While record-high lumber prices are taken their toll on the residential construction market, they are also having a big impact on remodeling projects.
According to the National Association of Home Builders (NAHB), homeowners who have had an opportunity while sheltering in place during the pandemic have examined their homes and identify key areas in need of repair.
But many are not willing to take on the projects because of the uncertain costs and availability of project materials.
“When talking to prospective clients about projects, lumber pricing is now always part of the discussion, as they are aware of the issue, and are all concerned about how that may impact the cost of their projects,” Kenneth Kostecki, a contractor and remodeler from Virginia told the NAHB.
“Availability of other materials — such as windows, doors, appliances, plumbing fixtures, tiles, etc., — have also been in very short supply and/or with extended lead times,” he added. “This has led to additional project delays, which has impacted both cash flow and the overall project schedule, meaning that homeowners are left in the middle of a construction project with their house torn apart and unfinished for a longer period of time.”