A number of unfavorable factors have produced themselves at the same time, resulting in an increased cost on home remodeling projects – a burden on construction companies and homeowners alike.
Long Island, like the rest of the United States, is suffering from a steep rise in the cost of construction materials. This is big news for any individuals looking to build a new home or do any additions or renovation projects to their existing home, as these additional material costs for builders can translate into additional costs into the thousands for homeowners.
The result of the Covid-19 pandemic is that material prices, most notably for lumber, have been soaring since last April. According to the National Association of Home Builders, these increases in the case of lumber come out to an approximate 160%. This explains why homeowners are facing price increases that can reach into the thousands.
The explanation for this change in housing material prices is twofold.
First of all, raw materials have experienced a number of different burdens on price. With the arrival of the pandemic, lumber mills and factories were forced to shut down, drastically decreasing and even halting production. Materials, and lumber in particular, were already facing price surges before Coronavirus hit, thanks to tariffs on imports (primarily coming from Canada). These factors combined have led to an 80% increase in the price of lumber.
Second, there has been a big increase in demand for home remodeling, and consequently building materials, as Americans began investing in their homes. Being cooped up at home has led many families to place a bigger importance on the quality of life and comfort that their home provides, and have used cancelled vacations as an excuse to revamp their homes, especially adding onto their homes for more living space. More demand, combined with a shortage on supplies, has made for even higher prices on the products that are available.
And while the reports for price hikes have been mainly focused around lumber, this isn’t the only material that has led to more expensive home remodeling in Long Island: cabinetry, roofing, windows, tubs and showers, toilets, flooring, and the rest have all seen a similar phenomenon and are suffering equally.
Despite these rising costs, the heavily booked agendas of contractors in the area prove that people are eager to go ahead with their home renovations. People are willing to pay more to improve their homes and make them perfectly suited for their families amidst the pandemic. Moreover, with the national housing shortage and even bigger increases on new construction costs due to material expenses, improving one’s current home rather than looking to move is an even smarter idea.
GM Renovations NY is a home remodeling company in Lindenhurst, New York that works on home additions and remodeling of any type or scale. The trusted local contractors have nearly two decades of experience in the area and have the skillset to complete virtually any job. Share your home dreams with the team to see how GM Renovations can take make your vision a reality and create the perfect living space for you and your family.