How to decrease your home improvement project cost? Amid the increase in material cost for home renovations, homeowners are finding the cost to be much more than expected. 1″Lumber prices increased 14.9% in August, marking the largest four-month gain since such data was first recorded in 1949 and the second-largest gain since seasonally adjusted data became available in 1975, according to data from the National Association of Home Builders (NAHB).” Homeowners can offset the cost by doing some of the work themselves. When discussing an upcoming project with a licensed and insured contractor, be sure to discuss the option of wanting to complete some of the work yourself.
Ways to reduce cost
- Use recycled material
- Watch for discounts and sales on material at your local home improvement store
- Participate in a portion of the project – tear out, painting, sheet rock installation, etc.
- Apply for home remodeling assistance programs
- Become the general contractor – Pull city permits, find and schedule sub-contractors, order supplies
- Ask friends and family to help prepare for a project – haul off used material or pick up new material.
When will the material arrive?
This is a question you can address with your contractor or the material supplier. If you are hiring a general contractor, he will be the one placing the material order. If a homeowner chooses to be the general contractor, then they will be placing the material order. It depends on the material ordered as to when it should be delivered. If ordering wood, a day or two in advance of the project start was normal before the shortage. Inquire with the material supplier at the time of the order. Interior material that can be placed in the garage or inside the home can be delivered whenever is convenient for the homeowner. Often, the homeowner can find a sale on interior items, and purchasing them in advance of the start date of the project can save them money.
The Good News
2“Going forward, Dietz says the NAHB anticipates such supply chain constraints will slow the growth currently being experienced for single-family construction.” In the winter months, the residential construction industry slows down. With the decrease in demand for building materials, the experts anticipate the mills will be able to catch up with the demand. Thus, the material cost will decrease.
Our recommendation
If a homeowner is wanting to plan a home renovation, they begin the process by locating a licensed and insured contractor. Once they have decided on a contractor, begin the process of planning the scope of work. The contractor put together a material list with prices. You can wait until the first of the year in hopes of a price decrease or possible sales that may occur during the winter months.
In November: Keep your eye out for Black Friday discounts for appliances and home improvement material.
If you are remodeling your kitchen, most major appliances go on sale during September and October. The newer models will hit the stores in the winter. You can take advantage of these sales and prepare for a kitchen remodel. While you are replacing your appliances, it is a good time to upgrade your kitchen cabinets and flooring.
In January: Some paint manufacturers offer sales during the winter months. Again, keep an eye out for these savings at your local home improvement store.
Most importantly, when planning any home improvement consider all costs to discern if it will increase the value of your home. It’s important to choose a contractor that will help you save money. If CH Construction cant assists you in any way, please give us a call.
Sources:
