You Can Save Money By Waiting to Remodel When...
...Fish begin riding bicycles as pigs circel overhead
Blunt, but true
Procrastinating can't save you money on a remodel.But it can cost you.
Researchers tell us most homeowners think about their remodel for years before ever taking that first step in contacting a remodeling company. Which is fine. We honestly don't care how long it takes our clients to pull the trigger.
However, if they knew what was at stake, they certainly would care. There are two big downsides to feet dragging. CAN YOU GUESS WHAT THEY ARE?
The first one, and perhaps the most important impact on waiting IS THE COST. It's not going to go down. The graph above shows a doubling of remodeling costs over 15 years for the three most popular projects, bathroom, kitchen, master suite, all mid-range.
While components of these projects do fluctuate a little from year to year, the size is pretty standard: a 5x7 bathroom, a 200 sq. ft. kitchen and a 32x20 master suite.
Sure there are minor fluctuations in some raw materials that rise and fall with demand and unforeseen effects of dramatic weather events. But even with current low inflation, your project could cost anywhere from 5% to 10% more from one year to the next.
Fortunately, most of our trade partners/supplier will honor a price if you can get a preliminary order in or quote with some timeline attached, even if we don’t need it on site for a month or two. That's the smart move.
Project Costs May Rise But The Budget Depends On You
When you buy a car, for instance, you’re negotiating the price with a salesperson. When you contract for a home project the right way, with a detailed plan and specifications, you’re actually negotiating with yourself. You are in charge of what you want based on what you can actually afford. So if you absolutely want the Cambria, you might have to sacrifice the quality of something else.
Procrastination is Opportunity's Assassin
Victor Kiam said that. Remember him? He's famous for a few things like the Remington TV ad tag line, "I loved the razor so much I bought the company!" He also bought the New England Patriots in 1988 for 84 million. He knew something about investing money and taking advantage of opportunities.
The second downside of waiting too long for a remodel is the simple loss of enjoyment and functionality—the time you could have spent in your new space that you can't ever get back.
In this recent video interview, one of our Remodeler Showcase Homeowners confessed that timing was a critical issue in their decision to remodel when they did.
Another of our Remodelers Showcase homeowners had a similar story to tell. She said she was so glad she did her basement remodel so her high school kids had a great space to enjoy and share with friends. If she had waited even a year or two that opportunity would have been gone.
This is the value of the remodel—what it pays you back in usefulness, enjoyment, memories as well as resale.