If you’re ready to move up, you may be trying to decide whether you want to buy a Back Bay or Boston Beacon Hill condo for sale that’s already on the market. And since the supply of Boston condos for sale available today is low, you’re willing to consider either avenue. While home builders are doing everything they can to construct more Boston luxury condos for sale and help narrow the supply shortage, they’re also facing delays due to factors outside of their control.
Here’s the latest on some of the key challenges Boston condo renovation builders are experiencing today and how they could impact your plans to renovate your condominium. When you know what’s happening in the industry, you can make an informed decision on whether to look for a newly built or an existing home in your home search.
The first hurdle Boston condo renovation contractors are dealing with is the lack of supply of various building materials. According to a recent article from HousingWire:
“. . . Nearly everything needed in the homebuilding process is facing some sort of delay and subsequent price increase.”
The supply issue isn’t just with lumber, even though that’s what’s covered most in the news. The article explains many other supplies are impacted too, including roofing materials, windows, garage doors, siding, and gypsum (which is used in drywall).
The difficulty in getting these items is dragging out timelines for Boston Beacon Hill condo renovations as building contractors wait on what they need to finish construction. And since materials are in short supply, even when they do get the product, the principle of supply and demand is driving prices up for those goods. HousingWire explains it like this:
“When supplies are low, charges inevitably go up, . . . Meanwhile, a lack of availability is causing huge delays, meaning builders are struggling to stay on schedule.”
The National Association of Home Builders (NAHB) agrees:
“Builders are grappling with supply-chain issues that are extending construction times and increasing costs.”
But that’s not the only challenge with Boston condo renovations today. Building contractors are also having a hard time finding skilled labor, which means they’re short-handed, further dragging out their timelines. Odeta Kushi, Deputy Chief Economist at First American, says this is an ongoing challenge for the industry:
“The skilled labor shortage in the construction industry is not new – it’s been an issue for more than a decade now.”
But there is good news. The February jobs report shows employment gains in the construction industry. Kushi puts this encouraging news into perspective in the article mentioned above:
“Overall this was a good report, . . . The supply of workers continues to fall short of demand, but the underlying momentum of the labor market recovery is strong, and falling COVID case counts provide further forward momentum.”
That means, while finding workers continues to be a challenge for builders, there are signs of positive momentum moving forward.
HousingWire explains how these things can impact move-up buyers today:
“The residential construction industry is facing a crisis as builders manage the critical shortage of building materials and labor. Explosive supply and labor costs are forcing long delays. . . .”
So, when you weigh your options and try to decide between renovating your home or buying a Boston condo for sale, factor the potential delay in new home construction into your decision. While it doesn’t mean you should cross renovating your Boston condo off your list, it does mean you should consider your timeline and if you’re willing to wait while your home is being constructed.
When planning your next move, understanding the latest market conditions is key to making the best decision possible. To make sure you have all the information you need, let’s connect. Together we can make sure you know what’s happening in our local market so you can confidently decide what’s right for you, your priorities, and your timeline.
The Boston condo sales market is on fire and some of my potential condominium sellers are asking is it worth it to remodel and paint our unit prior to putting it on the market. From my experience the answer is yes. As a Boston real estate broker I always believe that some sprucing up can go a long way in both the speediness of the sale and to help increase your sales price. Most of my buyers in the Boston condo market are not looking to do their own renovations simply because they have very busy lives and they don’t want to spend weekends and evenings working with contractors. Most of the residential properties that I sell in Beacon Hill are in move-in condition.
The question then is if I’m going to renovate my home before putting on the market what are the top priorities? On top of the list would be kitchen and bathrooms, followed by re finishing hardwood floors and replacing old appliances where need be. On overlook item would be the common areas. Obviously as a seller you are limited on what you can do, but it is important to keep the common areas clean and ensure that all light fixtures in the common area are working. In addition, if you can keep the outside appearance free of trash this will help on the first impressions of the potential condo buyer.
Lastly, if you do hire a contractor to renovate your condominium make sure the company is licensed and has pulled the proper permits from the city of Boston prior to staring any work on your home.
If you have any questions, please feel free to contact my Beacon Hill real estate office at 617-720-5454. You are also free to visit our office at 137 Charles Street and we can discuss your real estate needs.
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Updated: Boston Real Estate Blog Update 2021