home renovation no way cheap. But soaring timber prices make this statement particularly painful.
Due to the shortage of wood, your daily price of 2×4 has exceeded the price of burritos. It may not sound like much, but just a year ago, you could buy a 2×4 for around US$2 to US$3. What is the price of today’s burrito? About 7 dollars, there are more fixed accessories.
You can be creative, and you can save labor by rolling up your sleeves and doing the work yourself, but you still have to do it yourself. In Alaska, some witty DIYers even polish their own things for their own projects. For most of us, this is not a viable approach, but times of despair require wise measures.
Thomas Jepsen, founder and CEO Passion Project, Which is a digital platform used for housing plans, blueprints, etc., the company said that the price increase caused the price of new single-family homes to rise by about $25,000. Although the analysis of experts varies, most people in the industry believe that wood prices have soared by 200% to 400%.
In mid-May, timber futures prices fluctuated sharply, and high prices suppressed demand. But even then, there is still not enough wood for engineering projects.
In order to understand what rising timber prices mean for homeowners who are considering renovations and potential buyers who are considering building new homes, we sought insights from industry experts. Their suggestions also indicate that waiting for renovations may be a good idea.