Home Renovation Budgeting in 2024: The High cost of waiting.

Welcome to a new era of home renovation! As we step into 2024, the landscape of remodeling is evolving, with costs reaching unprecedented heights. But fear not, savvy homeowner! In this blog, we’ll delve into the crucial art of budgeting for your home renovation in today’s economic climate. We’ll explore the key factors driving up expenses and, more importantly, how you can navigate these challenges to achieve your dream home makeover without breaking the bank.

 

Planning

Planning

At Builders Surplus, we understand the complexities of modern home renovations. That’s why we’re here to guide you through this journey with our expertise in offering discounted building materials, complementary design assistance, and access to affordable, skilled installers. Say goodbye to the days of overspending at traditional big-box stores and hello to smart, value-driven remodeling with Builders Surplus.

 

Warehouse

Warehouse

The Impact of Recent Inflation: One of the most significant challenges in current home renovations is dealing with inflation. In recent years, the costs of materials and labor have increased significantly, often surpassing the expectations of both homeowners and suppliers.  It’s crucial for homeowners to be aware that the current market is markedly different from what it was just a few years ago. I could list out many examples of items that have almost doubled in price in the last 3 years. It’s hard to accept the new normal.   I’ve had many conversations with people wanting to wait in the hopes that we will have deflation.  The truth is prices will never be as low as they are right now! 

 

Remodeling Kitchen

Remodeling Kitchen

The Cost of Hesitation in Renovation Projects: While acknowledging the impact of inflation on renovation costs, it’s also crucial to consider the long-term financial implications of delaying a renovation project. In an environment where prices are steadily increasing, hesitating or postponing a renovation can actually result in higher costs in the future. Every year like clock work vendors send out price increase letters.  These tend to happen in the first quarter of the year so they can have a majority of the year booked at the higher prices. Labor, Energy, Material and Transportation costs are always sighted as the reason.  2024 will be no exception, expect 3-5% cost increases across the board. 

Therefore, if a renovation is inevitable or highly desired, it may be more financially prudent to undertake the project sooner rather than later. By acting now, homeowners can avoid further price increases that are likely to occur. It’s a matter of balancing the current budget constraints with the potential for even higher costs down the line.

 

Shopping

Shopping

Smart renovation spending, the retail channel you didn’t know existed.   Big box stores might be the usual go to  for many homeowners, but they’re far from the only option. Alternative retail store options are out there offering high quality products at significant discounts.  Picture discovering a hidden gem of a marketplace, a place where value and quality converge seamlessly. This is the realm of alternative retailers like Builder’s Surplus. We’re your guide to this less-trodden path, leading you to exceptional deals that won’t make your bank account blink.

Step into our world, and you’ll find shelves laden with premium materials that respect your budget. Dreaming of a sleek new countertop or an entry door that makes a statement? Look no further. With us, it’s not about cutting corners on quality; it’s about maximizing every dollar you spend. We’re here to ensure that your renovation journey is as satisfying for your finances as it is for your living space.

Why The Lowest Price is the Worst Price In A Home Remodel

I’m here to tell you why the lowest price is usually the worst price in a home remodel. Today we’ll specifically be covering the installation side of a home remodel project. Anyone who has gone through a remodel already may have already come to this conclusion, as have I, through some painful personal experiences in my life. Contact-Designer-Shop-Ad

The Quality Triangle of a Home Remodel

They say that you can have 2 of any 3 things in a home remodel. Cheap, Fast, or Good. But only 2. Never all 3. If you want a job done fast and at a high level of workmanship, it’s not going to be the cheapest. If you’re on a budget but need quality, it defiantly won’t be a fast process. If you need it cheap and fast, it defiantly won’t be high quality. Decisions, decisions. Quality Triangle Home Remodel   Now, you have to decide what two you want or can have. Unless you want to spend the better part of a year dealing with a contractor, I would assume that you want the job done decently fast. I can assume that we all want a good quality home remodel. While our remodel doesn’t have to be astronomical in terms of cost, that means that your remodel won’t be the cheapest out there. Knowing the triangle up front helps a lot of home owners avoid the mistake of taking the lowest bid, without regard to the consequences.

When you take the lowest bid on a home remodel

I will admit, I have fallen victim to this. I was working on a large remodeling project. I got quotes from at least 5 people. I found someone to install my windows, work on my interior framing and my roof, who was offering to do it at a much lower price than everyone else. He claimed this was because he wanted to build a relationship. That we could work together on future projects. That we would refer him to friends and family. It sounded legit. I was thrilled to get my project going and was I really going to be UNDER budget? home remodel contractor As work began, it seemed ok. And then things started happening. The project wouldn’t be complete 100%, but payment was being requested to get the rest of our materials. Issues were spotted and were promised to be fixed. He would be there tomorrow. Tomorrow came, but he did not. Phone calls were made, but never answered. I kept being strung along, telling me that the rest of the work was going to be done, and going to be done right away. But this was not the case. I ended up cutting my losses and moving on with other options. While this may not be the scenario that you encounter with every cheap contractor that you meet, it was definitely mine, as well as that of many others that we’ve spoken to in our business.

The Real Cost of The Lowest Price

Low cost trades have to take on more jobs to make the same money that a higher cost installer would. This means typically that they are overbooked and everyone ends up on the receiving end of poor communication and customer service. What can happen when you work with low cost trades is that they are very short term oriented. If you have paid $1,000 for your project, and they are supposed to be there tomorrow. Then, they find another job that will pay $1,500 and they also want it done tomorrow? Guess who gets the shaft? Contact-Designer-Shop-Ad When you are doing an extensive home remodel project, you have to coordinate multiple trades. You could be dealing with window installers, framers, dry wallers, plumbers, electricians, cabinet installers, flooring installers, tile installers, and the list goes on. In most cases, one job can’t be started until another is finished, and sometimes inspected. If you have scheduled your trades in advance, and someone cancels on you, you then have to reschedule your other trades. Depending on their other commitments, you may not be able to get back in their schedule for weeks. What are weeks in construction worth to you?
It is estimated that rework, lost time, and rescheduling conflicts can cost up to 50% of your entire renovation project.

Lower cost trades have a much higher probability for rework, unkept commitments, and cutting corners. Again, we are not saying this of all contractors that charge a lower than average price, but if you do encounter this, we would highly recommend getting referrals from the past year and calling them to get their experience.

home remodel contractor horror stories

Why Using Builders Surplus Home Remodel Installation Services Eliminates The Pain

Builders Surplus is a solution for this problem for many reasons. First of all, managing a home remodel is a very time intensive process. There are many steps that need to be taken is a specific sequence, and a coordination of trades that most home owners just aren’t prepared for. We take that on for you. We make sure that your installers are vetted, reliable, affordable, and perform quality renovation work. While you may just be one customer when trying to negotiate rates, or deal with issues with a contractor, we are 50+ customers, repeat business every month, with substantially more buying power behind us. While our installers are already reliable, when we have issues to resolve, it is a much easier process for all parties. Don’t spend too much for a low price. Don’t put a damper on your beautiful new home remodel. Talk to Builders Surplus today about starting your renovation project with free design servieces and trusted installation services. Contact us today!    

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