With the price of materials on the rise and inflation hitting hard, many future homebuyers are wondering whether buying a home or building a new, custom home is their best option. 

The current housing market is in flux and has become quite competitive, driving the price of homes upward. 

With an uncertain supply chain of building supplies, rising costs, inflation, and a competitive housing market, which way is the best way to go? 

Here are 5 things to consider when deciding if building a new construction home in 2022 is right for you.

Create Every Detail of Your Dream HomeGet the home you want in the first place to avoid future remodels.

With rising building costs and uncertain delivery times of lumber, glass, and building supplies paired with supply chain shortages, many future homeowners are looking to build a home that is perfect for them already so they won’t need to remodel directly after buying. 

When building a custom home, you have input on each element of the build from the floor plan to the materials used. Building a home around your current lifestyle and needs with all new materials is the best way to ensure that the home fits your standards and won’t need remodeling in the next few years. 

No Need to Worry about the Competitive Housing Market

The current housing market is competitive and volatile. When dealing with home bidding wars, homebuyers could spend hours researching a home and taking the time out to view the home, only to be outbid by another homebuyer or conglomerate. 

Avoid falling in love with a home only to be outbid by another buyer. When building your own home, you won’t have to worry about the housing market competition or losing out on the perfect home. Investing your time and money building a custom home is a smart way to avoid wasting time on dead-end bids and puts you closer to enjoying your dream home.

Expect Delays and Extra Costs

If you choose to build a custom home or a new construction home, be sure to remain flexible to allow for delays due to delivery times or supply chain issues. You’ll also want to remain flexible with your budget and expect things to cost a little extra and for prices to increase without notice. 

If there are no time constraints on your move-in date and you have a flexible budget, building a home could be the way for you to go. If, however, you have a deadline on your move-in date, buying a home could be the best option as buying a home is more straightforward and typically will run on schedule. 

Plan Alterations Due to Supply Chain Shortages

When building a custom home, prepare for the possibility of needing to alter your original home plans in response to supply chain shortages. 

Due to the pandemic, many businesses have needed to shut down or pivot their usual business model. This may mean that some building suppliers have to limit their production, adjust delivery times, or discontinue certain products. 

Keep in mind that your custom home plan may need to be adjusted at any moment to accommodate the unexpected shortages that are occurring across many industries during this time. 

Adjusting Your Budget- Changes in Cost Estimates due to Rising Costs

Another thing to consider when planning to build a new construction home in 2022 is fluctuating costs. Many businesses are being forced to give their employees raises, raw material costs are increasing, delivery prices are increasing. Pricing may vary and may be subject to increases. 

This may make it difficult to stick to a hard and fast budget. If a change in budget is not something that you’re able to accommodate, buying a house may be the better option as rates can be locked in and once you close it’s a done deal. 

If you do choose to build a custom home or a new construction, expect frustrating changes in budgets as supply chain shortages and rising costs affect businesses and consumers on many levels. 

Are you ready to get started planning your custom home or new construction home? 

At SWP Custom Homes, we are personally invested in our community of Godley, Texas; it’s where we live, raise our families and work.

SWP Custom Homes is the perfect blend of the old and new. We have combined our half of a century of experience in the home building and land development industry with a commitment to technology. Using our industry leading construction management and specification building software, we improve the homebuyer’s experience. Our combined wisdom and increased efficiency are the driving force with how we move our clients from first meeting to construction without extended wait times.

SWP Custom Homes uses the fixed cost method of pricing. We take the time upfront to understand everything you want and expect in your new home. This method sets a realistic budget for your home and minimizes additional extras and change orders. We provide step-by-step assistance throughout all phases of the home building process. We are involved before, during and after your new home is complete. We are committed to providing all the information needed so our clients can make informed decisions throughout the home building process.

Contact us today and let our professional help you plan the home of your dreams!