There’s no doubt that the coronavirus has become one of the most talked about topics in recent weeks. Its impact has been felt a wide range of aspects of everyday life…from hospitals and the share market to supermarket shelves and sporting events!
What many people may not have realised is that the coronavirus has begun affecting many people who are undertaking a renovation or building a new home…and not just because their tradespeople are self-quarantining.
The fact is that many commonly used building materials and products have traditionally been imported from China. With many industries in China being heavily impacted by factory closures due to health concerns, may building contractors are finding it difficult to source materials such as some brands of paint, building cladding and glass. In fact, we’ve spoken to several tradespeople who are experiencing shortages of basic materials ranging from roofing materials down to nails and screws.
Not surprisingly, one product that most hardware stores are running out of is face masks!
Apparently, there is some light at the end of the tunnel though, as several larger importers had already been looking for alternate sources of supply due to earlier fears of a potential trade war with China late last year.
In the longer term, the current shortage may even turn out to be a positive as it will encourage people to look to other countries for alternative supplies, perhaps even encouraging local manufacturers to consider building up their own businesses by stepping in to fill the gap.
The message for anyone planning on renovating or building is to allow extra time in response to potential supply issues, and to place extra emphasis on using locally produced materials where possible.
Of course, as we often remind our readers, if you are considering a renovation as part of preparations for a sale, be sure to have a talk with one of the team at Ian Reid Vendor Advocates before you commit to major expenses. And while you’re planning your sale, be sure to make use of the helpful tips in our booklet, “Fatal Real Estate Traps Exposed”. You can download a free while you’re here.