If you’re wondering when to start a home renovation or addition, the answer is simple—now! With over 30 years in construction, I’ve seen the trends. Prices for materials and labor rarely drop, and in the past 10 to 15 years, costs have only climbed. Even during COVID-19, when many expected a dip, prices held firm or increased.
The Reality of Rising Costs
The idea of waiting for prices to fall is tempting but often misguided. Historically, the cost of building materials and labor trends upward. A bathroom renovation that costs $20,000 to $30,000 today could easily reach $25,000 to $35,000 in just a couple of years. For larger projects, like a home addition, expect a 15% to 20% increase within the same time frame.
Planning for Future Expenses
If you’re saving for a dream kitchen or bathroom, plan for rising costs. Add a buffer to your budget for unexpected price hikes. While value engineering—modifying plans to cut costs—can help, it might leave you less satisfied with the final result.
The Housing Market Factor
Massachusetts, like many places, faces a housing shortage, which keeps home prices and rents high. Interest rate hikes haven’t slowed the market as much as expected. Selling a home that’s gained equity sounds appealing, but buying another property often means paying just as much or more. Plus, you’ll likely want to renovate your new place to make it your own.
Why Staying Put Makes Sense
Rather than moving, consider enhancing your current home. An addition can make your space feel brand new. Even a kitchen or bathroom remodel can breathe fresh life into your living environment. With our experience, we can make an addition or remodel look seamless, blending perfectly with your existing home.
Utilizing Existing Spaces
If your basement isn’t finished, renovating it is one of the most cost-effective ways to gain more space. Similarly, an unfinished attic can be transformed into a functional area, adding valuable square footage. Both basements and attics offer less expensive options compared to full additions, making them ideal for expanding your living space without a significant investment.
A Whole Home Makeover
If you’re seeking a complete change of environment, a whole home remodel may be the perfect solution. It allows you to redesign your living space entirely, modernize outdated areas, and create a cohesive look that feels fresh and exciting.
With rising costs and a competitive housing market, now is the best time to invest in your home. Waiting could mean paying significantly more for the same project. Plan wisely, budget for increases, and create a space you’ll love for years to come.
Contact Aureli Construction
Phone: 617.480.6836
Email: [email protected]
Website: https://homeadditionma.com
