Building Costs Are Up, But There Are Options

Costs are rising in every industry and the building industry is not immune for many reasons.

Food costs are up. Fuel prices are up. And real estate and building costs are following suit, causing some desirous homeowners to feel like they have no options right now. There is no doubt that it is more challenging these days. The construction professionals of B. Chaney Improvements may have options for you.

The upward trajectory of construction spending itself can be attributed to many factors including inflation, labor costs, rising insurance rates, materials and even permitting costs. This is according to the NAIOP building website.

One building expert pointed to the overall costs of building materials, giving the example of a 4′ x 8′ sheet of building material costing $6 prior to the pandemic, $50 during and now settling around $15. The high cost of concrete and sub-contractor services over the last four years have also jumped significantly. This doesn’t even take into the consideration the elevated interest rates. The combination of the two means cash buyers and those financing are squeezed by the current climate.

On top of all those factors is the demand, as the greater Charleston, SC area has a constant influx of new people moving in, putting pressure on the real estate market.

These realities often discourage those considering building their dream home, because they just don’t see the same value as a few years ago. However, scaling back plans now can change that perspective. Another approach is to build in phases. Building what you need now and planning add-ons to complete the dream home later can be an effective approach.

The best idea is to meet with builders and ask questions.

Plan to Meet with Brad of B. Chaney