What Do The Lumber Price Increases Mean For My Project
Have you heard that lumber prices have skyrocketed? It's hard to miss. But putting off your project isn't actually a way around rising lumber costs, and it could cost you more in the long run.
Countless articles have covered the unprecedented price increases. Some people are trying to mill their own lumber; other homeowners are shelving building projects altogether. It can feel like an intimidating hurdle for your remodel or new build. Here's what's driving prices, and what it means for your project.
Why are lumber prices so high?
More new homes are being built than ever, and new builds now make up a much larger share of the housing market than usual. All that construction has created a significant shortage. With lumber availability low, prices have climbed sharply over the past year, with no sign of a decrease in the foreseeable future.
How the pandemic affected supply
No surprise here: COVID played a big role. Lumber production took a major hit during the pandemic because the housing market was expected to slow down. The opposite happened. Shifting priorities have pushed demand for single-family homes up, making the supply-and-demand gap even wider. With no signs of these trends slowing, prices are expected to keep climbing.
Why waiting isn't the answer
Many factors go into the financial decisions behind a remodel or new build. Interest rates are a major one right now. Financing at a favorable rate can help offset some of the construction cost increases, especially on lumber.
With material costs still trending upward, locking in your pricing now helps you reach your goals before the next price jump.
Have questions about lumber costs and your project? We'll walk you through your options in a free 15-minute remodel consult.
How we help you navigate this market
We help you make decisions that make sense for your family and your home's long-term value.
- Reconfigure your existing layout to get the space and flow you need instead of building an addition
- Explore financing options through our financial partners
- Prioritize the pieces of your project that matter most to you
Our process starts with design. Our Studio A designers plan your project with you, and design is included with every remodel. Once your design is complete, you get one fixed price with the detail you need to understand where your money is going, so you know your number before work begins.
Lumber price FAQs
Should I wait for lumber prices to come down?
No one can predict where material prices will go. Waiting isn't a reliable way to save, and a fixed price protects you from increases once your project is set.
Is remodeling cheaper than building an addition?
Often a smarter layout can deliver the space you need with less new framing. Our guide to remodel vs. home addition walks through the trade-offs.
Does design cost extra?
No. Studio A design is included with every remodel we build.