Are Lumber Costs Too High to Build a Custom Home?
If you pay attention to the markets, you will already know that lumber costs have soared recently, which got a lot of publicity, but then they also came way down closer to the normal price range. The rise in lumber generated a lot of news coverage but the return to the historic norms did not. Of course, it takes a lot of lumber to build a home, so you may be wondering if you should wait on building your home until those prices drop even more. The short answer is no – now is still a great time to build a new custom home. For the longer version of that answer, read on.
As a leading builder of custom homes in Greensboro, Don Mills Builders should be one of your first calls as you plan a custom home project in the area. When quality is at the top of your priority list, Don Mills is the right choice.
Seeing the Big Picture
There is no way around the reality that higher lumber prices mean it will cost more to build a home. But just because something costs more than it used to doesn’t mean now is not a good time to build your custom dream home. For one thing, no one can predict markets with any certainty, so prices may go back up and elevated lumber prices may simply become the norm going forward. It isn’t known if or when those prices will bottom out or what they will be next month or even next year. So, you could be putting off building your house for years only to find that the prices never did return to their old low levels.
Instead of betting on lumber prices, and delaying this exciting project, just consider the cost of building your custom home as it is today. Does the project fit into your budget currently? Will you be able to build the house of your dreams for a price that makes sense for your family? Those are the important questions to ask, rather than worrying about lumber prices that can vary from year to year and month to month.
Affordable Lending
Another important factor in this equation is the low mortgage rates that are currently available for many borrowers. What you will have to spend in additional lumber costs may be more than offset by the savings you’ll enjoy through locking in a mortgage at the current low rates. You may find that these rates go back up once lumber prices come down, meaning you wouldn’t end up saving anything even if you waited. In fact, you’ll probably be happy to pay a bit more for wood if it means you can lock in a low mortgage rate that you will be enjoying for the next 30 years.
Create Your Legacy
There are few projects you can take on that will be quite as exciting as building a custom home. That’s particularly true when you work with a respected builder like Don Mills, as the finished product will be something you can’t wait to show off to family and friends for years to come. Lumber prices are just one of many factors that come together in determining the overall cost of a home, so don’t focus too much of your attention on this one piece of the puzzle. Work with a great builder, pick out the perfect lot, and look forward to the day that you can move in.
