You Searched for It: Why is Building or Renovating so Expensive?

Home building and renovations can be expensive and often difficult to budget for. From building a new home, adding a second story, or renovating the main floor in your home, construction can be a costly endeavor. We hope the following helps shed some light on the situation.

Service Upgrades:
One of the hidden costs many people aren’t aware of is municipal service upgrades. Most municipalities will charge the property owner to upgrade the following depending on project size:
Projects >$150,000
Storm Water Connection – $4,000 – $10,000
Water Main – $3,000 – $6,000
Projects >$300,000
Sewer Connection – $4,000 – $35,000 (THAT IS NOT A TYPO) + the above

Materials:
Another reason building or renovating is so expensive is the cost of materials. Depending on the type of project you’re looking to do, the materials you’ll need can vary greatly. Engineered lumber and plywood prices have continued to stay elevated though dimensional lumber (2×4’s) has softened from their highs. Due to ongoing supply chain issues and inflation, electrical and plumbing fixture prices continue to increase – with no end in sight. (The sooner you get your project started the better in our opinion).

Labour:
Labour costs are the largest contributing factor to making your home build or renovation cost more. We continue to suffer from a massive skilled labour shortage on the Lower Mainland and especially the North Shore (bridge traffic). Until we see
more people enter this industry, we expect to see upward pressure on labour costs.

Planning:
Lastly, renovations can be expensive if you don’t plan ahead. Before you begin a project, it’s critical to prepare a detailed estimate that does a holistic job of considering all of the costs involved. This includes the cost of materials, labour, and
any permits or fees that may be required. This is a critical step in helping you stay on budget and ensure that your construction project is a success.

At Sprucehill we believe we deliver the best quality finished products, on-budget, with the shortest project timeline of anyone else out there. That’s a big statement, we know!

Schedule a call with Erik by clicking the button below to learn more about the technology we use, the trade partnerships we’ve cultivated, and the efficiencies we have streamlined to achieve this goal.

If you’d like to discuss your project with us, use the button below to schedule a 15-minute call with us when it’s convenient for you.

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