Every time a big event happens, you assume it could affect your house construction budget. The events that I’m referring is, COVID issues, Petrol/Diesel Price Hike, Government Policy change, Heavy Rain, Russian War, etc.,
These are all the sample events I’m referring here. There could be many such events that could directly affect your house constriction budget. For example, if there is a big jump in fuel price, then by default, transportation cost increases, which directly impacts the products you are buying.
If you got to know about such news, it’s better to buy in bulk before such an event happens or immediately after such an event. After such events, it takes a few more days to implement a new product price structure.
The price jump is common during house construction and it adversely affecting your construction budget.
You don’t need to buy all the things up front. Instead buy things which cost more and easier to keep kind of products.
I recommend you to buy Steel in bulk if you have a space to keep Steel properly. Steel is one of the vital house construction materials that seriously affect any such event.
You can control material price increase by buying and holding items, so you don’t get affected by the price increase problem before such an event happens or immediately after such events.
Here is some example of how events affect.
1) COVID Issue: Labour shortage, Material supply chain broke so product and labor cost increases
2) Petrol/Diesel Price Hike: Transportation charges increase, so all heavy product price increases naturally ex: Steel, hollow blocks, etc.,
3) Government Policy Change: The government blocked CHINA imports in 2020, which seriously affected the house construction field. Most of the Plumbing and electrical items price increases due to this policy change
4) Heavy Rain: Transportation field get affected and due that price jump happens
5) Russia War: In 2022, Russia declared war on Ukraine, and because of this news, steel prices here in India increased ₹15+ per kg almost immediately. It’s because Russia is one of the top steel exporters, and due to the war, all export is stopped, so because of this, steel price increases suddenly.
So next time you hear any big event happening, make sure you buy the products that require at least 1 or 2 months in advance. By doing that, you don’t need to wait until the price comes down, and you can continue your house construction work.