A 2024 Post-Covid Renovation + Redecorating Guide: What to Know Now

(…With some design inspiration to keep things interesting… )

design: 1000xbetter | photo: michael p.h. clifford

As you probably know, the Covid-19 pandemic changed the home renovation and decor industry forever. People stuck at home had the extra money and motivation to pull the trigger on projects, creating an industry boom that led to product innovation and slew of new talent, but also shortages in materials, professionals, and staff that drove up prices and timelines.

So, where are we now? Is it a good time to take on a project? What can clients expect?

If you’ve been asking yourself any of these questions, read on. I’m here to walk you through the industry landscape at this moment, as well as give a little guidance to planning for your dream project.

1.

The Financials

Let’s just get the tough news out of the way—for the most part, those post-pandemic price tags aren’t going anywhere. Inflation, continued shortages of staffing and materials, and the affect of political unrest on shipping all make it difficult for vendors to bring down prices.

That being said, there are areas where prices are expected to recalibrate, such as in lumber and steel. And since most costs aren’t expected to fall any time soon, if ever, there’s no reason to either jump before you’re ready, or wait for a projected shift. My best advice is to know what you’re comfortable spending and what your priorities are, and get a trusted professional on board to help you make the most of your investment.

Ok, we got the bad news out of the way! Read on for some encouragement…

Design: Handlesmann + Kahw

Photo: Felix Forest

2.

Project Timelines

For a while there, it seemed impossible to get on a contractor or designer’s calendar. The good news is that while demand has remained high enough to keep quality professionals in business, there is much more availability.

And here’s the silver lining to the financial outlook—contractors and designers who have been able to stabilize staffing but also have space on their calendar can work efficiently, and efficient projects ultimately cost less.

Design: Love is Enough

Photo: Chris Mottalini

3.

Lead Times

Which brings us to our next sign of progress—lead times!

During the pandemic it wasn’t unusual for a custom chair to be estimated at 36 weeks out. Now, not only are most lead times reduced to the usual 4-8 weeks, but many vendors have introduced more ‘quick ship’ and ‘in-stock’ lines to meet customer needs.

This gives designers a lot more resources in meeting project needs, reduces receiver/warehouse fees, and leads to efficient projects that, yes, cost less!

Design: Ashe Leandro

4.

Product Quality

There’s been a huge shakeup in product quality, and as a professional watching it happen in real time, I feel for consumers trying to navigate sourcing and purchasing out there on their own!

Happily, I’ve seen less (not zero) product damages as supply chains begin to stabilize. Unfortunately, I’ve also seen vendors shutter overnight due to unstable private equity backing or mismanagement of the pandemic boon. And finally, I’ve seen large companies put out lower quality product, surprising customers who may have gotten a better quality product years ago. Corporate buy-outs, factory changes, and the cost of materials are just some of the reasons this is happening. The best way to locate quality is to become educated on the materials and techniques that result in furnishings worth their investment, or to work with a professional who knows the field and can get you the best bang for your buck.

Design: Heidi Caillier

5.

Return on Investment

I’m glad to report that when it comes to ROI, the industry has remained strong. Renovations projects can expect a 60-110% return on investment, nation-wide. Kitchens and baths are still the gold standard on short-term investment for homeowners who are anticipating selling in the next decade. For long-term returns, finished basements and ad-ons are a strong bet.

Furnishings projects, of course, don’t add financial value except to the degree that they can prevent staging costs, but a home is more than a financial investment. The value of a beautiful, comfortable, and well-organized space is in it’s enhancement of mental health and family connectivity.

Design: Scribe Studio

Photo: Haris Kenjar

So what’s the final word?

Prices are high, but they’re also probably not budging, and the industry is continuing to stabilize, with lots of talent available. A well-considered investment is almost sure to be a smart one.

I would advise those considering a project to sit down with a professional or two and talk though their dreams, their priorities, and their budget. There’s no reason not to start a project right now if you have the means to achieve your desired goals, and a pro can help you determine whether now is the time.

I hope this little guide has been helpful! If you have more questions, please let us know—send an email or leave a comment! We’re here to help and would love to keep the conversation going.