Are you dreaming of building your custom home, but unsure if now is the right time to embark on such a project? After years of planning and saving, you’re excited to start building your custom home. However, you may wonder if you should wait due to a cooling real estate market.
While it’s understandable to have these concerns, for most of our clients, building a home in 2023 is a suitable option. If you’re on the fence about the right choice, Westlake Development Group is here to tell you why right now is actually the perfect time to undertake a custom home project.
The labor base is widening
Today, there is greater availability of subcontractors to work on your project. This can be incredibly beneficial in a number of ways. First and foremost, having a wider pool of subcontractors to choose from can help you find the right team for your specific project. It also means that there is less competition for the subcontractors that are available, which can lead to more reasonable pricing and potentially faster project completion times.
Overall, the widening labor base is a positive development for anyone looking to undertake a custom home project as it can help ensure that the project is completed efficiently and to your satisfaction.
The supply chain is getting ironed out
Another reason why it’s the perfect time to undertake a custom home project is that the supply chain is returning to normal. In 2023 and beyond, we expect fewer problems and disruptions in the process of obtaining the materials and supplies needed for your project.
When the supply chain is functioning smoothly, it helps ensure that your project stays on track and on budget. You’ll be less likely to encounter unexpected delays or cost overruns due to issues with obtaining necessary materials. The improving supply chain is a positive development for anyone looking to start a custom home project, as it can help make the process smoother and more predictable.
Product costs are more stable
In fact, you’ll likely see a more stable pricing structure than we saw last year. We saw a 30% increase in product costs during the last 12 months, while this year, we’re looking at an average increase of 8%.
When product costs are stable, you’ll have a clearer understanding of what to expect in terms of budget for your project. This can be incredibly beneficial, as it allows you to make more accurate financial projections and can help you avoid unexpected cost overruns.
Additionally, stable product costs can make it easier to compare prices and get the best deals on materials and supplies for your project. Overall, the stability of product costs is a positive development for anyone looking to start a custom home project, as it can help make the process more predictable and allow you to more accurately plan for the financial aspect of your project.
When you should wait to build a custom home?
Are you still unsure about whether now is the right time to build a custom home? It’s natural to have doubts and second-guess yourself, but it’s important to remember that building a home can be a beneficial decision for many people. However, there are some circumstances where it might be more advisable to wait a year or two before embarking on the house-building journey. Let’s take a look at some of these scenarios.
1. You can’t afford to build a home
Building a new home can be a costly endeavor. If you are unable to afford this investment at the moment, it may be more financially feasible to continue searching for an existing home to purchase. Alternatively, you can consider saving up and planning to build a custom home in the future.
2. You can’t wait for a new home
The process of building a custom home can be time-consuming, often taking a year or more to complete, especially during busy times. If you have a pressing need for a new home and cannot wait for the construction process to be completed, it may be necessary to consider purchasing an existing home as a transitional option. This will allow you to have a place to live while you plan and build your dream home in the future.
3. The timing isn’t right
There may be certain times in life when it’s not advisable to undertake the significant task of building a new home. For example, if you are going through a difficult period or experiencing other major life changes, it may be wise to wait until things have settled down before taking on the added responsibility and stress of a home construction project. Additionally, building a new home requires a significant amount of time, effort, and resources, so it’s important to ensure that you can fully commit to such a project before proceeding. It may be best to wait until you are in a more stable and secure position before beginning the process of building a new home.
So should I undertake a custom home project?
Ultimately, the decision to build a new home is a personal one that depends on your individual circumstances and readiness. It’s important to have a solid financial plan in place and to have your life somewhat settled before embarking on such a significant project. While favorable market conditions can be helpful, they aren’t necessary. Ultimately, the right time to build a house is when you feel prepared and able to commit to the time, effort, and resources required. If you have the means and desire to build now, don’t let anything hold you back.
Ready to build a custom home? Transform your vision into reality: start building your dream home today!
Can you picture your perfect home?
If you’re ready to turn your dream of a custom home into a reality, Westlake Development Group is here to help. With over 30 years of custom building experience, Westlake Development can walk you through the entire process. From acquiring land to creating a design you’ll love to final construction, we have the experience, knowledge, and motivation to make your dreams a reality.
Take a look at our award-winning custom home design and construction work – view our gallery here.
Contact us online today or call us at (503) 327-8351 to get started!