Home renovations- any reasons to wait?

[shaynaatl]

We want to do a backyard/outdoor living space build-out. Our backyard is small so this wouldn't be a huge project. We are mainly looking to add a covered patio, some stone pavers, and maybe a stone sitting wall. 

We have the money to be able to do this now. But I know inflation is rising, and contractor demand is high, so we'd be paying a premium. A few family members have told us- "aim to do renovation projects during recessions to save money". The problem is- who knows when that will happen? And what if materials and labor prices keep rising for the forseeable future?

As long as you have the money, do you think there is any legit reason to put off a house project right now?

[Susie]

We're waiting on some projects, and moving forward with others.  Basically, we're moving forward with the ones that we need in order to use our house and yard now the way we want to, and that are foundational.  Things like yard grading (which needs to precede all landscaping), fencing, taking out the old pool, rebuilding an area where the pool deck was for our dog to use for her business, we redid flooring last year before we moved in, etc.

Other things are on hold.  We're not renovating the bathrooms now, or the kitchen/laundry room, not redoing the fireplace now, etc.  

[Roc A Bee]

We built a house in 2021 so I’m not sure I should be giving advice 🤣

But we are doing a few projects - mainly putting in a backyard that we can enjoy but holding off on extra concrete work we want done.

Honestly if I had all the money now, I would just do it.

[munkii]

Construction and landscape materials are priced high and many have extremely long lead times right now. Depending on your success with snagging a contractor, you may (or may not) have to wait months for any work to begin. Like you said, though, it doesn't look like prices will be falling any time soon and may keep going up.

[sandandsea]

We’ve had a project on the back burner for 6 years and started it seriously 2 years ago. Then covid swayed everything , then started with the landscape designer a year ago and were ready to go 6 months ago. Started getting bids, chose one, they fell through and have now started with another one and should be done in 3-4 months. At this point I’m willing to pay the premium to have it done and not waste more time with a crappy yard.

You can’t time the market or uncertainty in the world we live in so I’d say go for it. Prices could rise or fall but you could be waiting several years for anything to change and they could just increase.

[ellipses84]

I wouldn’t wait but I’d plan on it taking longer than expected and maybe do one big thing at a time / DIY some. I imagine a lot of outdoor contractors are booking up for spring / summer now. Try to schedule the work.

[cuadrado]

We have been in talks with our contractor for over the past year with renovating, and costs continue to increase. We paused on renovating in 2020-2021 because of lumbar prices. Those have decreased from their peak but overall things are more expensive. The general consensus is that this is going to be the new normal for a while.

[deadwing]

I did a very similar project last year (paver stone patio, pergola, seating wall, natural gas firepit). For me it was worth doing because my job has gone full time remote and I am able to spend a ton of time in my yard with my dogs. The job did take a while due to material delays (started around memorial day, finished around labor day).

My biggest advice is you are already behind if you want the job done in 2022. My first choice contractor booked his entire 2021 season by the first week of March. I got something like 8 quotes last February-March and most were already pretty booked up. The only reason my job started in May is the color I wanted for the main pavers were in stock.

[lessel]

If you have the money for the project’s estimate from a recent quote and you have a contractor lined up, I say go for it. In my area NE ATL ‘burbs, contractors are hard to come by. And estimated from even 6 months ago have gone up.

My stepdad who is in the construction industry in FL said material prices are about to drop. But I have no clue on what basis he is predicting this future. 😉

[shaynaatl]

Mar 1, 2022 7:41:59 GMT -5 lessel said:

If you have the money for the project’s estimate from a recent quote and you have a contractor lined up, I say go for it. In my area NE ATL ‘burbs, contractors are hard to come by. And estimated from even 6 months ago have gone up.

My stepdad who is in the construction industry in FL said material prices are about to drop. But I have no clue on what basis he is predicting this future. 😉

Oh wow ok. I'm in the northern ATL burbs. We haven't even reached out to any contractors yet. Preparing myself for crazy wait times