ABOUT THE MONEY: How to Lower Your Remodeling Costs When Wood Prices Are High | Deal – BollyInside

That fatal mistake, as Logan calls it, led to a supply-demand mismatch that by May of this year had driven the cost of lumber from mills to quadruple what it was in April 2020, according to data from Fastmarkets Random Lengths , a wood products industry trade publication. Lumber mills incorrectly predicted that the housing market would crumble under the weight of the pandemic rather than boom as it did, says David Logan, senior economist with the National Association of Home Builders .

Here are tips to navigate a home remodel when wood costs are through the roof.

As of mid-July, lumber prices dropped to only double their spring 2020 levels, but whether the decline will continue and when lower prices will reach homeowners isnt yet clear, Logan says.

MAKE ROOM FOR VARIABILITY

The recent price dip may seem like a positive sign, but Logan likens a home remodelers dilemma to that of a homebuyer: Theres no telling when the time will be right.

Trying to time the market is likely to cause more angst than having the certainty of getting things underway, he says.

Logan says if he were renovating, hed move forward with a large renovation, like a kitchen upgrade or room addition.

SEARCH FOR ALTERNATIVES, PLAN FOR SCARCITY

If a project requires months of planning and waiting, build room for price and timeline changes into your contract, says Ethan Landis, principal at Landis Architects/Builders in Washington, D.C . That way, you wont overpay if prices drop before your contractor starts buying, but you can still delay if the project will be too expensive.

If a small DIY or good-to-great update could wait a few months, Logan says hed take the gamble and wait for wood to become more affordable.

Knowing perfectly well that prices could be higher by the time I do it, he says.

In the meantime, search for recycled, reclaimed or alternative materials.

Ty Lindgren, a shift leader at a food and beverage manufacturing company in Olympia, Washington , brought home leftover wood pallets from work to build a playhouse for his kids.

He estimates that using the pallets instead of high-priced two-by-fours lowered the projects cost from $1,000 to about $100.

If you dont have access to extra, unclaimed wood, you can buy it.

Your local lumber or flooring liquidator may have enough wood to redo the flooring in a small room or on a single floor of your home, says Rebekah Hernandez, a Dallas-based interior designer.

Habitat for Humanitys ReStore has over 900 locations , many of which sell recycled wood or wooden items you can rehabilitate or convert into something like shelving. Some locations let you browse their inventory online.

PUT AFFORDABILITY FIRST

You cant be picky, because theres not many options, but theyre out there, she says.

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ABOUT THE MONEY: How to Lower Your Remodeling Costs When Wood Prices Are High | Deal - BollyInside