When do you cut your losses and start the remodel plan over?

4 years ago

last modified: 4 years ago

I have posted here before about waiting through Covid for the first contractor to come up with a bid. When we first talked in 2019 he was okay with doing remodels in phases and was willing to work within my budget. In March 2021 when he was not forthcoming with anything that looked like progress in submitting a bid for the final plans, he convinced me that his company was eager to do the job and I was the next project. The other started sometime in 2019 was still not complete. Those poor people!

Then in November 2021, he finally submitted a bid that was over 2 times what he knew my budget was, with no indication that phases were still an option. Time had passed, but I had not increased the saved funds from $115K to a magical $250K+. He was cheeky enough to say, "well at least the real estate market is boosting home values, that will give you solace."

I told him I was obligated to get a competing bid, since $250K+ was too large a project to not get more information. I contacted multiple other contractors. Of course the waiting list would be long. I renewed the permit myself, but it won't last forever.

One contractor that was interested in bidding has begun the process. I do like him. I think he would do good work. I had to meet with different cabinet makers, etc., as he has different supplier preferences. He also initally said he could see the project happening in phases. Last I heard he could not get an electrician to call back on a bid. So even a contractor can't reach out to their normal subcontrators? It is still a busy busy time for these folks.

I am contemplating throwing in the towel on this remodel. The permit, architect fees, etc. would all just be bucks in the breeze. We are talking around $10K, and 3 years of my life (without a real kitchen, and living in boxes). I could start over with a design build outift... and have them do a smaller remodel without major changes just to get someting done. I have some counters and some flooring on deposit... hopefully they could work with that? At what point is it just not worth it?

it is easier in the spring-summer-fall, because I can be outside more and focus on the improvements I can make to the landscaping. Though I feel I have to be mindful that a lot of construction traffic could make some of it couterproductive.

Any thoughts on how long to wait?

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Comments (4)

millworkman
4 years ago
"It is still a busy busy time for these folks."

Building materials are up 50-100% across the board. Lead times are 6 months minimum on quality windows and severely extended on most all. Sought after contractors have a 2 year wait list. On and on.
Sara D
Original Author
4 years ago
last modified: 4 years ago
That was what I was telling myself in 2020 and 2021... and now it is 2022?!? I bought my appliances in early 2020 because I heard with Covid that there might be issues with stainless steel supplies. No one was talking about chip shortages back then. I put deposits down on countertops shortly after, because the local shop was not sure if their supply would be cut off. Now the material is sitting in the local warehouse. Trust me @millworkman, I am well aware.

I also think there is some aspect of some contractors now being in the catbird seat. And they are taking advantage of it. One reason I am thinking about a new plan is to make it work without taking out walls, and changing the flow of the house. It will still be expensive because of materials, etc., but maybe it can be done by someone who focuses on smaller jobs. Say justa kitchen and bath remodel instead of moving walls and doors.
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Joseph Corlett, LLC
4 years ago
"I also think there is some aspect of some contractors now being in the catbird seat. And they are taking advantage of it."

Of course we are, but remember back in 2008 when we were cashing in our IRAs in order to make our mortgage payments? I don't recall any homeowners feeling sorry for getting incredibly low prices for the scraps they tossed us back then.

We've got to replace that IRA and all the interest it would have earned and we're doing so unapologetically. The next recession is right around the corner.
Sara D
Original Author
4 years ago
last modified: 4 years ago
@Joseph Corlett, LLC - Thanks for confirming my suspicions. I do have a tendency to paranoia... you know the song? Just because you are paranoid doesn't mean they aren't watching you?

It would be an interesting twist if no work got done now because it is unaffordable. Especially, with interest rates going up. Homeowners are not going to be happy to take out loans when they had savings to cover the SAME job 2 years ago. Though there is always somebody with money to burn.

I wasn't able to even consider home ownership until 2018 as I didn't have jobs with benefits (vacation, retirement, insurances) until I was in my 40's. Reagan-nomics did not trickle my way... nor anyone else's as we now know. 401(k)? Yea, I am about 20 years behind on that plan... and am working on it too.

"A 2019 research study from Northwestern Mutual found that 22% of adults in the U.S. have less than $5,000 saved for retirement, while another 15% have no retirement savings at all. The same survey reported that, on average, people think there's a 45% chance they'll outlive their savings."

I am expecting to work full time until at least age 67, and then part time for 10... 15... 20 years after that. Lord help me if it is 20 years. My job can be physical too, and back injuries are super common. Don't get me started on how those older boomers took their pensions and then started the whole self-retirement model in the 1980's for those to follow... while not paying high enough wages to allow people to save a nickle, let alone a dime.

Yep... I am more and more thinking that the remodel will be just an adjustment and not an overhaul. I can't spend money i don't or won't have. Gas is almost $6/gallon here. Too many things competing for the benjamins.