March 29, 2022 Kitchen and Bath Design News

https://www.kitchenbathdesign.com/remodeling-plans-seen-undeterred-by-delays-rising-costs-2/

COLUMBUS, OH — Rising costs, limited availability of products and delayed project timelines are apparently not deterring the remodeling plans of most American homeowners, major new study has found.

According to a national online survey conducted on behalf of Nationwide, the Columbus, OH-based insurance firm, more than 70% of homeowners polled “are making investments to be comfortable in their current homes, and they’re willing to go great lengths to do it.”

Homeowners further reported that 7 in 10 renovations being completed are interior remodels, with kitchen (32%) and bathroom (22%) remodels topping their 2022 priorities. 36% have budgeted $10,000 or more.

“Nationwide’s study found that most homeowners who completed major remodels in 2021 faced significant obstacles brought on by supply chain and inflation issues, such as higher material and labor costs, delayed timelines and limited material availability,” said Cathy Allocco, v.p./small commercial sales and distribution at Nationwide. “What’s most surprising, however, is that these hurdles are not impacting their future remodeling plans.”

According to Nationwide, most homeowners are focused on repairing wear and tear (57%), making their homes more enjoyable (55%), or changing something that’s outdated (49%). Many are looking to stay in place once the work is complete.

To save money and minimize project disruptions in 2022, 40% of homeowners would be willing to sign a contract with a remodeler to lock in pricing, even if they must wait more than three months to begin work. In addition, 94% would be willing to store materials on their own property to prevent future cost increases.

Since the onset of the COVID-19 pandemic, 62% of construction business owners report seeing increased demand for home renovations, and half (49%) say it’s been difficult to keep up. Many report they are already scheduled out well into 2022, as almost two-thirds (65%) say their businesses are booked up for a month or longer and more than a quarter saying they’re booked for the next four months or longer, Nationwide said.