Costs in construction are rising, and there is a lot of uncertainty, not just for contractors, but retail, real estate, and especially the home owners. According to an article from the NHBA, “Nearly one in five builders (19%) have also, unfortunately, had to delay building or sales when costs spike, and 15% indicated they are laying the foundation but pausing before framing.” All of this causing a lot more strain on the economy for much needed affordable housing.” (Flood, 2020) What does this mean to you, the homeowner? Here are three things you can expect if you are building or remodeling your home, and how you can deal with the current situation that is facing many home owners in 2021.
Expect to pay more, and wait longer. First, in a recent article published by finance expert Sam Dogen, you can expect to pay 50% more, and wait 50% longer for your construction project. (Dogen, 2020) The recent pandemic has proven one thing in all industries and that is there is definitely unpredictability. There are issues of finding employment, retaining employees, breaks in supply chains, inventory stock issues and the list continues. Rising prices, and longer production are beyond a doubt going to be here for a while so you might as well prepare for it at least mentally. Expect the unexpected, especially if your contractor explains to you that the countertop material or hardware that you picked out has now doubled in cost.
Be willing to change your plan. It’s important to know that what was available one or two months ago, might not be available today. According to an article The Surprising Reason It’s So Difficult to Complete a Kitchen Renovation Right Now—and How to Get Around It because of the pandemic, “factories were also forced to scale back production because of new safety regulations and a reduced workforce. Some manufacturers had to close completely for weeks or months, causing a major backlog of orders.” (Sher, 2021) We are still dealing with these backlogs and inventory shortages in many industries. In the event, your product isn’t available, unless you are willing to wait, be open to changing your product to keep the production schedule moving along as smoothly as possible.
Do your research and work with a reputable company. Remember working with a company that has been around the industry, and has the experience and knowledge can make or break your dream project. It’s easy to do background research on a company by simply going to Bing or Google to check out recommendations by customers. Top Shop Countertops, located in Green Bay, Wisconsin has been in the industry for over 20 years and is highly recommended on Google. We all know that these are uncertain times that we are in, and not everything is going to go as planned, so it’s important to work with a company that is trustworthy, honest, and is in it for the long run. If you are thinking about your next countertop project, kitchen, bath, bar or office, keep in mind Top Shop Countertops – a company that is trusted, qualified and ready to make sure your project goes as smoothly as it can in economic times that are unsure and unpredictable.