Is now a good time to build a home?
This is a tricky question because the answer isn’t as straightforward as you might think. Many people say:
"I’m going to wait until interest rates drop."
"I’m going to wait until the market changes."
"I’m going to wait until building prices drop."
The truth is, it’s impossible to predict the perfect time to build or buy. Waiting for the 'ideal' moment won’t always work out. What truly matters is getting into the market—the sooner you do, the more opportunity you have to benefit from long-term growth after signing your contract.
The Questions to Ask
Before deciding to build, consider these two key questions:
Can I afford to build now?
Is it the right time for me personally?
If the answer is yes to both, then it’s the perfect time for you!
Building in 2024: The Challenges
Building in 2024 isn’t as scary as it might seem. However, there are some challenges to keep in mind:
Post-COVID Shift: We’re moving away from the massive building boom that followed COVID-19. This means building companies are operating differently, and some are slowing down after a period of major growth.
Rising Material Costs: Prices for building materials have gone up. That’s why it’s important to request fixed pricing in your contract to avoid unexpected cost increases.
The Upside of Building in 2024
There are also some good things about building in 2024:
Slowing Demand: Higher interest rates have slowed the demand for new builds. This means there’s more availability of labor and materials, which can speed up your project.
Faster Builds: With more resources available, builders can work faster, helping you avoid delays often caused by shortages of materials or labor.
While building in 2024 comes with its challenges, it’s really no different than any other time. The most important thing is to make sure you’re personally ready—both financially and emotionally—to take on the building process. The impact on your lifestyle and finances should be a key consideration.
Ultimately, 2024 can be a great time to build your home. Just make sure you do your research, choose a reliable builder, and set yourself up for success by being across the details of your contract.
Happy building!
Annelyse
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Written by Annelyse, Building Contract Enthusiast, Project Manager, and founder of Build Together Project Management.
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