To Buy or Not to Buy?

By Kim Brazel, Business and Marketing Manager, Flooring Depot of Panama City

For the better part of this year, the news has been filled with a seven-letter word that has struck fear into the hearts of millions of retailers and consumers. That word—tariffs. As many know, tariffs are taxes on goods such as flooring that are imported from overseas. On average, tariffs can increase importing costs anywhere from 10 to 25 percent, thus increasing costs to manufacturers, and these costs are eventually passed down to retailers and us as consumers.

If you are watching your money and budget, that means deciding to buy or not to buy can be a lot more difficult. Should I buy now or wait until prices are possibly lower? The truth is that there is never a bad time to invest in your largest investment—your home—even with tariffs. Here are some reasons why we say it’s still a great time to buy flooring or start that renovation.

Buying Before Tariffs

In anticipation of tariffs and the impact they would possibly have on businesses, some retailers purchased additional stock prior to the implementation of the tariffs. This pre-emptive buying has helped keep pricing down, and consumers can shop with confidence that they are getting a great deal because the retailer purchased ahead of time with the customer in mind, says Barry McEntire, president and owner of Flooring Depot of Panama City.

“We knew going in that this might be an issue, as it was discussed for multiple months before being implemented, so we planned ahead. Although we keep a large in-stock inventory already, we made sure that we had enough of some of our most popular brands and colors. This buying power has helped us keep any increase in costs to a minimum right now. Our warehouse is filled with more than 100 different colors of products, so you can find something budget-friendly and a color that works with the design of your home. The same holds true for the cabinetry that we stock. Our white shaker cabinets are extremely popular, so we have those in stock too.  Again, we have bought in bulk, which is a better price point and helps customers on a budget. The cabinets are beautiful, paired with the right countertop, they make for a beautiful, classic kitchen or bathroom design.”

The Cost of Doing Business

Another way to combat tariffs but still get a beautiful home is to shop for US-made products. By looking for products produced right here in the United States, you save money not only on the product itself, because the tariffs are eliminated, but you also save on shipping and freight, since it is coming domestically rather than internationally.

“There are wonderful brands and manufacturers that produce their flooring here, in the United States, so you avoid those tariffs,” says McEntire. “Mohawk’s RevWood is a prime example. It’s made in North Carolina and offers both excellent durability, quality, and has some beautiful colors to choose from as well.” RevWood is a premium floor that is also fade-resistant, has a lifetime pet warranty, and has either a 10-year or lifetime waterproof protection, depending on the product you purchase. The floors hold up well to daily life.

Investing In Your Most Valuable Resource

Even with tariffs, investing in your home by purchasing and installing new flooring or upgrading your bathroom or kitchen with new cabinetry is always money well spent. The housing market remains strong, so although it may cost a little more money on the front end, the return on your investment is valid by increasing your home’s value, thus outweighing any front-end costs.

“Investing in your home is always a win-win,” says McEntire, “especially when it’s a long-term investment such as flooring or cabinetry. It is going to improve not only the value but also the aesthetics of your home and give you something to enjoy for years to come. And if you do sell your home after any renovations, your list price is probably going to reflect those investments and result in not only a higher sale price but also in the speed at which your home sells. Renovated homes typically move faster.”

Rest Easy in Your Purchases

Inevitably, consumers are not going to be able to escape tariffs forever. As they say, it is what it is. However, by being a savvy, educated shopper, you can still have a beautiful home that will increase in value and reflect the time and energy you put into it. Just be diligent about asking the right questions, doing your research, and budgeting for your dream home and products, and remember—we are all in this together.