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Why is Now the Time to Build?

Posted on Jun 11, 2020
time-to-build

The economy is beginning to ramp back up and more new building starts rest on the horizon. Yet, some future clients remain uneasy about moving forward with their custom home projects. Of course, each person must evaluate their own financial situation before determining the best time to build. Here are four points of consideration that may assist you in deciding if you should wait or move forward on your timber home journey.

  • Building costs are continuing to rise
  • Mortgage interest rates are still low
  • Quality builders are eagerly looking for projects
  • Our remote design capabilities today help you to build tomorrow

Building Costs

With the recent pandemic and the subsequent shutdown, the economy has taken a major hit that impacted the construction industry.  Supply chain delays and a reprioritization of materials have forced some builders to use alternate materials that are more expensive to get the job done. Due to these and other extraneous factors, building costs are projected to rise again this year just like they did in 2019 when they rose by 2%. With the average lifespan of a building project at three to five years, inflated prices and limited services could have a disastrous effect on your project’s construction budget. By starting your project now, you reap the best economic benefits for your custom home. If you can afford it, now is the time to start. [1]

Low Interest Rates

At some point, the interest rates will rise, but for the time being, they are still low. Although changes in mortgage rules require a larger down payment right now, once you qualify, you will receive the best interest rate. This results in a smart long-term investment. Whatever you are feeling about real estate, it remains excellent protection against inflation as it continues to grow in value.

Quality Builders are Available

During this pandemic, many builders had projects put on hold. Uncertainty has a major effect on builders and homeowners alike. As a result of this delay, many qualified builders are eager to make up for lost time with new projects. With builders eager to pick up new projects as society reopens, you are more likely to attract quality contractors. In the near future, these qualified builders will not be immediately available. This means you may either need to wait longer to start your project or use a less qualified general contractor. [2]

Remote Design: Be Prepared, When the Time Comes

At Riverbend, we have always had the option to complete our design process remotely. In recent months, we have seen a definite uptick in the utilization of our remote services as new clients enter our design process. And, completing the design process remotely is no different than completing it in-person. It all begins with the initial design meeting where your designer sketches out your plan in real time. After the Riverbend designer creates your home based on your input, he will present the design to you. At that point, you will walk through a virtual reality tour of your home. Only after you are completely satisfied with the design, do you move into a materials contract with us.

The fact that you contract for your design and your materials package separately means that you control the timing of your project. Just remember that it can take a year to two years, to complete the design process, construction, and into your timber frame home. Start working with our design department now, so you are ready to start building as soon as you see the opportunity.

If you want to build your timber frame home in the next two to three years, it is a smart bet to start your design now while the interest rates are low, building costs are less affected by inflation, and the skilled labor force is available. With our ability to design remotely, this is a historic time with historic opportunity.

References:

[1] https://www.cpexecutive.com/post/construction-costs-continue-to-rise-in-2020/

[2] https://www.curbed.com/2020/3/30/21199753/coronavirus-covid-19-construction-industry


Need More Information?

Whether you’re looking for more information or would simply like to learn more about us and our services, don’t hesitate to contact us. Please follow the link below to access our online form or call us at 888.486.2363 in the US or 888.999.4744 in Canada. We look forward to hearing from you.

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