When looking to buy timber for your project, the price of the wood is one of the major things you need to consider. You want the best softwood or hardwood type that also fits your budget. To make sure that you have all the information you need to determine the best wood species in your budget, we have prepared this guide for timber pricing, which includes details about the factors that affect timber price and how to buy the right timber at the right price.
Factors That Affect Timber Pricing
The price of timber, like anything else, is mainly driven by its supply (availability) and demand (consumption). The higher the demand or low the supply, the higher will be the timber price.
Now, there are many factors that can affect the supply-demand dynamics, and thereby the pricing, of timber, as follows:
1. Timber Species
Different timber species have different characteristics, appearance, quality, and market demand. Some species are more attractive, stronger or more durable than others, leading to their higher demand and higher prices. Some wood species are rare or not easily available, which can further increase their prices.
Hardwoods are generally more popular and expensive than softwoods. Black walnut, our most valuable species, has average prices that are still elevated compared to prices paid in 2020 and prior, as mentioned in our timber pricing guide.
2. Timber Grade and Quality
Timber is assigned a rating based on factors like its quality, appearance, workability, and suitability for different applications. Higher-grade lumber with outstanding properties and appearance that meets high standards of quality and has fewer defects generally attracts higher prices.
Higher-grade is generally considered ideal for premium furniture, mouldings, and other decorative purposes, while lower-grade timber is generally used in other regular applications.
3. Timber Dimensions
The cost of our timber will also depend on the exact dimensions you want, i.e. the length and width of wooden boards. You can choose from a variety of board lengths, typically ranging from 1.2m up to 3.6m. Longer boards are generally costlier because of their higher transporting and handling costs and limited availability. Rather than buying fixed-length boards, you can choose mixed-length panels to further cut costs.
4. Timber Finishes
Another thing that adds to the cost of timber boards is the finish applied to them. When purchasing boards for decking, flooring and other similar applications, you’ll generally find them pre-finished. You can, of course, choose to buy lumber without finish or choose your own finish according to your budget.
We provide multiple finishing options for you to choose from, based on your particular styling needs and budget. All finishes are applied by hand to ensure great care and attention.
5. Market Demand
The demand for timber is a major driving force for its price. The higher the demand for a particular timber species, the higher will be its price.
The demand for wood generally depends on factors like construction activity and the demand for wooden furniture and other manufacturing activities. With the increase in demand, the prices also become high, while a drop in demand can result in lower prices.
6. Supply and Availability
The availability of timber or its supply depends on various factors including sustainability concerns, logging regulations, and locations. Wood species that are rare or exotic generally have a very limited supply, which drives up their prices.
Also, species that have a much higher demand in regard to their supply also tend to be expensive. Timber species that are locally produced will generally have lower prices than imported species.
7. Processing & Delivery
The cost of timber will also depend on additional costs associated with wood processing, drying, maintenance, milling, treating, and transporting lumber to its final location. In addition, the cost might also depend on the origin and the complexity of its harvesting, if any.
8. Market Competition
The competition in the timber market can also influence pricing. If there are multiple suppliers and limited buyers, it can lead to competitive pricing. Many suppliers might offer discounts on their prices to attract more customers. On the other hand, if there are limited suppliers in an area, the wood price could be higher than normal.
9. Economic Factors
Lastly, the pricing of timber can also be affected by various economic conditions, including inflation, market behaviour, interest rates, and currency fluctuations. If the economy is down, there will be lesser construction activity, which might impact the demand for timber, thereby influencing prices.
It’s also important to note that pricing might also be affected by factors specific to a particular location or region, which is why it is crucial to ask your local lumber suppliers and stores to get a better idea of the ongoing price of the timber you’re looking to buy for your project.
How to Get the Best Timber Price Quote?
Getting the right lumber at the right price is easier said than done. Unless you’re completely familiar with the market and have a good idea of the price trend of different timber species, it can be challenging to buy your desired wood at the lowest price.
But, worry not. We are here to help you get the best price quote for timber in your location.
Follow these steps:
1. Identify your requirements: Determine the type of timber you need and your preferred dimensions, size, grade, colour, etc.
2. Ask around: Talk to your colleagues, friends and local lumber experts who may suggest the right place to buy from. Research credible wood suppliers in your area based on reputation, timber options, and customer reviews.
3. Contact timber suppliers for a quote: Contact different wood suppliers, both local and online, to request quotes based on your particular requirements such as type, quantity, etc.
4. Compare quotes: Compare the quotes offered by different timber suppliers based on the price, timber grade, quality, availability, delivery options, and additional services provided. If you ask, a supplier might offer additional perks, like treated wood at the price of regular wood.
Other than the above things, you must also consider the reputation of the timber supplier when purchasing wood and their ability to deliver high-quality, sustainable wood consistently. Negotiate the price as much as possible, especially if you’re purchasing wood in bulk.
If you are looking to know more about timber pricing or want to know about the best price of different wood species, you can contact us to talk to our specialist. We at White Knight Consulting Ltd provide bespoke lumber solutions and pricing, which means we produce & prepare wood according to client requirements. The price of the wood is determined based on the wood species, the dimension, and the quantity needed. Call now for a free quote.