My husband and I want to build a house this year. This has been something we have been working toward for 4 years, and of course the year we are ready is when the cost for construction materials has skyrocketed.
We have been talking with a builder who we really like. They will be ready to take building contracts for their new subdivision sometime in May, given that everything goes smoothly for them. The concern that we have is how incredibly expensive the houses are now compared to just two years ago!
The model we are looking at is 1548 sq. ft. and the current cost for our area is $220/sq.ft. Two years ago this model was $298k, while today it would cost $340k. Our absolute maximum we would be comfortable to spend is $370k. That only leaves us $30k for any upgrades to the house, pay for any lot fees if we choose a bigger lot, and for room to roll closing costs into the loan if we don't have enough saved up.
Is it worth it to build this year? Buying a house is just as crazy as building. Nothing in our area stays on the market for more than 24 hours before there is an above asking price offer on it. Should we wait another year for the market to go down? Or would it be worth building this year? We would be using a VA mortgage and we both have good credit.
Submitted April 05, 2021 at 08:20PM by _EssentialNPC_ https://ift.tt/3cUgruB
