Updated over 4 years ago on . Most recent reply
Rising prices on materials
Hello all, with the prices on materials sky rocketing right now what are you guys doing to mitigate the cost of a rehab? Any tips would be appreciated.
Most Popular Reply
The Federal Reserve Chairman advised today that inflation will continue to exist/increase for the next 15 months. House prices increased by 15% last year which is by all measures considered insane. Lumber wholesale prices have dropped but what retailers have learned as Home Depot shared on MarketWatch, as soon as the put lumber on the shelf at the top end price - it sells that day. There is no motivation for retailers to drop prices as long as the demand continues.
We're doing Scopes of Work without fail. We're making supply lists in detail and we're shopping for deals. No more runs to the big box to make a quick buy. And, it's paying off. We're also looking at rehabbing what's already there more than we ever have and the results have been well-received.
My recommendation would be to keep doing what you're doing but do it more thoughtfully, deliberately, and planned. It's times like these that force us to get down to what is absolutely essential and not be thrown out of the game.
Best...