With the aftermath of two major hurricanes over the past few weeks, you can certainly count on building material shortages beginning to occur in the next few weeks pre-empted by cost quotes that will only be good for a week to ten days.
What does this mean? It means costs are going to increase on materials such as drywall, lumber, steel studs, roofing materials, flooring materials, insulation, etc. It also means that once you’ve been quoted on your project, you will only have a few days to commit to your contractor before their subcontract quotes are no longer good and will have to be requoted. I have confirmed this with a few material suppliers so far this week.
It certainly can mean that everyone else in the country could be on allocation after the south Texas and Florida receive priority shipments and allotments.
What can you do to mitigate these issues? Get off the fence and get your project moving forward. These shortages and cost increases could remain in effect for a year or more. Remember back to Catrina? It can happen again.
Interest rates are still low and you can get ahead of the curve on some of these items.
Just a heads up so you can be proactive. This is just my opinion, but I have been around for a few years now.
How can we help?
Wishing you all well.
Scott Builders, Inc.
12 Division St East
Buffalo, MN 55313