At first, it was converting a bedroom into a home office, perhaps improving the “backdrop” for Zoom calls within a given room. Or perhaps a quarantined family set up a “home schooling” station in a den for their kids. While home remodeling has surged since the pandemic began, many of the projects initially were smaller in scope, according to Realtor Magazine, who says that now homeowners are going bigger with their renovation plans, beyond the DIY projects that dominated during the early stages of the COVID-19 outbreak.

This includes expanding and rearranging entire floor plans to suit their needs and functionality, according to the Q4 2020 Kitchen & Bath Market Index, released by the National Kitchen & Bath Association and John Burns Real Estate Consulting, who adds, “The NKBA projects a 10.7% sales growth for the remodeling industry in 2021.The rising desire for large-scale projects is prompting homeowners to move away from DIY jobs and hiring professionals to do more robust renovations.” Anyone trying to hire a contractor right now will find out soon enough, as they are all nearly several months out from accepting new work.

“We’re seeing an incomparable surge in homeowners looking to rearrange floor plans, tear out complete kitchens, baths, and other rooms to make space for increased activity within the home, and generally create a space that better suits their evolving needs,” says Bill Darcy, the NKBA’s CEO. “Our industry’s greatest challenge will be operational, as our members aim to meet growing demand from homeowners with an unmatched appetite for remodeling.”

The rising cost of materials and supply-chain disruptions don’t helzwith the high demand for everything from cabinetry to appliances and skilled labor is hard to find, as more than 56% of remodeling contractors surveyed by the NKBA say that COVID-19 has worsened the already tight labor shortage due to the uptick in consumer demand. This results in longer to wait times for professionals to take on their remodeling projects.

Source: Realtor.com | TBWS

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

Corporate NMLS #1578407. Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Other restrictions and limitations may apply. Granting of loan is subject to the credit and policies. Regulated by the Division of Real Estate.