2 min
PFT #90 - Personal Finance Tip of the Week: Ordering Supplies for Landscaping and General Contractor Jobs Something On My Mind
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- Investing
According to Zippia.com, in 2021 the average amount homeowners spent on home improvement was $10,341 which was up 25% from 2021. This makes sense as people spent their cabin fever time improving their homes and now that Covid is more controlled.
People are spending more due to M1 money supply with unemployment and stimulus checks. Now that labor rates are rising due to lack of resources, the general contractors and landscaping companies are raising their rates and passing them onto you. This is just another result of inflation.
So what can be done to curb the cost? The easiest one is reducing the cost for supplies to complete jobs. Generally speaking, the typical markup for materials is between 7.5 to 10%; however, some contractors will mark up materials 20% or more.
What you can do is ask the contractor for a materials list and place the orders yourself. Now with larger jobs, it comes with more complicated supply lists, ad hoc purchases and add-ons.
In addition, you may make several purchases throughout the project life cycle so you need to stay on task. In many cases you should be able to order the large majority of goods while removing copious tasks away from the contractor who may not want that burden.
The bottom line is that this is an easy way to save money and you can learn a little bit along the way. For example, a $30,000 job could save you anywhere between $2,250-$6,000.
Website:
https://www.somethingonmymind.net/
Social Media
https://www.instagram.com/somm.podcast/https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw
https://www.tiktok.com/@somm.podcast?lang=en
https://www.facebook.com/somm.podcast
https://twitter.com/Somm_podcast
According to Zippia.com, in 2021 the average amount homeowners spent on home improvement was $10,341 which was up 25% from 2021. This makes sense as people spent their cabin fever time improving their homes and now that Covid is more controlled.
People are spending more due to M1 money supply with unemployment and stimulus checks. Now that labor rates are rising due to lack of resources, the general contractors and landscaping companies are raising their rates and passing them onto you. This is just another result of inflation.
So what can be done to curb the cost? The easiest one is reducing the cost for supplies to complete jobs. Generally speaking, the typical markup for materials is between 7.5 to 10%; however, some contractors will mark up materials 20% or more.
What you can do is ask the contractor for a materials list and place the orders yourself. Now with larger jobs, it comes with more complicated supply lists, ad hoc purchases and add-ons.
In addition, you may make several purchases throughout the project life cycle so you need to stay on task. In many cases you should be able to order the large majority of goods while removing copious tasks away from the contractor who may not want that burden.
The bottom line is that this is an easy way to save money and you can learn a little bit along the way. For example, a $30,000 job could save you anywhere between $2,250-$6,000.
Website:
https://www.somethingonmymind.net/
Social Media
https://www.instagram.com/somm.podcast/https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw
https://www.tiktok.com/@somm.podcast?lang=en
https://www.facebook.com/somm.podcast
https://twitter.com/Somm_podcast
2 min