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.