for saving money on new appliances.
Shop Broadly
Rather than researching and narrowing down to a specific brand or model and then going to the store to purchase, try a different tactic. Visit the store with a list of wants for an appliance and be open to different brands or models. If you're shopping online, use the filter features to narrow down the functions that are important to you, and then shop for the best prices within your budget.
Ask About Floor Models
Similar to furniture, it might be worth asking a sales associate about floor model sales. With shortages, backorders, and shipping delays, it may be a long shot, but it is worth asking because you'll get a discount and go home with a new appliance.
When to Shop
It's true that inflation has caused a big change in the number of sales each year and a big increase in sale pricing. While you will be paying more than you would have in the past, it is still better to wait for appliance sales to make these big purchases. Memorial Day sales, as well as Black Friday sales and President's Day sales, are good times to consider new appliances. If you find one you like on sale, scoop it up because you may not see the same low price for a while.
Tools
If you've got a lot of renovations or DIY projects for your home in the future, having quality tools on hand is a must. With prices higher than in the past, we recommend only buying what you need for the projects you're going to be tackling in the next few months. For projects further out, consider waiting to see if prices drop.
Shop the Same Brand
If you want to invest in quality power tools, stay within the same tool brand or ecosystem. This is especially important for battery-powered tools as you can swap out the batteries of different tools within the same brand and cut down on costs that way.
Know When to Save
For the tools you may only use on one or two projects, save by shopping bargain brands or stores. Harbor Freight is a favorite among DIY home repairers and even some pros. If you're going to splurge, make sure it's on tools you'll use often. But for certain sized wrenches or specialty pliers, don't be afraid to seek out a bargain.
Tool Rental
If you know you're only going to use a tool once, especially if it's large and takes up a lot of storage space, consider renting it from a local store. A floor sander can cost upwards of $500 to purchase. It can cost as little as $50 to rent it for 4 hours (or $70 for an entire day) at your local hardware store! To save the most money, do all your prep work before you pick up the tool to cut down on your rental time.
When to Shop
If you are hoping to stock your tool bench in your new home, Black Friday and some summer sales (like Labor Day and Memorial Day) offer some of the year's lowest prices. Again, expect higher prices this year due to inflation, but if you've got projects coming up in the near future, those are the best times to buy.
Rugs
Rugs are a great way to update a space and make it your own, plus they offer great protection to hardwood floors!
There are a few things you can do to save money on area rugs.
Shop for Synthetic
Shop for synthetic fibers to save money on rugs. Our favorite materials are polypropylene and nylon because they are affordable and still durable and attractive in your home.
Flat Weave is Your Friend
Tufted rugs are expensive. Hand-loomed rugs are outrageous. But flat-weave rugs are your friend! Shop flat-weave styles to save money on large rugs. Another bonus is that they are also durable for high-traffic areas.
Learn to Layer
If you have your heart set on an expensive rug, try buying it in a smaller size and layering it over a more affordable rug in a larger size. It brings interest to your room, and helps you get the look you want without breaking the bank.
When to Shop
We see great deals on rugs year-round. Just be savvy about what style of rug you buy and where you buy it and you can snag a deal anytime!
Window Treatments
One thing I wasn't aware of when we bought our house was that window treatments are a big deal. Sellers will either include them or they won't. Most of the time, if the blinds are installed into the windows, they will likely come with the home. But some blinds, and most curtains, could be taken with the previous owner to their new home.
If you move into your new home and realize you are going to be waking up with the sun for the foreseeable future, or if your current curtains could use a facelift, here are a few tips for saving money on curtains and blinds.
Double Up
Much like the layering trick we discussed with rugs. Try layering your curtains. Buy some inexpensive blinds to hang on the interior of your window and then buy pretty panels to hang on the outer layer for looks. Even inexpensive blinds and drapes can curb sunlight and cut down on heating and cooling bills.
If you are only using the outer panels for looks, you can even buy them in a smaller width at a lower price because they won't need to close completely if you have an inner curtain to block sunlight.
Shop Online
To get the best deals and find sales on curtains, shop online. Most retailers like Wayfair, Overstock, and Amazon will have curtains on sale year-round and with thousands of styles to choose from you're sure to find one in your budget.
Get Crafty and DIY
If you've got the time and a little skill, you can use inexpensive fabric to make your own curtains and drapes. There are free tutorials online and you can visit your local craft store when the fabric is on sale. This allows you to find the materials that fit your budget, make them exactly the right size and length, and match your color scheme perfectly.
When to Shop
Much like rugs, you can shop deals on window treatments pretty much all year round. We do recommend shopping online because that's where you'll find most sales and a lot of online prices are cheaper than in-store quotes, even from big-brand retailers.
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How to Update Your Home During Inflation
There are a few tips and tricks to saving on your home during inflation. Shop early, don't hesitate, utilize online sales, and get creative. Prices will likely not be dropping anytime soon, so plan accordingly and tackle the projects you can afford right now.