Lindenhurst, New York Oct 30, 2020 (Issuewire.com) - GM Renovations announces a recent phenomenon that has the cost of their home construction and remodeling projects rising. The Covid-19 pandemic has sent lumber prices skyrocketing by 160% since April, according to the National Association of Home Builders.
The cost increase of a home addition or renovation can reach into the thousands, and for a new build is even steeper.
This phenomenon comes from two factors. First, the lumber industry suffered a huge set back due to Coronavirus, and the price of lumber has increased by 80% in recent months, bringing it to above $600 per thousand board feet. Lumber was already facing high prices before the pandemic due to high tariffs. Second, there has been a surge Americans stuck-at-home wanting to make improvements to their homes and placing more value on the importance of having a nicer home for their family.
“Just as new builds are being affected, home additions and home remodeling in Long Island have seen a sharp increase in costs as well,” says Gregg Satzinger, owner of Lindenhurst home remodeling company GM Renovations NY. “Despite the costs, homeowners are eager to go ahead with their remodels, and are willing to pay more knowing that their families will have a nicer place to live.”
It isn’t only lumber prices that have driven up the cost of home additions and remodeling projects. Other key elements to projects, such as toilets, tubs and showers, cabinets, windows, roofing, and flooring, have also seen prices go up. The same effect, of short supply and increased demand, is to blame. Lumber mills and the factories for these products were hit especially hard in New York, where they were not deemed essential.
To make matters worse, it is unknown when this phenomenon will see an end. While Satzinger says that these rising material costs are part of the ebbs and flows of construction prices, he also makes a point to remark that this is the biggest price increase in 70 years, and that the uncertainty of the pandemic leaves the price hike indefinite.
Currently, home prices continue to rise well above inflation rates and housing inventory faces a shortage. Even though costs are rising, it is still the ideal time to take on a home renovation, especially an addition, to raise the value of your home even higher.
About GM Renovations NY: GM Renovations NY is a local team of Long Island remodeling contractors based out of Lindenhurst, New York. With nearly two decades of experience in the business, owner Gregg Satzinger and his team are a trusted source for the community’s home remodeling projects of every scale. From a simple shower replacement to a multi-story add-on, GM Renovations offers custom, high quality service and consistently exceeds expectations. https://gmrenovationsny.com/about/
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