Home renovations reached a record $567 billion last year, but not all projects are getting completed. Some homeowners are experiencing long wait times for construction to even start. homerenovation realestate home
“I think that going into this, we had the perception that we were very good DIYers,” Evan Moody told the. He and his partner Autumn Farr bought a second home in the Catskills in the summer of 2021. Two years later, the work on the house isn’t even finished, after the couple had difficulties finding skilled laborers to do the work and were unable to complete it themselves.
Last year, spending on home improvements and repairs reached a record $567 billion, up 15 percent from 2021, which itself saw an 11 percent increase from 2020. Typically, growth averages about just five percent, said Abbe Will, a researcher at the Harvard Joint Center for Housing Studies. Spending on DIY projects in particular has also seen massive growth: From 2019 to 2021, it increased 44 percent, to $66 billion, according to a recent Harvard report.
Still, despite all the money being thrown around, many renos aren’t actually being completed. Baxter Townsend and David Zlotnick bought an older Manhattan apartment, thinking it would be more cost-effective to renovate it than buy a newer build. Initially, they were quoted work that would take 15 weeks and about $100,000. After sinking a whole year into the project—along with $250,000—the two gave up and stopped working with the design firm they had hired.
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