Remodeling Surge Battles Supply Shortage, ROI Challenges. Here’s Why

If you are thinking about remodeling your home in 2021, you are not alone. The Covid-19 pandemic has inspired people across the country to make their homes more enjoyable places to spend long stretches of time and that has created some interesting trends in remodeling, including supply shortages and questionable upgrades (are you really going to use that home gym or sauna?) and ROIs. Before you get started on planning your next big home project, you might want to consider what the real estate experts at HomeLight had to say about upgrading your home in 2021, in a recent report. Here are some considerations to keep in mind. 


Does this remodel have staying power?

Before embarking on your project, think about why you are remodeling and if it’s still an upgrade that will be worth it when everyone is back to their post-pandemic lives? Agents in the survey reported some of the remodels that you might want to think twice about, because of a low ROI, such as a pool, hot tub, or sauna, which 22 percent of agents said homeowners might regret later. The home gym is another nice now, but maybe collecting dust in the future feature, as 19 percent noted. Consulting with a realtor about home upgrades and their ROI, can be a solid strategy to follow to be sure the upgrade is really worth the investment. 


You need to plan ahead

Once you’ve targeted your projects, a crucial step is to plan ahead, especially now. Typically, contractor season peaks in spring and summer and people who want to get ahead can save on materials by booking in October and March. But as we already know, 2021 is an anomaly when it comes to building projects, and, as the report noted, many contractors are already booked through November 2021, making contractors in short supply. A delay with permits is another factor to consider, as 26 percent of agents across the country said that permit shortages are putting the breaks on some would-be projects. 


Limited supplies and their alternatives 

Another possible bottleneck to remodeling projects in 2021, are supply shortages. These supplies directly correlate with the features that are high on people’s wish lists such as kitchen and bathroom remodels, and revamped outdoor spaces. When it comes to upgrades like decks, realtors note that lumber prices have risen 150 percent since mid-April 2020 — but a solution could be composite wood, which is low maintenance and long lasting and could bring you a higher ROI. Other resources that may be limited or delayed are labor (as 53 percent of agents reported), appliances (pointed out by 51 percent) and windows and doors (30 percent). Starting your search early may be the ticket to success when it comes to aligning your permits and resources. 


While there might be extra planning and challenges involved in a home remodel in 2021, don’t let it stop you from moving forward with your plans. The best strategy may be to target your top priorities, instead of trying to get everything done at once. With a focused plan you can have an upgraded home that you can look forward to spending more time in in 2021, and beyond.


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