But the soaring cost of lumber is making that statement especially painful.
Thanks to a lumber shortage, your everyday 24 is now more than the cost of a Chipotle burrito.
The price of a Chipotle burrito today?
About $7, more with extra fixings.
Some resourceful DIYers in Alaska are even milling their own just to keep their projects going.
Thats not the likely path for most of us but desperate times call for clever measures.
Lumber futures fluctuated wildly in mid-May and the high prices stifled demand.
But even then, theres not enough lumber to go around for projects in the works.
Their suggestions also indicated that it might be a good idea to wait to renovate.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Well keep it updated as offers changes or expire.
Why are Lumber Prices So High?
But an increase in renovation and home building is only one part of the equation.
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Beetle infestation?
Canada is the worlds second largest exporter of softwoods, right behind Russia which moved into the No.
1 position last year, according to International Forest Industries.
The loss of forests is one of the reasons that Canada moved to No.
These are completely unprecedented times, Jepsen said.
There are many projects being canceled and halted.
When Will Lumber Prices Go Back Down?
What goes up must come down.
Unless its lumber prices.
That isnt to say lumber prices wont go down at all.
Lumber prices will fall, Jepsen said.
Supply will pick up, DIYers will go back to the office and things will somewhat normalize.
Jepsen isnt alone in that thinking.
You just might have to change your strategy.
For example, if youre thinking of home renovations, ask your contractor or architect to get creative.
Weve sourced a lot of it through Craigslist and otherwise reached out when buildings have been taken down.
Some of it has been able to be salvaged and reused.
you might also think aboutother, lumber-freerenovations you could tackle, said Phillip Ash, founder ofPro Paint Corner.
Our goal was to rip out all the rotting wood and start from scratch this spring.
The projected cost of such a renovation was about $15,000.
Jepsens advice seemed to reflect how many homeowners feel.
But that doesnt mean DIY has stopped entirely.
From gardening and organization, new and existing customers are engaging with home improvement.
But at the same time, demand has kept pace.
Building a home is still investing in an asset that is bound to appreciate over time.
If youre a high-risk, high-reward gambler, you could eveninvest the funds in the stock market.
Thats not an isolated experience.
Because of high demand, contractors are scheduling several months out.
If your renovation involves multiple contractors (masons,plumbers, electricians, carpenters, etc.
), coordinating their schedules could be impossible and could leave your house a construction zone for multiple months.
Consider the Quality of Work
Newly built homes are flashy when they are first constructed.
You Might Avoid an Impulse Buy
Renovations arethe thingright now.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
