Is Now a Good Time to Build?

Market experts are not only implying that housing conditions are conducive to savvy investors, they are also reporting that building a home is now more advantageous than ever!

 

Given market conditions and the vast amount of home inventory available, you might believe that building a new home would not be as beneficial as buying one already on the market. Here are a few reasons that will show you why building a home is more beneficial to you and your wallet:

 

 

1)      Land/Lot Prices – Being the single biggest cost of custom built homes, vacant lot prices have diminished as much as 50-60% in the last few years. In addition, there is actually MORE residential land inventory than single-family homes already constructed!

 

2)      Construction Crews Biting at the Bit – Because of a 34% decline in new home building projects, construction crews can’t wait to pick up a job. Because of the slowdown, you are more apt to pay less for highly qualified builders simply because they want the work, and are more than competitive than in recent years. In addition, the project timeline will be shorter due to fewer projects in the mix.

 

3)      Building Materials – While the price of building materials have decreased with the economic downturn, there are signs of a gradual inflation in prices as the economy begins to bottom out and oil prices rise.  Waiting on the sidelines could cost more depending on inflation.

 

4)      Updated Building Codes – Building codes are more advanced with standards that require higher energy efficiency.  Homes built to current codes and standards will have a definite advantage on the resale market as we become more aware of energy costs and environmental issues.

 

5)      You Get What You Pay For – Buying an older home means you most likely will need to pay for updates or renovations to that home. Oftentimes, not realizing the depth of repairs that are needed could end up costing more time, money and effort that you originally bargained for. Building a new home alleviates that risk while giving you the dream house you always wanted. A new home also comes with a builder and manufacturer warranty.

 

So jumpstart your own economy and start taking advantage of today’s housing market. Lower land prices, more affordable sub contractors, and more equity in your home mean greater value for your family now and in the future. Don’t miss the opportunity to make the investment of your lifetime.

Tags: florida building

2 Comments