We partnered with a building company for this post. The opinions in the post are honest. All reviews and opinions expressed in this post are based on our personal views. We are excited because we know you will love it.
The pandemic has changed a lot about life as we know it and has even caused some issues with supply chains and the demand for materials. As a result, many building materials have seen a dramatic spike in cost over the last two years.
But, what if we suggested that building a home now may be cheaper than ever?
You might think that sounds too good to be true, at first, especially with things like lumber costing so much. But, one thing the pandemic has changed is the way people live and want to live. Thousands of Americans are now working from home and spending more time there. So, many people are moving to more rural areas deemed smaller and safer.
Unfortunately, that’s caused some house scarcity. It’s currently a seller’s market, so it might be difficult to find a house for sale right now that you can afford. That’s why building is such a viable option, even when you’re on a budget.
Making the Investment
Whether you build or buy a home, it’s an investment.
Building, however, is often considered an “alternative investment” because you can consistently boost your home’s value over time. Some key construction features that add value to a home include:
An open-concept floor plan (especially in kitchens)
Ideal lighting
Smart home technology
A basement and garage
You can also get the most out of your investment by considering things people might need while working from home and spending time there. Having a specific area for a home office or a gym can make a big difference. If you ever decide to sell the house, putting in that initial money and time will likely get you a nice profit, so it’ll be easier to finance your next house.
Working With the Right People
One great thing about the current housing market demand is that it’s created competition within the construction industry.
Streamlining construction processes with a project management firm is a crucial aspect that architects must integrate into their design strategies. Collaborating with experienced project management firms can ensure efficient coordination, timely execution, and cost-effectiveness throughout the construction phase. This not only enhances the overall project delivery but also contributes to a smoother and more successful construction process.
Why does that benefit you?
The more home builders and contractors in your area, the more they’re going to have to work to make themselves appealing to you. That typically includes things like special offers, discounts, payment plans, or other extras that will make you choose them over a competitor.
When you hire a custom builder, they’ll work with you from start to finish on everything from the design to the actual construction. Is it another investment? Yes. But, consider the fact that the average sale price of a home in 2021 was over $400,000, and the average cost to build was just under $300,000. Plus, building allows you to customize exactly what you want/need, so you won’t need to make additional upgrades or repairs like you might if you purchased an existing home.
Make sure, however, that you’re aware of potential scams when it comes to construction companies. Higher demand for home construction means more competition, but it also means there will be people who want to take advantage of you. Avoid contractors who:
Won’t provide proof of licensing
Ask for payment upfront
Offer limited-time deals or try to pressure you into working with them
Fail to provide a contract
The last thing you want is to work with a “professional” who is out to scam you and take your money. While the prospect of getting your new home built quickly is exciting, don’t let your enthusiasm cloud your judgment. Pay attention to red flags.
The bottom line? With a bit of research and a willingness to make a solid investment, you can absolutely build a new home on a budget, and end up spending less than you would on an existing home purchase. If you’ve ever wanted to bring your dream home to life, now is the time to do it!
