It goes without saying, people were VERY ready to kick off 2021! The feeling of a New Year brings about many new opportunities including a reset on the previous year. The ability to make New Year’s Resolutions, or what we like to call, New Year’s Commitments is refreshing. But as we entered 2021, we started feeling the impact of the previous year’s experiences.
Like many industries, the home remodeling industry has experienced its version of a shift this year, specifically construction timelines. In August of 2020, we posted a blog about Realistic Home Remodeling Timelines. But now, the impact of COVID-19 has thrown our timelines into a bit of a tailspin due to the availability of building materials.
Shutdowns across the country led to limited production, which has severely impacted the supply chain for appliances, lumber, cabinetry, luxury home items and more. On top of that with many American’s staying home, the desire and need to remodel their homes has increased significantly. So, let’s get back to high school economics... Demand for materials has risen and the supply is low. With that equation, the result is higher cost. All of these factors have contributed to longer construction timelines as we wait to receive products.
We have seen a severe impact on appliances and cabinetry. In January 2021, we met with our friends from Mountain High Appliances and Home Clearance Center to discuss turnaround times. At the time when we posted that blog, appliances were 2 to 6 months out, but cabinets were still pretty much available. Now appliances are taking upwards up to 4 to 6 month for delivery and cabinets are now taking 2 to 3 months. Prices have also increased on cabinets due to the demand and availability of lumber. Luxury items, like hot tubs and plumbing fixtures, are also seeing a delay due to current demand. We recommend to our clients who are beginning a new remodeling project to keep in mind these new timelines.
Additionally, the price of lumber has seen nearly a 300% increase over last year. Unless you are building a home from the ground up or adding an addition, the cost of lumber isn’t showing a big impact on many of our clients. However, a project may see the effects of the price of lumber pending the size and scope of work of the remodel. If an addition is in your future, you can expect a price difference in the thousands due to the increase in cost of lumber.
Overall, our industry has seen a cost increase in most building materials. Because lumber has been impacted the most, the cost increases have also been transferred to items like wood flooring, cabinetry, shiplap, bead-board and more.
Fortunately for many of our clients, the price increases have been minimal. Many of our current projects have been kitchens, bathrooms, basements, great rooms, which haven’t required as much lumber as opposed to, say, an addition. This has helped us keep timelines on target and price increases to a minimum.
There is no better time than now to start planning your home remodeling journey. We feel transparency and reality is important. Timelines and pricing increases are essential to understanding what can impact your home remodeling investment. Our team is committed to making your home remodeling journey the most comfortable and successful experience possible.
Contact us today to renew your home!
