Pandemic Factors that may Affect your House Renovation Cost More than you Know

This pandemic has affected all of us and we all have something to say about it on a personal level. In an economic and industrial scale, it has affected so many businesses which in turn affected plans like getting house renovations, construct ructions, housing, and more. We don’t know exactly how the house renovation and construction costs will change in the Philippines but we do know that the follow factors will affected them.

Jobs

With the massive loss of jobs across the country, it can be argued that there might be more supply than there is demand. For example, because of the transport ban, tricycle, jeepney, UV van, and bus personnel might be looking for jobs and because housing construction has been deemed as a necessary service, manpower might not come in short supply. Opportunities might really

Transportation

Transportation in the context of construction is affected in multiple ways. Manpower transportation for example is limited to private transport especially in areas where community quarantine measures are more stringent. Another transportation factor that can affect construction or house renovation cost is transporting materials all over Philippines.

Operations

While there and industries that did not stop functioning, all industries are required to uphold public safety and thus must operate under “new normal” guidelines. While it does not feel that corporate decision like cost cutting, downsizing and reallocation might not be something that you can affect, they will certainly affect you. 

Funding

Job displacement, economic stability, and other current factors affect the capabilities as well as approval rating of private funding institutions especially banks. Some private builder might find funding difficult since some banks may avoid lending firms that have been made unstable by the pandemic. The same might be true for individual borrowers.



Like it or not, your house renovation cost has already been affected by certain circumstance that are already at play in the Philippines. While we can’t say for sure because of lack of day by how much these factors have raised or lowered costs, it should not dampen your spirits from still getting your much needed home renovations.