Building a Custom Home On Your Land in the Post-COVID Era
During the peak of the pandemic, things got stupid.
Building costs got stupid, material availability got stupid, lead times got stupid…and let’s not talk about the government!
The most bizarre thing of all is that the housing market got stupidly busy. It became a seller’s market, with homes for sale getting snapped up in bidding wars on the first day they were listed. Home construction sites slowed to a crawl due to the heightened costs of building materials and a severe labor shortage.
I hear all kinds of reasons for why the housing market got so hot, and it’s probably a combination of things: people were moving out of cities to prevent the spread of the virus, they were working from home for social distancing purposes, and nationally we had low-interest rates. Now post height, we’re facing somewhat higher interest rates, although still very low from a historical perspective.
Then there are all the supply issues that originally got blamed on COVID but have continued after the height of COVID infections were over: high fuel costs, shortage of trucking, truck drivers, railroad workers, and labor in general.
How does this economic activity affect my long-term building plans?
So what does all of this mean for the person or family who has been dreaming of, planning for, and saving for the ultimate goal of building a home on that special piece of land?
It means higher costs and longer build times for sure. Based on everything I read and hear, higher costs are here to stay. Anyone holding out for costs to come down is going to be disappointed, and will lose that time that could have been spent saving for that dream.
I encourage those who aren’t ready to give up on the dream just because of the post-pandemic economic downturn to heed my advice. The same philosophy that was valid before COVID is still valid today.
If you’re going to invest the time, energy and money in building a new home, you should get exactly what you want and not settle for something less because it’s cheaper.
What it’s Going to Take to Get Your Home Built After the COVID-19 Pandemic
Do you want a builder who is cutting costs by buying cheaper materials, hiring cheaper contractors, or cutting corners operationally? Or would you rather hire a builder who offers more value for the money you’re already going to spend, and can give you more bang for the buck?
I’ve written blogs in the past about how to find the builder who is compatible with you and your goals, who will listen to you and help you reach your goals in a way that maximizes your results given your particular budget. These principles still apply but are even more critical given the times we live in and will be living in for the foreseeable future.
Turner & Son is the Builder You Can Trust
There’s never a “perfect” time to do any of those big, life-changing things, like get married, have kids, go back to school, or finally live the life you’ve always dreamed of. There will always be hurdles. The only difference is the kind of hurdles. The key is deciding that you’re going to clear the hurdles one way or another and go about finding the partners who’ll help you get it done.
If you’re looking for that perfect partner, we have a lot more tips in our ebook, From Raw Land to Forever Home. If you are ready to stop dreaming about your perfect home build and start actually building it with a trusted homebuilding partner, then this resource is just what you need.
We put this ebook together to help people like you navigate the complexities of home building. The best part? It's free! Get your copy today.