Everyone enjoys a good home makeover. For the last year, many of us have been stuck in our homes, daydreaming about what changes we would make. Now with extra cash in our pockets, we're ready to make those renovations happen.
Except that now the global supply chain is causing delays. From lumber to computer chips, everything has slowed down, including hiring. Labor shortages make renovations and new construction take longer, too. And if you wait? You might end up paying higher prices as these companies pass the increased costs on to consumers.
At the beginning of the pandemic, industries began slowing down production in anticipation of a slow down in new home construction and home renovations. Companies laid off workers and reduced or eliminated supply orders.
But that slow down never came. In fact, the opposite happened.
As people were cooped up in lockdowns, they wanted to renovate. If you're spending all day in the eyesight of your 30-year-old kitchen countertop and cabinets, you understand. Unfortunately, many of these people were left with few options on new countertops and cabinets. Even if they could choose, it might take months before the material arrived, leaving a family to go without a kitchen. Many people opted to wait.
Now you're faced with a dilemma. You still want to renovate, but the labor shortages and supply chain issues remain. Do you begin the renovation process now, hoping that you won't have to go several months without a working kitchen? Or do you wait even longer?
Maybe you pack it up and decide to buy a newer place. That comes with issues, too. Inventory is low right now, and closings can have long delays.
Do you need help navigating your options and figuring out what you should do next? A premier New York real estate lawyer can help you figure out your next steps. When you need a legal advocate on your side to help you buy, sell, or renovate your property, don't wait to get in touch.