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Build Home Now or Wait to Build
Posted on 2/14/22 at 3:03 pm
Posted on 2/14/22 at 3:03 pm
The wife and I are thinking about building a custom home this year in Ascension Parish. We are in the middle of developing our plans right now and looking into which builder's to use. At the moment , I am hearing (and even got a preliminary quote) about $190 - $200 / sq ft to build a 2200 - 2300 sq ft home. Does anyone expect the price to build homes to come down at all over time? Or is this to new "norm"? I know it all depends on the prices of materials and the market. We are just debating on if we should move forward or take the wait-and-see approach on what the market does.
Posted on 2/14/22 at 3:20 pm to LSUBlake11
Interest rates are rising
Posted on 2/14/22 at 3:35 pm to LSUBlake11
I'm halfway through a new build. The supply issues are no joke and when one group of materials comes down, another goes up. I think it's probably most likely that this is the new "norm." I haven't seen anything to suggest that the prices are going to come down any time soon. With rates going up, it's a betting game at this point. Rising rates could help to bring material costs down, but rising rates also increase the cost of money.
My advice to you would be to give yourself a 15-20% cushion on top of your budget so you aren't wrecked by material fluctuations and change orders. Emphasize communication with your builder on the front end to make sure y'all are on the same page. Also get a construction loan with a higher cap than you think you need if possible.
I have been fortunate in that I've got a very informal, great relationship with our builder and have known him for years, but there have still been some difficulties with sticker shock because of cost fluctuations.
My advice to you would be to give yourself a 15-20% cushion on top of your budget so you aren't wrecked by material fluctuations and change orders. Emphasize communication with your builder on the front end to make sure y'all are on the same page. Also get a construction loan with a higher cap than you think you need if possible.
I have been fortunate in that I've got a very informal, great relationship with our builder and have known him for years, but there have still been some difficulties with sticker shock because of cost fluctuations.
This post was edited on 2/14/22 at 3:37 pm
Posted on 2/14/22 at 3:56 pm to LSUBlake11
A guy I know is building right now, he said his budget is blown up big time.
Posted on 2/14/22 at 4:10 pm to LSUBlake11
Hardwood flooring has doubled including install that’s huge
Posted on 2/14/22 at 4:14 pm to LSUBlake11
Life is fleeting. Live your life in the present.
Posted on 2/14/22 at 6:14 pm to LSUBlake11
We are moving forward, we can keep waiting but with the way things are going, it won't get much better.
You believe these companies who raised prices will lower them? The may lower some but we will never see prices pre covid, why would we, people will still need homes to live in and have to repair the ones they are in so we will keep buying the product.
You believe these companies who raised prices will lower them? The may lower some but we will never see prices pre covid, why would we, people will still need homes to live in and have to repair the ones they are in so we will keep buying the product.
Posted on 2/14/22 at 7:44 pm to LSUBlake11
quote:
about $190 - $200 / sq ft to build a 2200 - 2300 sq ft home.
Absolute insanity
Posted on 2/14/22 at 10:56 pm to LSUBlake11
Well, this is a hard one. Much of the inflation in the housing market is from institutional investors buying up everything they can. There is a good sign that Zillow is getting out of the home buying market but there is a bad sign in that an investment group bought the entire portfolio. Honestly, when I am ready to move on I am just going to build what I want, where I want, whatever it costs. I don't really want a big, fancy house. We live in a 2300sf house now and that is honestly big enough, we have a couple rooms that go almost unused. What I would like is a better layout with some shop space and room for a theater again. I guess technically I have room for a theater now, just the rooms are not a good layout for one.
Posted on 2/15/22 at 4:17 am to LSUBlake11
Now, or 4-5 years out.
We’re headed for a rough patch, fed should have raised rates two or 3 times already and hasn’t. Which means when they finally do it will be a bigger jump at once and idiots will panic.
If you haven’t gotten started by April, don’t IMO.
We’re headed for a rough patch, fed should have raised rates two or 3 times already and hasn’t. Which means when they finally do it will be a bigger jump at once and idiots will panic.
If you haven’t gotten started by April, don’t IMO.
Posted on 2/15/22 at 9:42 am to LSUBlake11
Build now. We are currently building and the costs of materials is what it is. Budget yourself more money than you think you will need. I also paid a deposit on a lot of our things like flooring before the first to hold the prices where things were because of the threat of prices increasing. We spent that out of pocket but will be worth it in the end. Interest rates rising is a no brained to start now. Best of luck.
Posted on 2/15/22 at 10:11 am to LSUBlake11
If you decide to build this year, order the windows BEFORE you think about forming up the slab. When you pour the slab, order your appliances.
Buddy of mine is a custom home builder and he had to start doing this.
Buddy of mine is a custom home builder and he had to start doing this.
Posted on 2/15/22 at 5:31 pm to LSUBlake11
Finishing up a build right now… we are about $15k over bid in July. Literally everything is more expensive from landscaping to appliances to fixtures etc. my recommendation is same as others, order early (garage doors, windows, plumbing fixtures) and if you can, borrow 10-20k more. Price of wood came down, I remember worrying about that but looking back that was the least of my concerns. I don’t regret building right now, as this is the house we hope to stay in for 30 + years and I got one hell of an interest rate last June. I know my contractor had to eat a lot of cost related to inflation as well, I imagine they may start changing how they word their contacts to reflect this so this is something to discuss before getting started as well.
Posted on 3/22/22 at 9:28 am to LSUBlake11
We started building in October. We are about 2 months away and out of the woods on framing lumber and most supply chain issues.
We could not lock in the rate when we did the construction/mortgage loans. That will be disappointing as interest has gone up over 1% since we broke ground.
I would wait at this point. I can't believe it will get worse.... but I said that last Summer too and it did.
So far we are around $192 a sft (2860 sft). We had estimates as high as $235 sft. We found a builder for cost plus 10%. I hear that is pretty lucky.
We could not lock in the rate when we did the construction/mortgage loans. That will be disappointing as interest has gone up over 1% since we broke ground.
I would wait at this point. I can't believe it will get worse.... but I said that last Summer too and it did.
So far we are around $192 a sft (2860 sft). We had estimates as high as $235 sft. We found a builder for cost plus 10%. I hear that is pretty lucky.
Posted on 3/24/22 at 12:06 pm to LSUBlake11
Im about to start so i will let you know how bad it goes!
Posted on 7/9/22 at 2:23 pm to LSUBlake11
No one has a crystal ball. I would say it is better now than it has been in the last two years. Still high. I am not sure it will go lower or higher. We just built in Lafayette. $197 a sft.
Posted on 7/12/22 at 9:11 pm to LSUBlake11
unless you just have to build now, I'd stand pat for about the next three years. Maybe buy an existing house to be an interim.
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