Many families are wondering if now is the time to build a new home or if they should wait a couple years to start the process. Now more than ever, you should consider building in the near future — because the cost to build your dream home will certainly rise every year. Why?
1. The cost of land often trends upward.
As a limited resource, builders often compete with one another for the choicest locations. Then they spend hundreds of thousands of dollars to ready the sites with surveys, roads, curbs, lighting, sewer, water, etc.
2. The cost of labor continues to grow.
In our area, there is a shortage of tradesmen and, with multiple disaster areas in the country, tradesmen often migrate to those areas for premium wages.
3. Material costs have increased.
Whether it is concrete, siding, or shingles, the cost of supplies has been increasing.
4. Local building codes impact new home prices.
As codes improve for safety, these new regulations must also be incorporated into the cost. The cost of building permits can change, as well. All of these factors can translate into about a 10-15% premium over the cost of the same home in the previous year.
5. The value of your present home has never been higher.
With a shortage of median priced homes in the market, statistics indicate that home prices are at a ten-year high!
With all these thoughts in mind, isn’t this the time to talk to your new home experts? The New Home Construction Team at Better Homes and Gardens Real Estate is ready for your questions!