Issues with New Construction
With the housing market showing no signs of dying down, houses are still being sold the instant they are put up for sale. Thus many homebuyers are looking to construct new homes instead of looking for ones to purchase. Unfortunately, trying to construct a new house in this current period of time also comes with its struggles, one being a shortage of building sites. With climbing land prices and bidding wars on the rise, some buyers are looking to tear down old houses and rebuild them as an alternative, but this doesn't work very well either since builders and architects are swamped with orders right now. Because of this many buyers are left in the dust with one thought left in their heads: What are my options?
Stock Building Plan: Rather than developing your own custom plan, one way to quicken the construction process is to look for an existing house plan. This can cut design costs by around $7,000 while also saving you a few months of time. Even though you won't be able to completely design your house, there are still numerous styles, layouts, and room options for you to choose from. Even the exterior can vary from traditional to more modern tastes.
Custom Build: The process it takes to build your own custom home is very long and arduous. For starters there are countless decisions to make like height of ceilings, style of door knobs, and number of bathrooms. Of course, the plus side here is that you get more of what you want for your budget. Custom builds also take around half a year just to plan and secure permits, with the actual construction phase taking a year or more in non-pandemic circumstances.
Spec Home: Picking a house that a builder has completed or is currently finishing is another option. The choices you can make on the home depends on how deep into the project the builder is. The advantage here is that you can save ten to twenty percent compared to full on purchasing and building your own custom home. Additionally, if you can get your hands on a house that just started its framework, then the amount of changes you can make to the design broadens by a large amount.
With the construction and purchase of a house you also want to make sure you're considering all the factors that need to be taken into account. For starters, make sure to be realistic about the cost. Have a budget of fifteen to twenty percent more than what the expected cost of the house actually is. Size is another factor to take into account. Square footage is also the biggest determining factor when it comes to building costs. Lumber prices have also skyrocketed due to the pandemic. In conclusion, it's all about money and time. Finding and constructing a house is going to set you back a lot regardless of how much planning and preparation you do.
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