Taking on a renovation in 2022 or wait?

Hello Everyone,
I am seeking your advice here. I am considering to buy an old home and do a full gut renovation. Though I am not sure if I should hold off and wait because, according to many news outlets (NYT, WSJ etc), the pandemic and the disruption in the supply chain have resulted in a much longer renovation time and at a higher cost than before. I don’t know anyone who is renovating a home now that I could talk to.
Appreciate all your thoughts/advice. Thanks.

goldenflamingo

in General Discussion 3 years and 2 months ago

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ceci | 3 years and 1 month ago

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I would wait, unless, your getting a great deal on the property!!!

simpkins1970 | 3 years and 1 month ago

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Are you in the market? Mayne wait if yes lol

lkrshacmzcy | 3 years and 2 months ago

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Time wise, yes you are right but there is no insight to when that will change.
Once the pricing goes up, it will not go back down. The market for the Trades has risen and it does so by hitting a new floor, not a new ceiling.

lkrshacmzcy | 3 years and 2 months ago

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Time wise, yes you are right but there is no insight to when that will change.
Once the pricing goes up, it will not go back down. The market for the Trades has risen and it does so by hitting a new floor, not a new ceiling.

goldenflamingo | 3 years and 2 months ago

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Thank you . Much appreciate your time and thoughts on this topic.

cate | 3 years and 2 months ago

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See if you can walk through this property with an architect or contractor and get their viewpoint. Depending on your scope and what filing with the city is required, it could take quite a while before construction begins (not because of supply chain delays but just normal NYC delays). If this is really the right project for you at the right time, I’d lean toward sooner rather than later. In my experience, things only get more expensive as the years go by.

andriywww1990 | 3 years and 2 months ago

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i am not sure i would let the issues you describe stop me from doing this sort of thing only because any time we go to do anything, something always seems to come up. next it could be another covid, a recession, or an unhinged putin….. What i would try to do is stay away from sort of real high end stuff that has no competition or alternatives in the marketplace (a couple weeks back a contractor was on here asking where to source some windows made in austria and some were suggesting he find an alternative but his hands were tied by the architect; my fear with this would be some sort of supply issue delaying his job). Windows seem to be an issue now anyway but is that only marvin windows or is that the lessor grade brands as well? do some research now and keep options open.

at the worst of this we were worried about certain species of woods imported from Africa but they have seemed to have overcome most of the issues with that. prices have gone up on imported and domestic woods and lumber and glass. some things have and will continue to fall but i am not so sure they will go back to what they were anyway.

i thought we were over most of this but keep this in mind: i got a call last night from a someone in senior management for a large fire alarm contractor. he told me that just this week he has to work late every night because they are having trouble getting certain components due to the on going issues and they are trying to overcome these challenges. they are dealing with specialized product and have no choice. the rest of us should try to leave alternatives on the table. be ready to forgo the bosch dishwasher for a crappy american one made in china or consider not just marvin windows but anderson and call the manufacturers now, before you start, and check their lead times.