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Home Remodels over the next few years
Posted on 10/4/22 at 4:21 pm
Posted on 10/4/22 at 4:21 pm
With interest rates sky rocketing and a possible mini recession ahead…do you see the costs to renovate a home coming down? My wife and I are saving with hopes of doing this in the next several years.
7
Posted on 10/4/22 at 4:23 pm to bgbam07
I think that is highly unlikely.
Posted on 10/4/22 at 4:28 pm to AUHighPlainsDrifter
No.
Materials shortages expand the time cycle of remodels …. longer timeframes mean higher costs ….. higher costs yield lesser margins.
Materials shortages expand the time cycle of remodels …. longer timeframes mean higher costs ….. higher costs yield lesser margins.
Posted on 10/4/22 at 4:41 pm to bgbam07
I don’t know. We are about to drop some money to remodel our bar. 
Posted on 10/4/22 at 4:41 pm to cadillacattack
So no chance If the market contracts and constructions slows…contractors will begin to take less for jobs if there are fewer jobs to be had?
Posted on 10/4/22 at 6:46 pm to bgbam07
I don’t think so. Congratulations to anyone that renovated before Covid. We just had estimates to do a partial remodel of our kitchen and living room, and to build a covered porch off the back of the house, and they were absolutely outrageous.
Posted on 10/4/22 at 7:50 pm to Bermuda99
In my opinion, the first correction will be that those who can hammer a nail and call themselves a contractor will start to disappear. We’re in the time now where if you breath you can lay flooring.
Once the tide rolls out, those guys playing with their pants down will be the first ones out of work. Quality, or lack thereof, will finally cost them to fold.
The big boys and good contractors still have enough work to eat for years. I’m in NOVA and it takes any good contractor a week or two just to schedule an appointment to discuss your project. Their prices aren’t going anywhere anytime soon.
Plus, historically speaking, money is still super cheap. People are borrowing off their HELOC’s at 6.25-7.25% with interest only payments. On top of that, there are a ton of contractors that have 3rd party financing in place with deals like 24 months no payment no interest. Sure, some of those lenders will dry up as things get bumpy, but I just don’t see this being your 2008 recession.
Once the tide rolls out, those guys playing with their pants down will be the first ones out of work. Quality, or lack thereof, will finally cost them to fold.
The big boys and good contractors still have enough work to eat for years. I’m in NOVA and it takes any good contractor a week or two just to schedule an appointment to discuss your project. Their prices aren’t going anywhere anytime soon.
Plus, historically speaking, money is still super cheap. People are borrowing off their HELOC’s at 6.25-7.25% with interest only payments. On top of that, there are a ton of contractors that have 3rd party financing in place with deals like 24 months no payment no interest. Sure, some of those lenders will dry up as things get bumpy, but I just don’t see this being your 2008 recession.
Posted on 10/4/22 at 9:12 pm to bgbam07
Yes.
Contractors will be hungry for work if they are not tied up with new construction. Materials will also be more readily available.
20+ years in the construction industry.
Contractors will be hungry for work if they are not tied up with new construction. Materials will also be more readily available.
20+ years in the construction industry.
Posted on 10/5/22 at 6:33 am to Lone Wolf McQuade
Will good contractors still be hungry for work? The lousy ones will for sure but
Posted on 10/5/22 at 9:01 am to Im4datigers
If they have bills and a wife that likes to spend money.
Yes.
Yes.
This post was edited on 10/5/22 at 9:01 am
Posted on 10/5/22 at 11:13 am to bgbam07
just don't take out a HELOC to do it if it is not absolutely necessary
interest rate environment is too volatile and you'll want to keep some hard earned equity assuming you have it
interest rate environment is too volatile and you'll want to keep some hard earned equity assuming you have it
Posted on 10/5/22 at 4:28 pm to bgbam07
We’re all gonna be living in mud huts in a few years assuming you’re not in the fema camp or the mass grave
Posted on 10/7/22 at 3:59 pm to el Gaucho
El gaucho - how is your mud hut doing so far?
Posted on 10/7/22 at 4:58 pm to bgbam07
The real question you should be asking yourself is how much sweat equity you’re going to put into it.
That is the biggest determining factor in whether you make money or lose it IMO. I don’t think you should take on renovation projects until you have done experience with them from a hands on perspective.
Materials costs will probably decline somewhat, which will help you if you’re doing a significant portion of the work.
That is the biggest determining factor in whether you make money or lose it IMO. I don’t think you should take on renovation projects until you have done experience with them from a hands on perspective.
Materials costs will probably decline somewhat, which will help you if you’re doing a significant portion of the work.
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