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: