Posted By: heartlandgaragebuilders, 16 Mar 6:23 pm Category: All Articles
It goes without saying that it has been a challenging few years in the construction industry. Those undertaking remodeling, home projects, or new construction must consider the unpredictable nature of the economy today when determining both cost and the timing of their project.
The decision to go forward with a new detached garage project is exciting and is an investment that should not be taken lightly. Understanding all that contributes to the estimates provided by various builders can help to clarify the prices and potential changes ahead.
The unprecedented fluctuation in construction costs have presented challenges to builders, as well as homeowners, that can have rippling effects on the entire project. While costs have increased, the timeline for project completion has also become an issue.
Therefore, it is important to understand why the costs are increasing and how they potentially affect your new detached garage.
- Raising Fuel Prices – The raising fuel cost does not just affect the price at the pump to fill your car. The cost of materials that are being transported or shipped from around the country, such as lumber, concrete, or windows, are going to continue to go up as the price of fuel increases.
- Labor Shortages – As employees continue to return to work, finding talented and skilled laborers with specific trade experience has become increasingly more difficult, putting those candidates in high demand. Prices will continue to increase to cover the cost of a skilled employee as well as the training costs when hiring inexperienced candidates. Shortages with manpower, delays manufacturing that ultimately delays the delivery and installation of that item or need.
- Shortage Of Materials – Items that may have been easily found and purchased at a big box store such as Menards or Home Depot prior to the pandemic may no longer be. The supply chain issues stores and suppliers have been experiencing is forcing prices to rise making those items more difficult to have readily available. Estimates, therefore, change regularly as pricing fluctuates so quickly in today’s market.
- Backordered Materials – Between a shortage of labor and materials, the ordering and timing of construction items has become difficult to predict. A custom garage door or window may not be as quickly manufactured as it once was pre-pandemic. As a result of the installation setbacks and items being on backorder, builders have begun offering options such as temporary doors and windows in efforts to keep the project moving forward as they await the availability of the desired product.
- Increasing Price Of Lumber – One of the many factors driving construct costs up would be the ever increasing price of lumber. The start of the pandemic forced many lumber mills to shut down production as a result of the global health crisis. Most mills predicted a dip in construction numbers as everything shut down, however with that not being the case, the excess lumber that may have been in stock prior to shutting down production quickly came into high demand. Mills have been trying to play catch up ever since. Further, as the supply chain continues to be affected by the rising cost of transportation and labor shortages, the prices of lumber will continue to fluctuate, making them difficult to predict.
Flexibility during a construction project has become more important than it may have ever been from both the homeowner and builder. While weather will always play a factor in the scheduling of a project, these additional setbacks are forcing schedules to be extended thus making the project take longer to complete and possibly more expensive.
At Heartland Garage Builders, we understand and are aware of the ever-changing costs and setbacks our industry is currently experiencing. We will continue to do our best to keep our customers informed of any scheduling or ordering issues that may arise, as well as our adjustments to the plans as a result.
For a FREE consultation and estimate, contact Heartland Garage Builders at HeartlandGarageBuilders.com or 224-326-2698.