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Started By
Message
New construction now? Are wait..
Posted on 1/17/21 at 10:29 pm
Posted on 1/17/21 at 10:29 pm
Until May that was our plan but with all the changes should I just try pushing everything up closer?
4
Posted on 1/17/21 at 10:38 pm to welder69
By “changes” are you referring to interest rates? If not, what?
Posted on 1/17/21 at 10:50 pm to LSURussian
That an minimum wage is supposed to be going to 15 hrs. I assume that can make products increase in price?
Posted on 1/17/21 at 10:54 pm to welder69
It will lead to automation
Posted on 1/17/21 at 11:01 pm to welder69
quote:That will likely not have any effect between now and May in terms of new construction costs.
That an minimum wage is supposed to be going to 15 hrs. I assume that can make products increase in price?
Posted on 1/17/21 at 11:06 pm to welder69
Maybe down the road a bit. I don’t think a $15/hr min wage will take effect immediately. It will require congress to amend the Fair Labor Standards Act to change the minimum wage not just an Executive Order by Biden. .
Besides don’t most skilled construction workers already make much more than $15/hr?
Regarding interest rates, you probably should look into locking in a mortgage rate. Have you already arranged construction financing?
Besides don’t most skilled construction workers already make much more than $15/hr?
Regarding interest rates, you probably should look into locking in a mortgage rate. Have you already arranged construction financing?
Posted on 1/17/21 at 11:29 pm to welder69
quote:
Are wait..
You better wait
Posted on 1/17/21 at 11:44 pm to LSURussian
No I have not. We're going through Barksdale. Maybe I should get an intrest rate locked in.
Posted on 1/18/21 at 6:27 am to LSURussian
quote:
Besides don’t most skilled construction workers already make much more than $15/hr?
You would think but residential construction pays a lot less than commercial or industrial. There are electrician helpers making 10 an hour in residential in some markets. Some electricians barely over 15.
Posted on 1/18/21 at 6:30 am to welder69
You should probably be more concerned about lumber costs
Posted on 1/18/21 at 6:31 am to welder69
quote:
No I have not. We're going through Barksdale. Maybe I should get an intrest rate locked in.
If you are going through barksdale for construction loan, they are one of the few that lock the interest rate up front. You pay closing costs up front and it’s a one time closing
Lumber prices are already higher than normal, so your builder should have that factored into his bid
Posted on 1/18/21 at 7:01 am to HurricaneDunc
quote:
should probably be more concerned about lumber costs
This, I am building right now, I got my lumber before the hike, but its practically doubled in price since the summer.
Posted on 1/18/21 at 7:15 am to HurricaneDunc
quote:
You should probably be more concerned about lumber costs
My new house finished in August, so framing was done in April, and my builder said the new house he started in February, the framing was costing almost double what mine did.
Posted on 1/18/21 at 7:25 am to welder69
Tell us more about your project.
Posted on 1/18/21 at 7:37 am to Grassy1
I don’t see the price of lumber going down much before May so you just as soon start now.
Posted on 1/18/21 at 10:09 am to Powerman
quote:
You would think but residential construction pays a lot less than commercial or industrial. There are electrician helpers making 10 an hour in residential in some markets. Some electricians barely over 15.
Good to know. Thanks.
Posted on 1/18/21 at 1:21 pm to LSURussian
quote:
Besides don’t most skilled construction workers already make much more than $15/hr?
If a person will be able to make $15/hr to flip burgers what do you think skilled workers of which there is always a shortage are going to do with their labor rates?
Posted on 1/18/21 at 2:03 pm to EA6B
quote:Their wage rates will go up but skilled worker hourly rates won't double like the minimum wage is going to do if Biden get his way.
If a person will be able to make $15/hr to flip burgers what do you think skilled workers of which there is always a shortage are going to do with their labor rates?
It's called "wage (or, pay) compression."
Posted on 1/18/21 at 3:06 pm to LSU1018
Currently there are more families being formed than housing available. With that being said, it is being predicted that construction will continue to go up in the next 5 years. Many lenders do interest only payments during construction phase
Posted on 1/18/21 at 3:13 pm to lsu777
quote:
This, I am building right now, I got my lumber before the hike, but its practically doubled in price since the summer.
I hear that similar is happening with steel.
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