COVID-19 had people spending more time at home than ever before—and during that time, many homeowners realized that there were parts of their home they wanted to change. Now that restrictions are being lifted, many of those homeowners are ready to move forward with home renovations.
But renovations in today's market can be tricky—and if you're planning to move forward with a renovation this summer, it's important to know what to expect.
A recent article from realtor.com outlined some key things homeowners should keep in mind when planning a home renovation for summer 2021, including:
- Expect delays… The pandemic caused a variety of supply chain issues—and many contractors are still struggling to get the supplies they need to complete their renovation projects. (In the article, Robert Dietz, the chief economist for the National Association of Home Builders, reported that 94% of builders say they're facing at least some shortages of materials.) So, if you're planning a home renovation, you should also expect it to take longer than it would if supplies and materials were more readily available.
- …and potentially higher prices. Those supply chain issues aren't only causing delays—they're also causing price increases. If you're set on renovating this summer, you'll likely need a higher budget than you would if you had tackled the project pre-COVID.
- Prioritize the right projects. Because so many people are renovating their homes, contractors are often booked out for months—which means, when you're able to book a renovation job, you want to prioritize the right projects. For example, you might want to renovate your kitchen—but if you have repairs you need to deal with, it's important to take care of those first.
So, what does this mean for you? If you're planning on renovating your home this summer, it's important to understand what's happening in the market and what you can expect; that way, you have all the information you need to plan for your renovation—and won't run into any unexpected (or frustrating!) surprises.