One of the more tangible side effects of the coronavirus pandemic is that, with all the time we’ve clocked at home, many of us are itching to renovate our space—whether that’s with a kitchen remodel, new home office, half-bath, or even more ambitious projects.
Here are a few considerations to take into account:
1. Fix what’s broken first
While a new kitchen would be fun, if you have repairs that need tending to, you need to tackle those first. Plus, letting home maintenance slide could cause bigger problems down the road that could cost much more.
2. Anticipate delays
Due to the lingering impact of COVID-19 on supply chains, nearly 94% of builders say they’re facing at least some shortages of materials. Everything from appliances to cabinetry may take longer than usual for delivery—and this can throw a major wrench in a renovation, since you can’t install your new kitchen counter until those cabinets are in first.
3. Expect to pay higher prices
Shortage on Materials also means you could end up paying higher prices, which could have you wondering how you’ll pay for this renovation.
4. Keep ROI in mind—especially if you plan to sell
Nationwide, a shortage of homes for sale has driven up home prices—good news for sellers who want to make a nice profit on their place. So if you’re planning to sell your home soon or even in the next few years, it’s particularly important that any renovations you embark on should increase your home’s value.
5. Brace for a labor shortage
In addition to a shortage of materials, skilled workers are scarce these days. This might mean you’ll have to scramble to find good contractors whose schedules aren’t already jam-packed for the next six months.