Building Your Forever Home in 2023

buying a home Deanna Picinich October 3, 2023

 Building Your Forever Home in 2023: Is It a Wise Move?

As we approach the end of 2023, you might be wondering if it's the right time to embark on the journey of building your forever home. With rising inflation affecting the cost of building materials and homes, it's a question on many minds. Let's dive into why 2023 might just be the perfect time, along with some key insights to help you make an informed decision.

Why Build in 2023?

  1. No Time Machine: While building your dream home in 2019 might have been more cost-effective, time travel isn't an option. Prices have risen, and reversing that trend isn't likely. Instead, consider locking in today's prices.

  2. Lumber Prices: Fortunately, lumber prices have stabilized somewhat compared to their astronomical highs in the recent past. While they might not be as low as pre-pandemic levels, this represents an opportunity to save on materials.

  3. Cost-Efficiency: Building your dream home doesn't mean breaking the bank. Look for opportunities to cut costs without sacrificing your vision. DIY projects, if you're handy, can significantly reduce labor expenses.

Investing in Your Future

  1. Long-Term Gains: Building your forever home is an investment in your future. Real estate generally appreciates over time, and even with current material and labor costs, you're likely to see a return on your investment if you plan to stay in the home long-term.

  2. Customization: When you build your own home, you have the luxury of tailoring it to your exact preferences. This means getting the features and design elements that align with your vision for the future.

Financial Flexibility

  1. Refinancing: While current interest rates might be higher than ideal, you can always explore refinancing options down the road. Interest rates tend to fluctuate, and in a few years, you might find an opportunity to secure a more favorable rate.

Final Considerations

Building your forever home in 2023 presents a unique opportunity. While current material and labor costs may be a deterrent, remember that you're investing in a future where your home appreciates in value. Even if it's not your forever residence, holding onto the property for three to five years could yield a promising return.

If you're curious about the pros and cons of building your dream home in 2023, I'm here to help. Contact me today, and let's explore your options and make the right decision for your future. Your dream home awaits! 🏡💫 #BuildingYourDreamHome #RealEstateInvestment #2023HomeConstruction

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Whether you're a first-time homebuyer or a seasoned real estate investor, DeAnna's expertise and dedication to your success will exceed your expectations.