The rising inflation rate is one of the biggest economic stories of 2022. Nationally, inflation has averaged around 8% this year, but this only tells part of the story. Prices on tech items and similar products are always falling, which brings the overall numbers lower. But the cost of things that average Americans need, such as food and fuel, are really up more like 15% to 20% year over year.

Inflation has been especially hard on Nevadans. According to a Las Vegas KLAS 8 news report from last August, inflation is costing residents of the Silver State an average of $805 per month, which equates to an annualized cost of nearly $10,000. A state-by-state breakdown found that Nevada had the seventh-highest monthly inflation costs in the country.

When inflation starts cutting this deeply into the average household budget, even those on the higher end start to feel it. Residents in Las Vegas communities like Canyon Fairways, Country Club Hills, and McDonald Highlands who thought they were immune to the effects of inflation are seeing it manifested in various ways.

Corporate belt-tightening has caused some to face the prospect of having their high-paying jobs eliminated. Others have seen their businesses stagnate, especially if that particular business depends on customers with ample funds available for discretionary spending. The bottom line is that the current levels of inflation have had an impact on every sector of our society in one way or another.

With less money available to spend on non-necessities, people are not going out to eat as often, and they are definitely spending less on entertainment. This again disproportionately impacts cities like Las Vegas and Reno which have large bases of workers who depend on the gaming industry.

Another way that inflation is impacting Americans is that it is causing them to delay major projects such as home improvements and renovations. According to CNBC, 43% of US homeowners have delayed home improvements and maintenance because of inflation.

CNBC goes on to say that delays like these can be risky for a couple of reasons. First of all, some repairs are necessary to keep the home safe and maintain its livability. And related to this, delaying certain projects can have a negative effect on the home’s overall value.

Not all home improvement projects are created equal. And there are some projects that experts say should not be put off, even with inflation. Here are some important projects that homeowners should go ahead with even during this current economic slowdown:

Gutter and Downspout Repairs

Gutters and downspouts serve very important purposes as they are responsible for properly moving water away from your home. When these areas get full of debris and/or they deteriorate, water buildup can occur and cause leaks, wood rotting, and other types of damage. Las Vegas does not have problems with ice dams like many northern cities, but issues like roof leakage can still occur if things are not properly repaired and maintained.

Window Repairs and Replacements

Homeowners should ensure that any broken window panes in their home are repaired. In addition, it is a good idea to look into replacing and upgrading your windows for various reasons. Today’s windows come with higher quality glass, even with the most basic options, which can help your home in a number of ways.

New windows can provide increased energy savings by maintaining better internal temperatures. They can also protect against unwanted UV rays and decrease noise pollution. When it comes to selling your home, buyers pay close attention to the quality of your windows. For this reason, newly upgraded windows can greatly enhance the value of your home.

Other Basic Repairs

If you have lived in your house for any length of time, chances are good that there are some basic repairs that can be done at a nominal cost. Maybe you have a toilet that is leaking, a drain that seems to get perpetually clogged, or maybe you have some cracks or tears in your door screen.

Take an inventory of small repairs around the house that need to be done, then tackle these projects one at a time as you have the time and funds for them. The cumulative effect of these repairs will make you feel better about the home you live in, and the value of your home will be higher at re-sale time as well.

Painting Projects

One of the easiest and most affordable home improvement projects is a new coat of paint. This is another type of project that you can tackle little by little, starting with the room that needs it the most. For example, maybe one of your kids just moved out after occupying a bedroom for several years. Most likely, the room needs a paint job, so this is a good time to experiment with a new color.

How should you pick the colors for your painting projects? This depends on the plans you have for the house.

If you are going to be staying there for a while, then you can try some new and exciting colors to see how they enhance the personality of the room. If you are planning on selling the home fairly soon, then you will want to go with more neutral coloring that appeals to a wider range of potential buyers.

Dryer Vent Cleaning

One area of the house that many homeowners overlook is their dryer vents. This is because of the mistaken belief that all you need to do is clean the lint trap when it builds up and everything will be okay. However, appliance manufacturers recommend that dryer vents are thoroughly cleaned once a year to prevent both fire and health hazards.

Energy Efficiency Upgrades

There are a number of different home improvement projects that can make your house more energy efficient. These range from smaller upgrades such as putting weatherstripping on your doors to larger investments such as a high-efficiency heating/cooling system or installing solar panels.

Upgrades that make your home more energy efficient can serve to fight against inflation by lowering your energy costs, and they will enhance the value of your home as well. Do not forget to check into tax rebates and other government incentives that may be available for certain upgrades.

Whole Home Surge Protection

In recent years, there have been issues with the country’s power infrastructure, and rolling brownouts have become common in some areas. To protect against unexpected power surges and outages, it is wise to invest in a whole home surge protection system.

Pressure Washing

An annual house wash costs only a few hundred dollars, but it can keep your exterior clean and free of common issues such as mold and mildew. Yearly pressure washing also extends the life of paint or siding, and this type of deep cleansing can help illuminate other issues that might need to be addressed, such as cracked vinyl or rotting wood. As an added bonus, pressure washing enhances curb appeal, which will become increasingly important as we shift from a strong sellers’ market to a more balanced real estate market.

Buying or Selling a Home in Las Vegas? Contact the Knoch Group for Assistance

Certain home improvements and repairs should not be ignored even with rising inflation. Some are necessary just for basic home upkeep, while others are wise investments that will make your home more livable and increase the value of your property.

If you are thinking about buying or selling a home in Las Vegas in the near future, the Knoch Group is here to answer any questions you may have. Ryan Knoch is one of the top luxury home brokers in southern Nevada, and he knows the ins and outs of the real estate market in this area. Call us today or message us online to speak with Ryan about your situation.