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New construction costs going down?
Posted on 9/7/22 at 11:17 am
Posted on 9/7/22 at 11:17 am
We are looking at building a new house in about 12-18 months from now. We will be building in the suburbs of Baton Rouge. The house will be nothing high end, just a regular mediocre house. Have y’all been seeing new build costs trending downward? What is the price per square feet you’ve been seeing lately?
15
Posted on 9/7/22 at 11:19 am to lsugrldej8
quote:
New construction costs going down?
We are looking at building a new house in about 12-18 months from now. We will be building in the suburbs of Baton Rouge. The house will be nothing high end, just a regular mediocre house. Have y’all been seeing new build costs trending downward? What is the price per square feet you’ve been seeing lately?
There's a million variables in your simpleton questions.
Posted on 9/7/22 at 11:22 am to lsugrldej8
Material costs are still pretty high. I run around with several custom home builders here in Houston and they have said there are still massive supply chain issues. Sometimes it's garage doors. Sometimes it's gutters. Sometimes it's people.
Labor pay and finding actual dependable laborers is also still an issue.
Labor pay and finding actual dependable laborers is also still an issue.
Posted on 9/7/22 at 11:35 am to lsugrldej8
commodities (metals, lumber, etc) are coming down. assembled or manufactured goods (doors, windows, cabinets, etc) are still way high and labor is an ongoing problem with no real solution in sight
Posted on 9/7/22 at 11:36 am to idlewatcher
quote:
Material costs are still pretty high.
Materials as a whole are high but one of the largest factors in the cost of building, lumber, is at a low not seen since June of 2020.
From a high of 1450 per linear foot to 477 today.
This post was edited on 9/7/22 at 11:36 am
Posted on 9/7/22 at 11:49 am to SlidellCajun
Honestly I’m surprised that people are still building new homes in this current economic climate, and not to mention interest rates that have been steadily rising.
Posted on 9/7/22 at 1:12 pm to Paul Allen
quote:
Honestly I’m surprised that people are still building new homes in this current economic climate, and not to mention interest rates that have been steadily rising.
got to live somewhere. Better to build a high priced house than buy one and have to remodel that POS
Posted on 9/7/22 at 1:30 pm to idlewatcher
quote:
Labor pay and finding actual dependable laborers is also still an issue.
Huge issue. Good subcontractors have also realized that they've got a good bit of leverage throughout this whole ordeal. I don't really see new construction costs going down any time soon - at least in a meaningful amount.
Posted on 9/7/22 at 2:20 pm to lsugrldej8
quote:
New construction costs going down?
(Some) material costs are going down but the labor costs are rising and offsets a good bit of that. There is also a lot more that goes into a house than just lumber.
Trying to time the market 12-18 months out is nearly impossible and the best best is to assume overall costs are going to rise.
Posted on 9/7/22 at 3:49 pm to lsugrldej8
I spoke with multiple builders in East TN recently about building a nice home out there. I was quoted 250-280/sq ft for just construction. That didn't include price of land.
This differs in location and quality of home that you mentioned but it is a data point, even if limited in value.
This differs in location and quality of home that you mentioned but it is a data point, even if limited in value.
Posted on 9/7/22 at 4:06 pm to Milesahead
quote:
I was quoted 250-280/sq ft for just construction.
High end custom home is about the same in the northshore (of NOLA) area.
This post was edited on 9/7/22 at 4:07 pm
Posted on 9/7/22 at 6:28 pm to lsugrldej8
I do not think prices are coming down anytime soon. I think it's flat. We have seen lumber come down, but most other items are holding rather than going up. Labor going up is starting to gobble up at savings from lumber. You can still get a normal house with builder grade finishes on your lot in the $125 total sqft (that's porches/garages incl) price range. That's about $160/sqft living with normal ranges of porches and garages.
Posted on 9/7/22 at 8:11 pm to Libertariantiger
I paint new construction and both sherwin williams and ben moore went up another 14% last week and it never comes back down!
Posted on 9/7/22 at 8:28 pm to lsugrldej8
quote:
We are looking at building a new house
Good luck - seriously
Posted on 9/7/22 at 8:50 pm to Milesahead
We're in the process of building (and have been since the spring) a house towards the bottom-end of that range. Honestly, already built homes in our price range around here are around $200-225/sf so at those prices I'd rather spend the extra money for brand new.
Posted on 9/7/22 at 9:46 pm to Donzi Tiger 1
quote:
paint new construction and both sherwin williams and ben moore went up another 14% last week and it never comes back down!
Yeah
Paint is seriously expensive these days
Posted on 9/7/22 at 10:41 pm to lsugrldej8
I'm in the same area and moving in to mine next week. Expect $185/sf without land/landscape/driveway, just the house.
Posted on 9/7/22 at 10:53 pm to idlewatcher
quote:The incoming recession is about to change that part. It's about to get really bad. Massive inflation coupled with massive layoffs.
Labor pay and finding actual dependable laborers is also still an issue.
Posted on 9/7/22 at 11:37 pm to lsugrldej8
We're in the process of talking to contractors and whatnot to build a new house on our cattle farm and tear the existing one down.
It isn't cheap. I was hoping it would be cheaper than a tear or so because interest rates have gone up and I don't finance shite. No such luck so far.
It isn't cheap. I was hoping it would be cheaper than a tear or so because interest rates have gone up and I don't finance shite. No such luck so far.
Posted on 9/8/22 at 6:37 am to lsugrldej8
We live in the home my wife owned before we started dating. 2 people working from home and a new baby make things incredibly cramped in a 1900sqft home.
We bought some acreage right before the pandemic with intentions to build. We are wrapping up plans now and would love to start construction, but I don't know if it's the best time to start (I am sure it's not). On the other hand, will it ever be the right time?
We have even been looking at homes around our property as a temporary residence just to give us some space in the short term and allow me to better keep up the property until we build.
Home prices are still so high that we would be spending 80% of our custom home on something we don't really want.
I think our move is just to go ahead, start building and hope for the best. Though, I really wish someone could look into a magic 8 ball and tell me when construction costs will be falling.
We bought some acreage right before the pandemic with intentions to build. We are wrapping up plans now and would love to start construction, but I don't know if it's the best time to start (I am sure it's not). On the other hand, will it ever be the right time?
We have even been looking at homes around our property as a temporary residence just to give us some space in the short term and allow me to better keep up the property until we build.
Home prices are still so high that we would be spending 80% of our custom home on something we don't really want.
I think our move is just to go ahead, start building and hope for the best. Though, I really wish someone could look into a magic 8 ball and tell me when construction costs will be falling.
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