If you’ve been keeping an eye on the real estate market and the fluctuating prices of construction materials, you might be wondering if now is the best time to build a custom home. Moreover, these factors are important and can affect both the availability of materials and the overall cost of the project, there are other considerations you should take into account.
Everyone goes through different cycles in life, and many of these can be the perfect opportunity to choose custom built homes:
- Young couples who want to enjoy their custom home for many years.
- Families with young children who need more space as they grow.
- Kids leaving the nest, offering a chance to downsize or reconfigure living spaces.
- Older adults preparing for retirement and seeking a home tailored to their needs.
Sometimes, a custom home in Myrtle Beach can be a better fit than going through a series of starter homes until you finally build your perfect house.
Is It a Good Time to Build a Custom Home?
Even if you’re ready for a custom home and you already found custom home builders, you may still wonder, “Is it a good time to build a house?” Although recent years have shown a lot of changes, there are several reasons you may want to start as soon as possible.
Lumber Prices
Lumber prices peaked recently and have been steadily dropping since then. So, they’re already down more than 40%. It’s not always useful to time your project based on material prices, though. Additionally, you’re still several months away from the start of construction, even if you have a consultation with a custom home builder in Myrtle Beach today.
Inflation
You probably haven’t missed the inflation that has been steadily increasing for more than 18 months. Although lumber prices are finally coming back down, you can expect to pay more for several aspects related to construction, including:
- Fuel prices
- Raw materials, like copper, vinyl, steel, or concrete
- Labor costs, due to the ongoing shortage of qualified workers
You can expect these costs to continue to increase for the foreseeable future, on top of the price of land. So, the sooner you get started, the more you may be able to save.
Financing
Although not everyone chooses to finance a custom home, many do, and now is a very good time. At the moment, money is cheap. Interest rates are at near-historic lows. They are unlikely to go any lower, and they won’t stay at this level forever. In fact, over time, they will probably go up to control the pace of inflation. If you’re taking advantage of the strong economy to improve your portfolio and you want to finance your home project, you’ll be glad you started while the rates are low.
Will Lumber Prices Go Down?
Lumber prices have received a lot of attention recently, mostly because of the way they skyrocketed. So, it’s important to keep the price of materials in mind while making a decision about timing, but it shouldn’t be the only thing you think about. Moreover, lumber prices are still dropping from their high, but they will probably bottom out and start to increase again along with other construction materials. Besides, it’s hard to predict how the supply chain will be different in the future, but it’s probably something you don’t need to worry about until you’re almost ready to order materials.
What Is the Average Time to Build a Custom Home?
If you haven’t already started the new home construction process, you may be talking about building a home in the near future. There are a lot of aspects of custom home building that you can’t rush, like finding land or hiring custom home builders in Myrtle Beach or architect to design the home for you. Additionally, the whole process may take at least a year. So, if you get stuck reading the news and wondering when will be a good time, you might end up waiting indefinitely.
Instead, we recommend that you start to interview custom home builders. Likewise, you don’t have to commit to a timeline when you’re testing out companies to see how they can help you. Be sure to ask a lot of questions, especially if you’re almost ready to make a decision. Then, they may be able to address your concerns in a way that makes your path clear.
Ultimately, you want to be sure that you’ll be ready to build your home. Besides, other factors like interest rates and material prices make a difference, but they’re not as vital as deciding that it’s the right time for you.
Are you ready to take the next step in building your custom home? So, contact Dawol Homes today to see why our clients call us the best home builders. Let us help you turn your vision into reality.
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Dawol Homes
9404 Hwy 17 Bypass,
Murrells Inlet, SC 29576
(843) 294-2859
Dawol Homes Sales Office
3100 Dick Pond Rd # E
Myrtle Beach, SC 29588
843-294-2859
We build homes in: Cypress River Plantation, Waterway Palms, Waterbridge, Murrells Inlet, Collins Creek, Bellwood Landing, Carolina Forest, Plantation Lakes, North Myrtle Beach, Socastee, Surfside Beach, Pawleys Island, Litchfield Plantation
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