If you are undergoing a live event or updating your home to accommodate an existing living condition, you will do so regardless. But, for the millions of homeowners across the country who are not pressed on time may think about reevaluating the project during this public health crisis.
Sarath Jerome is the right person evaluate this situation. He is a Licensed REALTOR®, MHIC licensed Contractor and Home Remodeling Expert, Landlord and House Flipper in the Central Maryland Area. Below he will weight the pros and cons of going ahead with a renovation project during this public health crisis and offer his advice to homeowners on the steps that needs to be taken to complete a successful renovation in the times of uncertainty.
Let me guess – you just closed on your dream home. You are so excited to finally start your project. Or you have been wanting that awesome bathroom or kitchen for so long. You just obtained financing to go ahead with the renovation or you just saved up enough to cover the bill.
Now you just read the news and the number of reported Covid-19 cases are spreading like wildfire. You are thinking if this is the right time to save up on that cash and hold off the kitchen or bathroom remodeling project.
There are so many deal to be had at this point – You know the basics – You buy stocks at their low, you buy your home when the real estate market drops, you refinance when the mortgage rates are the lowest. Likewise you finish your remodeling project when you can get all the deals you want. You will be likely able to dictate prices in this market today.
There is cheap financing available for home improvement projects and deals are everywhere, take the plunge.
The average # of people working on a bathroom renovation project is 2.5. On a kitchen or basement remodeling project, the average number is 3.5. So, we can safely assume that on a risk scale(for Coronavirus) it is way lower than picking up toilet paper from the nearest grocery store.
You will be home most of the time – You probably have time off or you are working from home like the millions of your fellow Americans. You will home most of the time and can monitor progress and make sure everything is carried out just like you want them.
Your Project will advance faster. As the work slows down for the contractor working with you (I bet it will), they will be devoting more time to your project and your project will be moving faster than expected.
You are ahead of the curve concerning logistics. You already have your fixtures, custom tile or shower orders etc placed and ready for pick up or delivered. So, you are technically safe from any logistic issues that might happen for the next few weeks.
Your Project may come to an abrupt halt. If there will a lock down or quarantine, your project will likely come to a halt. Again, chances are very unlikely. There are always cost implications to stopping and then starting again.
You may pay more for protection Your site, be it a single family mansion or an apartment, you will have to comply to the CDC guidelines against the virus. Think about providing sanitizers for few more people working in the house and such.
No matter what, humanity will see this through pandemic.
The positive outcome of this entire disaster is that the people are coming together to help each other. In a diverse and vibrant country like ours, this is one of the best signs that humanity will see through this standing together.
Practically it is very hard to predict the next few weeks, whatever happens, out fellow human being are going to start shoulder to shoulder and bring this pandemic to its knees.