Building your own home is a dream come true for many homebuyers. When you start from scratch you can create a home that specifically suits your needs. Watching it all come together can be very exciting. But the process can also be full of challenges and complications. If you’ve never built a new home before, then there can be a steep learning curve. That’s why it pays to educate yourself about the process. Here’s what today’s homebuilders want you to know to make the experience less stressful for everyone.
Prices are going up for everything
Inflation is hitting Americans hard right now. And it is affecting every part of our lives – including building homes. The cost of supplies has gone up for homebuilders, and those costs will be passed on to you as the buyer. In addition, labor costs are also higher than they’ve been in the past, especially because it’s harder for builders to find help. Homebuilders want you to know that they aren’t hiking prices because they can, they’re raising their costs because they have to. As a buyer, if you’re concerned about rising prices, then ask for an itemized list of expenses. Reputable builders will be happy to provide you with one.
Delays should be expected
We’ve all learned more than we ever thought possible about the supply chain. Supply chain delays have plagued every part of life recently, from lumber to baby formula. While your homebuilder will provide a timeframe for the construction of your home, you should expect that there will be some delays. Shortages are real and sometimes unexpected, and your homebuilder may need to wait for needed supplies. You can help things move more quickly by making decisions early.
Changes cost time and money
What may seem like a tiny change to you can be a big headache for your homebuilder. That’s why you should expect any changes to cost you both time and money. Builders are working off the plans that you made at the beginning, and changes to those plans can have a ripple effect. Plus, homebuilders are in the middle of a busy market and may not be able to address those changes in the timeframe that was originally intended. Homebuilders would like you to think in detail about how you’re going to live in your home before construction begins. This will help to ensure that your home build stays on budget and on schedule.
Finally, it can be tempting to find ways to cut costs for your home build, especially as costs are rising due to inflation. But be aware that sometimes when you cut costs you’re also sacrificing quality. It may be tempting to go out and buy your own fixtures, but you may inadvertently purchase something that won’t hold up over time. Your builder can provide information about what products are good buys – and which ones aren’t. Investing in higher-quality brands may cost you more upfront, but will save you money in the long run.