I'm considering putting about $20,000 into some home improvement projects this year, specifically addressing our crawlspace and rebuilding a rotting deck. I've gotten bids for these projects over the last few years, but the prices seem to keep climbing. Given the current state of the US economy, would it be better to dive into these purchases now or should I prioritize saving that cash in a high-yield savings account or for retirement? Just to give some context, we have a good emergency fund, no credit card debt, job stability, and we don't have kids. Any advice would be greatly appreciated!
3 Answers
It really depends on your priorities: do you want to have a deck you can enjoy now, or are you more focused on maximizing your investments? But with lumber prices and other labor costs going up, it might be smart to start sooner rather than later!
Honestly, there's probably never an ideal time for home projects. Prices are only going to rise from here. Think of it like buying a house; you should do it when you can. Remember how 2008 skewed our perceptions about waiting for a market downturn? That's unlikely to happen again.
Totally agree! Just bite the bullet when you have the funds. Holding off might just cost you more.
I can't say when lumber will get cheaper, but with inflation on the horizon, tackling projects sooner could save you money in the long run. Also, make sure to get new estimates since costs fluctuate so fast. Researching DIY options for parts of the project can also help you cut costs. It's all about finding the right balance for your situation!
Yeah, I wouldn't wait either! Getting quotes right now is smart since prices can change quickly.