2H’24 Reno Industry Update

Nowadays do renovation really very scary, better take care of your money!

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During the post-Covid era in 2021-2022, the renovation industry boomed, as the backlog of houses that could not be renovated had to be done.

There were so many jobs and a shortage of workers. IDs had to beg sub contractors to work with them and sometimes really couldn’t find enough people to do the job. As a result, more businesses entered the renovation market, be it IDs or sub-contractors.

Well, not anymore. We are past the post-covid era and the reno industry is now on a decline. Too many sub contractors, too little jobs. 

This is not helped by the stagnating volume in resale transactions in 2023 and 1Q2024.

The sub contractors who used to have too many jobs to choose from are now facing the opposite problem.

Competition is stiff which may lead some of them to do anything just to get a job, as cash flow gets tighter and tighter.

Whether they do a good job or not might no longer be their priority.

All we’re saying is, lookout for lowballers or those who over-promise. Cheap doesn’t always mean good.

Do your own research, before you give them your money!

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