In recent times, the housing market has experienced an unprecedented surge in activity, setting records that haven’t been seen in years. Across the nation, houses are hitting the market and, astonishingly, disappearing within a mere week on average! While this is undoubtedly great news for homeowners looking to sell their properties, it presents a considerable challenge for those in pursuit of their ideal new home. The fierce competition in a housing market that struggles to meet the soaring demand is making the prospect of constructing your own dream home all the more enticing. As we delve into the intricacies of the current housing market, you’ll come to understand why the present moment might just be the perfect opportunity to embark on your journey to create your own unique barndominium. Here’s why…
3 types of building methods to choose from saves you more
Everyone likes options and here at BuildMax we give you options that save you tons of money. Lumber prices may be lower but steel prices are still on the rise. The option to stick build a barndominium or use a metal building package is a huge benefit. If you are not completely stuck on a steel frame you can always stick build the house and use metal siding and a metal roof. This method could save you a lot of money and you won’t be able to tell the difference in the finished product. A lot of the cost savings in stick building verses using steel is that even when you steel frame the house you still have to frame the exterior walls. Many parts of the nation use pole barn or post frame construction to save even more money, the options are endless. You could even use ICF and pour concrete walls, to build your barndominium, bet you didn’t see that one coming.
The tumultuous ride of building material prices took us to astronomical heights during the Fall and Winter of 2020. However, as of the time of writing this article, there’s a notable trend of these prices considerably stabilizing. To illustrate, let’s consider a sheet of 7/16″ OSB, which once reached an exorbitant $65.00 during the peak of the Covid epidemic. Today, that same sheet of OSB plywood is priced at a much more reasonable $17.00. This positive shift in lumber prices across the board is making the prospect of constructing a stick-built barndominium exceedingly appealing.
But the question arises: can a stick-built barndominium hold its own against a steel counterpart? The answer is a resounding yes! BuildMax, for instance, offers barndominium floor plans designed to accommodate three different construction methods while maintaining a consistent overall aesthetic. This means that regardless of whether you opt for wood or steel, you can achieve a stunning and equally appealing barndominium design.
Interest rates remain at historically low levels, and this consistent trend has become somewhat of a norm in recent years. However, the pressing question is: how long can we realistically expect this to last? History shows that interest rates tend to fluctuate, often catching many individuals off guard when they begin to rise. It’s important to recognize the significant impact even a one-point rise in interest rates can have on your financial obligations. To illustrate this, consider borrowing $300,000 at a 4.5% interest rate, which would result in paying $247,000 in interest over time. In contrast, a 5.5% interest rate would require you to repay $313,000 in interest – a substantial $60,000 difference. Given the current low interest rates, now presents an ideal opportunity to embark on your barndominium project.
Furthermore, as the barndominium trend continues to gain momentum, there’s an abundance of choices available when it comes to selecting the perfect design for your new home. At BuildMax, we offer a wide array of stock barndominium floor plans, and we’re equally equipped to craft custom barndominiums from scratch. Many of our clients approach us with nothing more than an idea or a Pinterest board in hand, and our seasoned house plan designers collaborate closely with you to bring your dream barndominium to life. Even if you opt for one of our existing plans, we provide the flexibility to tailor it to suit your family’s unique needs. Don’t hesitate to reach out to us via phone or text to kickstart the journey toward making your barndominium dream home a reality sooner than you may think.