Homeowners considering renovating instead of buying have faced labor and supply shortages
NASHVILLE, Tennessee (WKRN) – The National Association of Realtors says house prices in May saw their biggest annual increase in more than two decades and that Nashville homeowners are feeling the impact.
So instead of trying to find and buy new, owners update the old one. However, there are a few issues. Most home improvement projects are difficult to do solo, and it is increasingly difficult to find skilled workers or contractors.
âIt’s the tallest they’ve seen in a long time,â said Clay Crownover, head of the Greater Tennessee Builders and Contractors Association, referring to the request.
The culprit is mainly COVID-19, the pandemic and its impacts. Supply chain constraints, labor shortages and the current housing market. renovations are becoming both more expensive and take longer to obtain.
Brian Copeland, president of Greater Nashville Realtors, said that between 2020 and 2021, the average price of building a home increased by $ 24,000, while that of rebuilding or renovating increased by 9.1 %. While both have gone up, Copeland says that from a price point of view, it makes more sense to improve what you already have.
Meanwhile, a new survey from DEWALT, part of tooling firm Stanley Black & Decker, found that more than half of Nashville homeowners are considering renovating their homes rather than buying a new one. Additionally, they found that seven in ten Nashville homeowners are considering or planning a remodel project within the next six months.
“There’s a little extra money, people are at home, people are renovating bathrooms, kitchens, home offices that they have now, it’s a different market,” he said. Crownover declared.
According to DEWALT, the most common home improvement projects that Nashville homeowners are considering include bathroom remodeling (37%), kitchen remodeling (33%), porch / patio / patio makeover terrace (32%), bedroom renovation (19%) and landscaping 16%).
Contractors are the most sought after for electrical work (49%), plumbing (47%), structural work (37%), HVAC (37%) and flooring (37%) – as many skills required for most large projects.
However, keep in mind that these workers are limited.
âYou can expect to wait right now, we have a huge labor shortage, and with a slight increase in renovations that have taken place, you can expect to wait 3 to 5 months for someone to do your renovations, âCrownover said.
Crownover says they’re trying to address the shortage of commercial workers at the Greater Tennessee Builders and Contractors Association.
To help solve the problem, Stanley Black & Decker is partnering with the Association of Builders and Contractors of Greater Tennessee to help with workforce and business development opportunities such as their Emerging Leaders program and the training initiative for apprentices, in part by giving them a portion of their $ 50,000 donation to non-profit organizations in Nashville.
“Now is the time, if you are in the 15-18 age bracket looking for work in commerce, you can get the best price for your skills and reduce your study time by going out.” faster in the field. and make money, âCopeland said.