Build shop now or wait until 2023?

[Brock A]

I buy big structural steel every day of the week. My suppliers are telling me that the price is never "coming back down". It may level off but this is what it costs now.

If you want your shop, build it. If you are going to try and time the economy, you may get lucky. But you will probably end up paying more in a couple years than you will today.

Just my opinion.

 

[Drenalin]

A year to two years ago, I'd have said to wait. If you'd taken my advice then, we'd both look foolish now. I've been putting off a bathroom remodel of my own waiting for materials pricing to return to earth, but it hasn't and no one knows when it will. So I'm going to go ahead and rip the band-aid off and get this over with, and think that's probably what you should do. When pricing does correct, I think it'll be painful enough that regular folks won't be burning money on remodels and additions - it won't hurt as much to just do it now.

Speaking as a commercial contractor, I don't think anyone actually knows what materials pricing will do even a month from now. Best guess is continued increases for who knows how long. Believe it or not, there are still major supply chain issues and construction has not slowed down (at least not the type I'm involved in). I'm no market or finance expert by any means, but I would think prices keep going up until something drastic happens to the demand.

 

[displacedtexan]

Steel building, wood frame, plumbing & electric both

I'd be beyond shocked if steel went down faster than wood. Wood is already way down.

Same for plumbing materials.

I would be hard pressed to say wait if you were doing wood.

No way with steel.

 

[MuleDeerMike]

How long do you plan on living there?

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[Kansas_Husker]

How long do you plan on living there?

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No plans to move until I go to the old folks home or die. Own my own small business and have deep roots in this community.

 

[MuleDeerMike]

No plans to move until I go to the old folks home or die. Own my own small business and have deep roots in this community.

I would just build it right now then.

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[GotDraw?]

1. If Ukraine wins, there's an entire country that needs to be rebuilt. Demand will soar.
2. If Russia wins, embargos and such will keep demand high.
3. If interest rates spike, new construction will drop but remodels will stay strong. And don't forget to refer to 1 & 2 above.

JL

 

[Q child]

I work in construction. I never wait for the market. Build what you gotta build.

 

[grfox92]

Just out of curiosity, where do you look to benchmark that price? Home Depot?

HomeDepot.com

And I'm always looking at 7/16 OSB as the gauge.

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[grfox92]

In November of 21 7/16 was back to just under $18 per board. I'd anticipate that being closer to the new average than the fluctuation we're seeing currently. I will also add that when you see lumber prices beginning to drop is the time to start your permitting process that way when they are at the number you are comfortable with you are not risking another price spike and are ready to pull the trigger at that time.

You are correct. I forgot it got down that low. I was doing some interior remodels during those months and not looking at costs of lumber.

I would love to see it stabilize at $18 a sheet.

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[Kansas_Husker]

Thank you all for your input - I’m gonna pull the trigger and get it built this fall. Rockslide advisers once again save the day! Appreciate all your feedback!

 

[cornfedkiller]

Thank you all for your input - I’m gonna pull the trigger and get it built this fall. Rockslide advisers once again save the day! Appreciate all your feedback!

Keep us posted!