Why Are Home Improvements Taking So Much Longer Now Than Before the Pandemic?

Credello: The COVID-19 pandemic affected almost every aspect of life, and the home renovation industry is no exception. Home improvements that used to take a few weeks are now taking months, sometimes even longer. There are several reasons for this, and it's not just because of the pandemic-related supply chain disruptions.

On average, renovations that would have taken just 22 days in 2019 take 79 days now. Materials are significantly more expensive than they were just a few years ago. If you bought a house right before the pandemic, you might not be able to build the exact same house across the street from your house for anywhere close to what you paid for it. Whether you choose to go the DIY route or hire it out, consider home improvement loans for affordable home renovations, which can ultimately save you time and money. 

What's happening with renovation projects?

One of the primary reasons why home improvements are taking longer now is the increased demand for renovation services. When you spend more time at home, you realize the need for more space, updated decor, and functional features. Moreover, the pandemic forced many people to work from home, which has led to a surge in demand for home office setups and home gym equipment. All of this has put a strain on the renovation industry, which is still struggling to keep up with the high demand.

Another factor contributing to the longer renovation times is the shortage of skilled labor. Many construction workers and tradespeople were unable to work during the lockdowns, and some have left the industry altogether due to the uncertainty caused by the pandemic. As a result, there are fewer workers available to complete the work, leading to delays.

Supply chain disruptions have also played a role in the slower pace of home renovations. Shipping delays and product shortages have made it difficult to obtain the necessary materials and equipment, which has slowed down the progress of many projects. This has been particularly problematic for homeowners who want to complete their renovations quickly and efficiently.

Many homeowners are taking on larger, more complex home renovation projects that require more time to complete. This is partly because people are spending more time at home and want to improve their living spaces, but it is also because of the availability of personal loans for home renovations. These financing options make it easier for homeowners to fund their renovation projects, but they also mean that more people are undertaking larger, more complicated projects that take longer to complete.

In response to these trends, DIY projects are more prevalent than ever, with a huge increase of 44% in spending on DIY renovations over the span of just two years. Although people think it's more affordable to tackle these kinds of projects themselves, the sad truth is that many projects go unfinished and over-budget. At this point, it might be more cost-effective to buy a new build. 

Bottom Line

The pandemic created a perfect storm of factors that have contributed to the longer renovation times we see now. While there is no easy solution to these problems, homeowners can prepare themselves for longer renovation times by planning ahead, being patient, and choosing their renovation contractors carefully.

About Credello

Credello is a financial tech company offering a personal finance tool that simplifies financial decisions through personalized, on-demand recommendations — so users can borrow, save, or invest with confidence. Credello believes that finding the right financial product should be as easy and interactive as online shopping, and we are on a mission to make that possible. For more information, please visit https://www.credello.com

Source: Credello

About Credello

Credello is a mobile-first platform that simplifies financial decisions by providing users with personalized, on-demand recommendations—so they can choose the best solution with confidence.

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