re: Build Home Now or Wait to Build

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.