Over the last year, renovation projects and home DIY-ers have begun to change everything in their homes, including the kitchen sink. And if you’ve been along for the surge in home improvement projects, you’re one of many. As silly as it may sound, the home improvement boom during the pandemic had a major impact on the scale of demand for raw materials and construction equipment. This has not only put pressure on those deciding to begin projects, but even complete those that are almost done or have been scheduled since January. So, how does this affect the future home-improver?
Let’s face it, remodeling has made a comeback like we’ve never seen. 2021 has seen a peak in production for mass amounts of lumber unlike anything over the last 13 years. The rate of consumption and high demand for contractors has led to an increase in price by 180%, pushing some homeowners out of the renovation market entirely. Even the price of copper wiring has increased by double over the last year, just one example among a group of supplies and materials that have seen skyrocketing prices from the handiwork we’ve all been completing while indoors. Some contractors have also begun rationing equipment and necessary supplies due to being over-scheduled.
And the demand isn’t pointless. With a 70-80% return on investment from just installing hardwood floors, who wouldn’t want to spend their free time at home improving the value of their space? Even though it may be more pricey, the copper wiring required for a bathroom can add to the 60% return on investment from remodeling alone.
If you’re already concerned about how this can influence your ability to complete a current or new project around the home, it may not be that scary or stressful after all. With all of this demand, many contractors are trying their best to keep prices low for homeowners and see the project completed. But if you’re concerned about how feasible it is to keep up with rising prices, opting for lower cost vinyl or tiling can still boost your home’s value, aesthetic, and feeling without as big of a price tag.
At the beginning of the pandemic we saw incredible panic buying of toilet paper and essentials, and the remodeling boom seems to have spurred its own second wave of concern. The reality? Homeowners and DIY-ers are pushing a market that hasn’t seen as wide of a demand in such a short period of time for the last decade. Don’t let the fear of paying more ruin your project dreams, but even if you want to jump ship now, it’s also not too late to opt for more accessible materials for your price point and timeline.
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