SHOULD I BUILD NOW? or WAIT?

The decision to build a house is not one to take lightly and should be done with caution. There are many things to consider before you make your final decision. There’s the location, the price, and even what style of home you prefer. So if you’re asking yourself the question: “Should I build a house now or wait? There are some things you should consider before making your decision. The events of the last several years have been unprecedented. Between supply chain issues, skyrocketing materials prices, and volatility in a hot housing market, it can be overwhelming. Overall, right now is still a good time to build a home and invest in your future. Yes, it would have been ideal to have completed a project today before everything went haywire, but you can’t go back in time. So what should you be thinking of if you want to pursue building a home? Rates are rising as a response to tamp down rapid inflation, which is also hitting the wallets of owner-builders, contractors, and suppliers. Fortunately, it does seem that the Financial Market is being a bit more cautious with its rate hikes and may be slowing the rate at which it raises interest rates generally. Be prepared to pay more for some new materials, but not across the board. The materials supply issues that belabored everyone in 2020 through 2022 are easing and some costs have come back down to pre-pandemic levels. But costs and lead times are not dropping across all product types. Fortunately, there are many ways to save money as you build. This is especially true if you plan to build somewhat unconventionally, or plan to do much of the work yourself.

CONCLUSIONS: SHOULD YOU BUILD A HOUSE RIGHT NOW?

The short answer is: MAYBE. It depends on your own financial readiness and how willing you are to take risks. The general consensus seems to be:

1. Be ready to wait for items you need or want.

2. Cushion your budget to prepare for price increases.

3. Be willing to do some (or all!) of the work yourself to save money and/or time.

4. Look into unconventional building practices as a way to save money.

5. PLAN PLAN PLAN but be prepared to pivot.

How to Avoid Change Order Conflicts?

One of the most significant construction site disruptions doesn't come from the weather, unavailability of materials or broken-down equipment—it's from the client. Last-minute changes and demands of the project can turn the entire project on its ear. Preparation is the best way to protect the workflow. Even the included clause in the contract that specifies the consequences if a client makes changes after the job is underway, is even neglected and taken for granted. The exact details will depend on the project but could include things like an extended deadline and additional funding. Communication will also make a difference here. Parties should clearly address the reason why a client needs a change, and work to manage their expectations for the updated timeline and costs. Clients must also understand that changes incur additional cost from the original contract, additional tools and equipment, additional manpower, additional materials that will also add working days on the original deadline. Getting everyone involved on the same page as soon as possible can reduce the risk of bigger disputes down the line. And all this claims must be backed by sound records and facts. Approved and duly signed job quotations and plans. Its great to know that both parties should understand and collaborate on the proper process on documentation and respecting the covenants of contracts. If concerns and disputes arises, both parties shall dutifully investigates on facts and records to avoid conflicts. Still, it is best to adhere on both parties approved plans, agreements and covenants. Keeping the project on track and on time lies on both parties involved. They say proper preparation and documentation prevents poor performance, and that goes double for construction sites. These step can help avoid worksite disruptions and augment efficiency while providing an additional layer of protection to keep things running smoothly. And most importantly, the financial obligations shall be duly addressed by the client prior to implementation-by doing this we can avoid future conflicts on financial matters.

Is it the Perfect time to Build?

Could you time it? When is the perfect time to build your Dream Home? I think not, time is a commodity that once lost will not come back. Could you call back the time when your child was 7 to 8 years old? Most certainly not, those times are not coming back, you wish they did. The right time is whenever you are physically and financially able to build. Time is priceless, so are your children and the family. These values outweigh any other currency they are measured against. Imagine the moments lost in contemplating while your children grow up and move out of your house. The luxury and warmth your custom build home brings you is the best gift you can give to yourself, second to none. You will live to thank yourself if you got off the fence and made that call. Try it, for a one-stop turnkey operation from designing, permitting, construction, smart home technology, solar panels and commissioning of your Dream Custom Build Home, please Call us Wallpro Systems & Construction Inc at your service!

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