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How Has COVID-19 Impacted the Remodeling Process?

How Has COVID-19 Impacted the Remodeling Process
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Ever since COVID-19 forced people to shelter in place near the end of March, many homeowners who weren’t looking to buy a new home decided to make changes to their current one. They want to make these changes for the same reasons buyers want to buy—they want more elbow room, more space for their kids to do their schooling at home, etc.

In that regard, COVID-19 has affected the remodeling process in a few different ways, one of which I witnessed personally when I recently took a trip to Home Depot on a Tuesday morning and saw almost 60 people in line waiting to check out.

We’re also seeing a lot of disruption in the supply chains, especially when it comes to appliances. For example, since Samsung’s refrigerators are made in South Korea, they’re all on backorder. LG Electronics Inc., another company based in South Korea, was smart because they opened a plant in Tennessee for washers and dryers and have expanded during the pandemic to manufacture other appliances here in America.

“Regardless of what your remodeling plans look like, you need to plan ahead, have a backup plan, and be patient.”

Additionally, remodeling prices are rising substantially, and lumber is getting particularly expensive. The price for lumber has risen 25% since April, which is where they were at in 2018 when wildfires and hurricanes caused prices to spike. Basically, if you plan on building a covered patio, prepare to pay a lot more for it than you normally would. You might also have a hard time scheduling contractors for a job because they’re so busy at the moment.

So regardless of what your remodeling plans look like, you need to plan ahead, have a backup plan, and be patient. A project that would otherwise take two or three weeks may take longer due to these disruptions.

As always, if you have questions about this or any real estate topic, don’t hesitate to call or email me today. I’m here to help.

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