As you get ready to start home DIY projects this summer, prepare for record-breaking lumber prices. Over the past year, the cost of lumber has increased 430%—from $259 per 1,000 board feet of lumber to over $1,300, according to Fixr, a home remodeling resource. The latest numbers from Nasdaq show lumber prices at $1,500 for 1,000 board feet.
With many people taking advantage of historically low interest rates and building new homes, plus high demand for remodeling projects causing a shortage in lumber, many are finding that their projects are taking longer to finish. And for those with plans to do DIY projects that use lumber, setting a budget is a challenge.
“As the price continues to change, it is becoming difficult to budget how much certain remodeling may cost,” says Adam Graham, construction industry analyst at Fixr.
While you might have to wait on certain renovations that don’t fit your budget with…