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Building a Home in the current climate - Question
Posted on 1/27/21 at 3:47 pm
Posted on 1/27/21 at 3:47 pm
I don't know if this is the right board to post this on, but I was looking for some advice given our current political and economic climate.
My wife and I purchased land in September with intentions of building this year, but I've been getting cold feet. My wife is wanting to press forward, but I am concerned about the price of materials, potential for a rise in interest rates, and difficulty selling our current home.
Can anyone give me some good information to consider in this process, so I can educate myself and my wife on the good and bad? Should we press forward with selling and building or slow down?
I appreciate any information provided. We are in our early 30s, both nurses and have 3 small children, so I don't want to cripple us financially.
My wife and I purchased land in September with intentions of building this year, but I've been getting cold feet. My wife is wanting to press forward, but I am concerned about the price of materials, potential for a rise in interest rates, and difficulty selling our current home.
Can anyone give me some good information to consider in this process, so I can educate myself and my wife on the good and bad? Should we press forward with selling and building or slow down?
I appreciate any information provided. We are in our early 30s, both nurses and have 3 small children, so I don't want to cripple us financially.
22
Posted on 1/27/21 at 3:49 pm to Pleasenewdc
Not sure where your building but lumber is high right now due to the storms. I think metal is high too.
So depending on where you are the storms currently are jacking up building costs.
Having said that anything manufactured is about to go up due to the oil prices.
So depending on where you are the storms currently are jacking up building costs.
Having said that anything manufactured is about to go up due to the oil prices.
Posted on 1/27/21 at 3:49 pm to Pleasenewdc
The price of material is through the roof right now... windows, doors, etc can take significant time to get in...
However, interest rates are so low right now, you are kinda crazy not to go ahead and try to get it locked in...
However, interest rates are so low right now, you are kinda crazy not to go ahead and try to get it locked in...
Posted on 1/27/21 at 3:50 pm to Pleasenewdc
IMO, Move forward with your life and plans. No one knows what this crazy world brings. Please your loved ones.
Posted on 1/27/21 at 3:51 pm to Pleasenewdc
If you're white you may want to consider the possibility that it may get taken from you. Working for a living and saving until you can afford to have a house built is white privilege and racism according to the left wing.
Posted on 1/27/21 at 3:52 pm to Pleasenewdc
quote:
Building a Home in the current climate - Question
Dude... lumber is outrageous right now. Shelve any plans till it gets reasonable again.
That is all.
Posted on 1/27/21 at 3:52 pm to Pleasenewdc
I don’t think rates are going to climb anytime soon. Lumber prices will drop eventually. The storms really screwed that up.
Wait a little while to see what lumber prices do. They should become more reasonable in time.
Wait a little while to see what lumber prices do. They should become more reasonable in time.
This post was edited on 1/27/21 at 3:54 pm
Posted on 1/27/21 at 3:53 pm to The Maj
we started a remodel last year and dodged the first lumber jack with original quote... then we didn't start for months, lumber dropped, we started building, and right when we finished with lumber parts, they skyrocketed. we managed to get in there with a 3% interest rate.
it was accidental, but we dodged the lumber price jumps and got the low interest rate.
market is volatile right now. lumber is up. production is about to be slowed. logistics is about to get jacked with gas prices and the possibilities there.
i'd either build right now before it gets real bad or wait a year or two to see if things settle down.
it was accidental, but we dodged the lumber price jumps and got the low interest rate.
market is volatile right now. lumber is up. production is about to be slowed. logistics is about to get jacked with gas prices and the possibilities there.
i'd either build right now before it gets real bad or wait a year or two to see if things settle down.
Posted on 1/27/21 at 3:54 pm to Pleasenewdc
Lumber is high and metal is up around 40% since August. I've heard insulation also going up.
Posted on 1/27/21 at 3:56 pm to Pleasenewdc
lumber prices are soon to be on the decrease again. Still high.
Hyper inflation can continue to drive up the housing market in the future so building now and locking in rate may not be a horrible thing.
Hyper inflation can continue to drive up the housing market in the future so building now and locking in rate may not be a horrible thing.
Posted on 1/27/21 at 3:57 pm to Pleasenewdc
Building materials are up nearly 100% year over year and the housing bubble is about to burst.
Spend your money on bullion.
Spend your money on bullion.
Posted on 1/27/21 at 4:01 pm to Pleasenewdc
Posted on 1/27/21 at 4:01 pm to Eli Goldfinger
Doing the same thing....so ready to get started this project. I am willing the take the higher initial price tag but take advantage of the lower rates over the years.
Posted on 1/27/21 at 4:06 pm to BAMBAM
quote:
I think metal is high too.
I will 100% confirm this.
In the last 2 weeks, steel prices from my supplier have increased 70%. And they expect their current prices to at least double by year's end.
Posted on 1/27/21 at 4:06 pm to Pleasenewdc
Do you plan on hiring a general contractor or being your own contractor and subbing it out?
Posted on 1/27/21 at 4:09 pm to Pleasenewdc
I appreciate all the info. 
We are in Northeast Louisiana. We went in with my wife's family. My FIL got a little over 18 acres, my wife and I got 4.8 and my BIL got 4.8.
We are in Northeast Louisiana. We went in with my wife's family. My FIL got a little over 18 acres, my wife and I got 4.8 and my BIL got 4.8.
Posted on 1/27/21 at 4:11 pm to CockyinVa
quote:
Do you plan on hiring a general contractor or being your own contractor and subbing it out?
We're going to be hiring a general contractor. I thought about being my own contractor, but I'm a little anxious to get in over my head.
Posted on 1/27/21 at 4:12 pm to Pleasenewdc
If you are both nurses in your early 30’s, you all have plenty of time to recover from almost any financial setback. Build your house. Start living.
Posted on 1/27/21 at 4:20 pm to Pleasenewdc
Im building right now and my advice would be to just move ahead and do it. Interest rates are low so any increase in materials will be more than offset with lower cost of interest over life of the loan. For example, a 1% change in interest on a $400,000 home is roughly $60k change interest paid over the 30 years.
Things are a lot more expensive now than they were 6 months ago. Just make sure to get things like windows, doors, floors, metal, lumber all ordered as early as possible. Windows take like 6 to 8 weeks to come in right now. Windows used to have a lead time of a few days, people would buy them after the house was framed. Now you have to buy them before you even break ground or they will not arrive to the job site in time.
Things are a lot more expensive now than they were 6 months ago. Just make sure to get things like windows, doors, floors, metal, lumber all ordered as early as possible. Windows take like 6 to 8 weeks to come in right now. Windows used to have a lead time of a few days, people would buy them after the house was framed. Now you have to buy them before you even break ground or they will not arrive to the job site in time.
Posted on 1/27/21 at 4:23 pm to WizardSleeve
In the long run we are all dead.”
Happy wife happy life. Go for it!!
Happy wife happy life. Go for it!!
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