Supply chain issues may throw a wrench in your home renovation timeline.
Shortages may affect construction, labor, and appliances.
Flexibility can help you avoid frustration along the way.
Home renovations are big projects. But when supply chain issues are thrown into the mix, even the best-laid plans can be taken off course.
Before you dive into a home renovation, it can be a good idea to take a realistic look at how your timeline might get delayed.
Supply chain problems impact home renovations
If you’ve hit your local home improvement store recently, you might have noticed that some aisles look a little sparse. As with other areas of the economy, the construction industry hasn't been immune to some big supply chain issues during the fallout of the pandemic.
Although supply chain issues vary around the country, you may encounter at least one or two missing items that could throw your timeline off schedule. After all, home renovations are often a stepwise process that require certain materials before you can move on to the next portion of the project.
Here’s a closer look at some of the potential roadblocks to a smooth home renovation journey.
Many construction workers have left the industry over the past few years. Experts in the construction industry predict that over 650,000 workers will need to join the industry to meet the rising demand for labor. Fewer workers can mean longer wait times for renovation projects, especially during periods of high demand.
If you are dreaming of new appliances, the delivery times can be several weeks or months. One cause of the shortages stems from a lack of chips and parts due to pandemic supply chain changes. It may take some time for supply to level back out.
With more spare time and real estate getting more expensive, many homeowners are turning to DIY alternatives. As more folks take on DIY projects, inventory of power tools and other basic materials is being squeezed.
If you can’t find a power tool, it may help to check out your local library system to see if they offer a tool library.
How to prepare for a renovation
Even in the best of times, a home renovation can be stressful. As you undertake this journey, consider taking steps to prepare for the unknown.
Evaluate your local supply
When you start your home renovation planning, take a realistic look at supply chain issues in your area. Depending on your location, you might not feel as much of a pinch as in other areas. For example, if your local economy is a major producer of a particular supply, then you might find plenty of what others around the country are scrambling for.
If you work with a contractor, they should be able to give you reasonably accurate information about the lay of the land in your area.
In any case, try to enter the home renovation process with a flexible attitude. It’s possible you’ll run into an issue getting the materials you need at some point. But if you are open to swapping out materials here and there, it can be easier to keep your timeline on track.
Leave room in your budget for the unexpected
As with any project, it’s a good idea to leave some extra wiggle room in your budget. A crunched supply chain can push prices higher for certain goods. This way, if prices spike, you can feel more prepared for whatever may lie ahead.
This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice. Opendoor always encourages you to reach out to an advisor regarding your own situation.
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