I'm considering holding off on home upgrades until we hit a recession. My thinking is that contractor prices are super high right now due to high demand and not enough workers. If a recession hits, people will stop doing non-essential work, and contractors will be more desperate for jobs. This might bring down prices to a reasonable level, like turning a $30k job (mostly materials) into a $10k job. Is anyone else thinking along these lines?
3 Answers
Your strategy sounds a bit like trying to time the market, which rarely works well. Economists say that timing such economic shifts is really tricky. Even if labor costs drop during a recession, you could end up facing unexpected job losses or other financial pressures that make renovations a bad idea. It’s a gamble for sure!
Honestly, I think waiting for a recession might not be the best idea. So many factors influence contractor prices. Just take a look at the past few years—people have been predicting price drops for a while now, and they still keep going up! Planning for a renovation is all about being prepared regardless of market conditions.
For sure! I feel like waiting just adds more uncertainty. You could be better off getting things done now, especially if you have the budget.
I think it's totally valid to wait for prices to come down, but don’t forget—you might miss out on contractors you trust if things get busy later on. Maybe consider doing smaller DIY projects while you wait for the market to shift.
Great point! DIYing where you can not only saves money but also avoids waiting around for contractors who might get overwhelmed later.
Exactly! You might think you can wait for lower prices, but what if you lose your job in the meantime? It’s a risky move!