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Started By
Message
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.
16
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 3:59 pm to WPBTiger
quote:
he said his budget is blown up big time.
I pretty much don't even know what the word budget means anymore.
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 4:18 pm to bluemoons
if you dont absolutely have to build now then wait biden out, if he is gone and a republican wins the prices on everything will be coming down a lot
if the dimrats win/steal it again, then move to another country is the only smart move
if the dimrats win/steal it again, then move to another country is the only smart move
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 8:10 pm to Bayou
quote:
Absolute insanity
$190 - $200/sq ft is low end right now, $220 - $230/ft for anything of decent quality. It really is nuts and even if it levels off it’s still crazy. I don’t see the point in waiting if you’re set on building though.
Posted on 2/14/22 at 8:40 pm to questionable
Every time I see numbers like that I dig in a little deeper when my wife says she wants to tear down this 20 year old house and build a 2800 sq ft house on our farm. It's just the 2 of us ffs.
If you have to though, I guess you have to.
If you have to though, I guess you have to.
Posted on 2/14/22 at 10:21 pm to TigerDat
quote:
the way things are going, it won't get much better.
Not true.
Lumber futures are down and projected to fall further. After inflation we will eventually hit a deflationary period when people quit spending on projects in order to afford groceries and $5 gas. This is when the price of materials will fall.
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 9:30 am to Jack Daniel
quote:
Lumber futures are down and projected to fall further. After inflation we will eventually hit a deflationary period when people quit spending on projects in order to afford groceries and $5 gas. This is when the price of materials will fall.
Sure, but when and how can you be certain? Likewise, we will indeed hit a deflationary period at some point, but when will that be? I also question how much that will ultimately effect material prices.
Purchasing power increases over the short-term in deflationary periods, so I would be surprised if we see a fall in material prices that's anywhere close to the recent increase. The unfortunate reality for consumers at this point (re: materials) is that people are still buying the stuff en masse. If you are a supplier or a manufacturer, that doesn't give you a whole lot of incentive to lower your prices, regardless of external market forces. Further, builders are adapting to supply chain issues. Now they know they've got to order windows and garage doors super early and they're changing their order of operations to accommodate and mitigate delays.
Not suggesting you are wrong by any means - just offering a counterpoint to say that right now, it's anybody's guess what the future is going to bring.
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 9:50 am to bluemoons
quote:
Not suggesting you are wrong by any means - just offering a counterpoint to say that right now, it's anybody's guess what the future is going to bring
100% agree with your entire post. Those reasons are why we moved forward.
Also who's to say we don't see another major disaster doesn't hit?
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.
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