What, are we crazy to suggest such a thing? Nope. Actually, like a good market contrarian, we can list a few very solid business reasons to build NOW.
1. Architects and Home Designers are either totally slammed working on major renovations for their top clients who may have decided to stay put or age in place... or extremely grateful for a nice plum ground up custom design to work on.
2. Builders are largely under-employed right now, so you will enjoy a choice of builders who are more willing negotiate your price and expect fantastic service.
3. Borrowers with high credit scores (720 or better) and sufficient assets to back up their project will have banks falling all over themselves to assist a custom project.
4. Builders can forget funding their own spec or custom homes (unless their client is taking on the financial risk) so you, Mr or Ms. Borrower will have all kinds of respect and control of your custom project coming your way.
5. Land values have plummeted due to the lack of developers able to fund construction projects so you will have more choice of lots going for rock bottom prices.
6. Materials costs are down for sheeting products, i.e., OSB board, plywood and other locally accessed products due to lesser demand.
7. Subcontractor labor costs are lower: $3.50 per square foot to frame a custom home now down from $6.50 psf last year (local source our region).
8. Green technologies are enjoying some very cool stimulus energy tax credits for solar and other alternative energy systems, so you can add some hot new upgrades to your home for great energy savings and better quality of life.
9. Energy efficient appliances are also enjoying local rebates from the appliance manufacturers as well as your local Public Utilities companies.
10. Better lighting design, including super efficient LED products are coming on the market that present huge energy and health benefits over current high efficiency models.
Whats not to like about all these advantages to building your home the way you want it for less $ per square foot? Just don't wait for the next wave of contrarians who can't find a nice spec home with all the perks of custom homes to get the message!
Happy custom building!
© 2009 susan templeton
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