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Understanding the Real Cost of Renovations

We love home shows. The transformational change is so satisfying and everyone is happy at the end of the episode.

If we had one bone to pick with these shows it’s that they often gloss over the real costs of these types of projects. A cliffhanger before a commercial about how “this broken pipe could add $1,500 to my budget” seems dramatic. That $1,500 is only a reality if you have your own crew, and your job is to flip houses, and you don’t live in a place with a high cost of living like Washington DC, Virginia, Maryland, and Pennsylvania.

And a six-to-eight-week timeline seems reasonable until you have to live in the house through it or out of a suitcase out of the house. The stress can’t be measured in dollars, but there is a cost to you.

Let’s focus on what does have an actual price tag.

Adding Up the Dollars and Cents

In 2021, the cost of lumber soared to all-time highs. You can see the price spike in lumber futures in this chart provided by Trading Economics:

Thankfully, futures prices for lumber have come down, but that hasn’t necessarily been translated to individual consumers. To put it simply, that expensive lumber is still being sold in the marketplace.

Overall, home renovation costs are spiking. Home renovation costs increased by 50% in 2020. When the 2021 numbers come out, we expect that those numbers will show an additional jump.

The bottom line is that the costs of renovation are going to continue to be high and homeowners should weigh the financial impact of renovating the home they have or selling it and putting that money into the completed and updated home of their dreams.

Now, if you’re thinking of selling your house that needs a new roof, new foundation, or expensive renovations, reach out to us. We will help you save time and money from doing an expensive and time-consuming renovation or home repair. MarketPro Homebuyers will buy your house “as-is” and get you the best price for your home in cash. Contact us today at (301) 994-7355 to talk to our team about selling your home.

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