House Building Time Has Never Been Better
In the midst of a shaky market for existing homes, many homeowners are choosing to proceed with building their own custom homes. It’s the classic American dream, and there has never been a better time to pursue it.
As Money magazine reports, building material costs are down significantly. Couple that with acting as your own general contractor and you could see a significant savings of as much as 50 percent. Of course, acting as your own general contractor requires skills, expertise and time, but can save you up to 25 percent.
Over the past 18 months, land prices in some areas of the country have fallen 20 percent. The decreased prices of building materials range from a six-percent decrease on insulation costs to a 40-percent decrease on sheetrock and drywall. Of course, all of this translates into significant savings for you.
This largely stems to the fact that builders overbuilt, then stopped building until the housing inventory thinned out a bit. That leaves supply companies and building contractors scrambling to meet their bottom line, slashing prices and recruiting every “Harry Homeowner” they can find. Just like you would be in the cat bird seat were you purchasing an existing home, you are also presently in the perfect position to negotiate on material and labor costs when building a home.
“In terms of finding land you want at a good price, this is the best market that I have seen in my 30 years of home building,” Carl Heldmann, builder and author of Be Your Own House Contractor, told Money.
So seize the day and watch the blueprint of your dreams become a bricks and mortar reality. You’ll get a smaller loan, which can mean smaller payments or a shorter term. You’ll also get more house and more land for your buck, and ultimately, your wallet will thank you.
