A significant percentage of small businesses in California closed permanently because of the pandemic, but not all sectors suffered. Contractors in California, including home maintenance and home renovation companies, have recorded a business boom. You may see these records as counterintuitive, mainly because households usually spend less and tighten their belts during uncertainty periods, or economic downturns. So, why have home remodeling projects boomed in California? Let’s see!
School/Work from Home
The fact that most families are in their homes is the reason behind the renovation/remodeling idea. Staying home has made most families in California consider the concept of creating enclosed and separate private rooms for school or work.
However, home remodeling projects have not boomed in California because of converting garages or bedrooms into offices.
Research shows that the home remodeling projects have boomed because the families want to create bathrooms and kitchens. Kitchens are now the center of each family’s life because they cook and eat at home.
Also, you may want to know where people get the money for running the home renovation projects. Here, numerous factors come into play.
First, some individuals may have been saving their cash by not going on vacations, shopping, or eating out. As such, several households came with the idea of adding value to their houses during the pandemic.
The low interest rates are other factors that have made home renovation projects boom in California. Also, the pandemic has made homeowners enjoy high home equity loans – another reason that has driven home renovations.
Slowdown Cases In The Construction Sector
Home remodeling projects have boomed in California, but the sector that delivers, constructs, designs, and develops new buildings has suffered considerably.
Research shows that a significant percentage of construction companies in California recorded delays or slowdowns because of the pandemic. The shortage of building parts, equipment, or materials is the primary reason for these disruptions.
However, when one company gets hit hard, another firm prospers. For example, it’ll force families to consider the available options if they can’t proceed with buying a new house because of the delay/slowdown of new home inventory. As a result, these families can decide to use the funds and renovate their homes instead.
Also, if families decide to move to another house during the pandemic, there is a high probability they’ll shift to resales that need some remodeling.
The future remains unpredictable, but one thing you must be sure of is that the pandemic effects will last for long. Expect impacts on constructions and remodeling even after every individual gets a vaccine. However, there are some critical tips you can keep in mind to help you remain on the right path as you remodel your home during the pandemic recovery.
First, consider booking a contractor while it’s early enough. The desire for home remodeling has boomed, and in several California markets, the demand outshines the supply. Therefore, expect more orders to jump into the queue ahead of you if you can’t book a contract while it’s early enough.
More people will book a contractor as the government puts more effort into getting more individuals vaccinated. Therefore, consider booking a home remodeling contractor right now.
Also, consider conducting virtual site visits. These visits play a critical role in replacing the contractor’s property walk-through and face-to-face meetings between the remodeling firm and the homeowner.
When done correctly, virtual site visits can update the renovation firm with enough data to estimate the project cost. As a result, this allows the two parties to review the project virtually and safely without face-to-face meetings.
In case you need any assistance feel free to contact us!