If you ask homeowners across the country that have built their own homes if they wish they would have waited to build, many will say yes! If you rush into your build without really knowing what the housing market is doing at the time, then you might get over your head. Knowing the inner workings of the housing market can be a huge revelation to many builders. The housing market fluctuates daily and will affect the overall cost of the build and what it is ultimately worth on the market when it’s finally finished.
Lately the housing market has been hotter than we have seen in years. On average across the country, houses are staying on the market for less than a week! This is fantastic news for someone needing to sell a home, but not necessarily for the family who is looking to buy a new home. The competition is fierce when the demand for housing is not being met. The high demand makes building your own home an ever more intriguing option for families who are searching for their dream home. Now may be the perfect time to build your barndominium. Here’s why…
Building material prices are down
Building material prices went to the moon and back in the Fall and Winter of 2020 but as of the time of this article, they have started to considerably level out. For example, a sheet of 7/16″ OSB cost as high as $65.00 at the peak of the Covid epidemic but today that same sheet of OSB plywood costs $17.00. Lumber prices across the board are looking much better making a stick built barndominium look really good. But will a stick-built barndo look as good as a steel barndominium? Well of course they can! BuildMax designs barndominium floor plans so you can build using three different methods while keeping the overall look the same.
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.
Interest rates are still low
We have become accustomed to lower interest rates in the last few years but how long will that really last. historically rates will be low but then they will rise and catch many people off guard. The difference a one point rise in the interest rate makes is substantial. For example, if you borrowed $300K at 4.5% interest you would pay $247K in interest. But a 5.5% rate causes you to pay back $313K that’s a $60K difference. Rates are low and that’s just another good reason to build a barndominium now.
Lots of barndominium plan choices
With the barndo boom on the rise there are lots of choices when choosing a new barndominium. BuildMax sells stock barndominium floor plans and we also custom design barndos from scratch. Many clients come to use with just an idea or a Pinterest board in hand. Our senior house plan designers will work with you to design the perfect barndominium. You can even modify our current plans just for your family. Give us a call or send us a text to get started today. Your barndominium dream home may become a reality quicker than you realize.