2021-01-29
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.

 

top mistakes made by homeowners


Welcome to our Blog!
2021-02-25
Autumn DIY Project: The Mudroom

2021-02-25
Back to School Organization: Create a Lunch Station

2021-02-23
Alternatives to Granite Countertops

2021-02-18
4 Steps to an Organized Garage

2021-02-18
Gary Dwyer Receives 2020 Service Excellence Award

2021-02-15
3 Steps to a Healthier, Happier Home

2021-02-12
Buying a FSBO without an Agent

2021-02-10
You can Get a Loan for a Fixer Upper

2021-02-08
What to do About your Mortgage if you Lose your Job

2021-02-05
The Many Fingers in the Mortgage Pie

2021-02-03
What is PMI and how do I get rid of it?

2021-02-02
Greater Boston Real Estate Prices - 2020

2021-02-01
Three Reasons your Mortgage Application was Denied

2021-01-29
The Anatomy of a Mortgage Payment

2021-01-29
Remodeling Surge Battles Supply Shortage, ROI Challenges. Here’s Why

2021-01-28
Don't Let Your Pipes Freeze!

2021-01-27
Shopping for a Lender

2021-01-26
The 6 Questions Every Loan Officer Is Going To Ask

2021-01-26
Updating Kitchen Cabinets

2021-01-25
No Down Payment? Now Worries!

2021-01-23
Top Kitchen Upgrades for 2021

2021-01-22
How to Save Money when you buy a Home

2021-01-21
Home Buying During COVID-19

2021-01-20
Financing a Mobile Home Purchase

2021-01-19
Top Siding Options For 2021

Click here to see ALL articles.




Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.