• Thu. Aug 11th, 2022

Home Improvement Boom Makes Entrepreneurs Hard to Find »RealtyBizNews: Real Estate News

Pandemic closures have led to an increase in home improvement projects. More than 70% of U.S. homeowners in a recent Dewalt survey said they are currently planning or considering starting such a project before the end of the year. Priorities include bathrooms, kitchens, bedrooms, porches, patios, decks and landscaping, according to the survey.

But for all the planning, getting the job done can be much more difficult. This is because finding a contractor to do the job has become a huge challenge. At the same time, there is a shortage of many key building materials.

The result is that many home improvement projects are delayed and those that are completed are often more expensive.

The survey found that 84% of those considering a project plan to hire a professional contractor. But 56% of survey respondents who say they have already contacted an entrepreneur say they were said they should wait at least three months to start labor.

According to the Dewalt survey, the most in-demand contractors are electricians, flooring installers, plumbers, window contractors and framing contractors.

Home renovations are motivated for a number of reasons, ranging from making homeowners happier with their current home to adding extra space to even make a home more salable.

“In the short term, many homeowners who have postponed projects – large and small – into 2020 are expected to complete these renovations once the pandemic is over,” said Kermit Baker, director of the Future Renovation Program at the Joint Center for Housing Studies, said in a report released this spring, Improving America Housing 2021. “Additionally, there has been a pick-up in homeownership as younger households look to purchase homes, the number of multigenerational households has increased and remote working has given people more flexibility and the desire to modify their homes.

Many recent renovations are also due to natural disasters, such as hurricanes and tornadoes. The United States has experienced 22 disasters that caused a record $ 1 billion or more in damage last year.

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