Should I Wait to Build My Custom Home?

With the current state of the housing market, you might be wondering whether you should meet with a custom home builder and get started on your custom home now or wait for prices to drop. Of course, there are good reasons to delay constructing your custom home, especially when prices are wildly fluctuating. But, at the same time, we don't know how long costs will continue to skyrocket. So, now might be time.

Ultimately, though, the choice is up to you. Depending on your current financial situation and personal needs, the decision will be based on your comfort level. However, if you are still having trouble deciding whether to build now or later, here's some additional information.

Why Are Building Costs Rising?

Cost of Construction

There are two main reasons building prices are at an all-time high. The first is due to the rising cost of building materials, in particular lumber. Construction prices have increased steadily over the past year. Builders estimate the time it takes to complete tasks, but labor costs can increase if any jobs take longer due to unforeseen circumstances. The estimate also covers all building materials. Delivery delays of any materials add to the price. With these higher construction costs, it is becoming more and more expensive to build homes.

Rising Cost of Lumber and Other Building Materials

As we mentioned, the price of building materials is going up rapidly. Lumber has seen the most significant price increase and is inflating the cost of home construction. The price of lumber has doubled since the beginning of 2021. And these prices aren't going down significantly anytime soon. While there has been a slight drop over the past few months, experts don't believe it will fall any lower this year.

Should You Build Your Custom Home Now?

Building a custom home is a personal choice that needs to be carefully considered. Keep in mind that the price of construction and materials is constantly in flux. So, there is no guarantee that you will pay lower prices in the future. In addition, interest rates are lower than ever. Therefore, if you have the money and time, you should consider building your custom home now.

Grayson Homes

Are you interested in building a custom home in the Raleigh, NC area? Then contact Grayson Homes today. We are a custom home builder that will help you get the house of your dreams. Stop by and look through our portfolio and see what we can do for you. Contact us at (919) 578-6222.

We look forward to hearing from you soon.