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Started By
Message
re: New construction costs going down?
Posted on 9/8/22 at 8:33 am to DownSouthDave
Posted on 9/8/22 at 8:33 am to DownSouthDave
My advice would be to add 15-20% cushion to your budget.
1
Posted on 9/8/22 at 11:39 am to bluemoons
quote:
15-20% cushion
Yikes.
Posted on 9/8/22 at 6:02 pm to DownSouthDave
I know that sounds wild, but IMO if you want to build the house you want (I.E. not be forced to cut a bunch of stuff out), and not stress about it, I would start with 15% cushion at least.
Posted on 9/9/22 at 3:21 pm to Paul Allen
quote:
Honestly I’m surprised that people are still building new homes in this current economic climate, and not to mention interest rates that have been steadily rising.
You do realize, in the 80s, interest rates were way higher.
Posted on 9/9/22 at 3:37 pm to shoelessjoe
quote:
You do realize, in the 80s, interest rates were way higher.
1994, 1st mortgage, 11% plus PMI
Posted on 9/9/22 at 4:12 pm to shoelessjoe
quote:
You do realize, in the 80s, interest rates were way higher.
now compare the costs of the homes now vs the 80's... "you do realize"
Posted on 9/9/22 at 9:02 pm to Chad504boy
quote:
now compare the costs of the homes now vs the 80's... "you do realize"
Then compare salaries from 40 years ago to now...
Posted on 9/10/22 at 6:59 am to Chad504boy
quote:
now compare the costs of the homes now vs the 80's... "you do realize"
You never mentioned anything about costs of homes hence why I said interest rates were higher in the 80s. Like the above poster stated, people make more money than in the 80s as well.
Posted on 9/10/22 at 10:48 am to cajuntiger26
Well, these charts certainly make my "increased income" observation seem invalid. I just know that the starting salary for my professional job has definitely quadrupled since the 80's. Perhaps "median income" used in these charts is not the right comparison, but should the income of actual home buyers? They included renters in first chart, for which median income would be valid comparison. But home buyers are not average or median earners. But interesting follow up.
Posted on 9/10/22 at 11:05 am to SurfOrYak
quote:
Well, these charts certainly make my "increased income" observation seem invalid. I just know that the starting salary for my professional job has definitely quadrupled since the 80's. Perhaps "median income" used in these charts is not the right comparison, but should the income of actual home buyers? They included renters in first chart, for which median income would be valid comparison. But home buyers are not average or median earners. But interesting follow up.
The only salary metric that doesn't track like the chart is CEO pay, it skyrockets compared to the rest.
Pay has been regressive since the 50's, sure we have more dollars but they are worth so much less.
Posted on 11/10/22 at 5:35 pm to Milesahead
Costs to build in east TN now quoted at 220 sq/ft. Still high but coming down...
Posted on 11/10/22 at 9:55 pm to lsugrldej8
Aint shite going down
Posted on 11/11/22 at 12:11 pm to lsugrldej8
Go Turn Key. Lock in a price and let them sort out all of the Labor, Material Issues. You sit back and call your appointed 1 point of contact when you have a problem
Posted on 11/11/22 at 12:47 pm to lsugrldej8
I finished at 145. I paid for appliances, and dirtwork out of pocket. 152 including them. Living only.
Including under roof is 80 per square foot.
Huge porch and outdoor area.
Including under roof is 80 per square foot.
Huge porch and outdoor area.
Posted on 11/11/22 at 2:26 pm to lsugrldej8
Lumber is way down from its high
Windows, doors are in larger supply than 6 months ago
Kitchen appliances take some time. Wolf ranges can be a year out.
Contractors are getting hungry with little work so negotiation is easier.
Windows, doors are in larger supply than 6 months ago
Kitchen appliances take some time. Wolf ranges can be a year out.
Contractors are getting hungry with little work so negotiation is easier.
Posted on 11/11/22 at 3:39 pm to lsugrldej8
As I have said since last year when my house finished up, build when you are ready. Stop waiting on what building materials will cost, because construction never stopped and suppliers saw that. Prices will not drastically come down. They may dip, but shite is not coming down to 2020 prices. So build when you can afford it.
Posted on 11/12/22 at 6:20 am to BlackPot
That seems like pretty cavalier advice. The cost to build a 2000 sq ft house has dropped 60k in just 4 months. Will construction costs drop to pre-covid levels? Probably not. Will we see further drops? Likely.
Just because a person can afford somwthing doesn't mean they should necessarily buy it.
Just because a person can afford somwthing doesn't mean they should necessarily buy it.
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