Whether you’re looking to buy or build a house if you’ve been in the home market recently you may have noticed a large increase in the cost of building materials. This is due to a variety of factors that have made buying a home both unappealing and unaffordable. So why the sudden increase in cost and will it ever come back down? What are some good alternatives if you need a home? Let’s find out!
Why Building Materials Are More Expensive
The cost of building materials has gone up steadily over the last few years, but recently there has been a large increase in lumber prices that can be attributed to undersupply. This undersupply started coming into effect during the COVID-19 pandemic that started in 2020. Because of this, there’s been a shortage of living spaces and prices are higher than ever.
Will Prices Ever Go Back Down?
Once life returns to “normal” and the pandemic is gone for good, it’s expected that building pricing will go back down to what it was before. Material production is also on its way to returning to normal meaning that in time shortages won’t be as big of a problem. Overall, while it will take some time, prices are going back down.
A Cheaper and Better Alternative to Stick-Built Homes
As discussed above, traditional stick-built homes are both in short supply and are an expensive investment. Thankfully, modular homes are a more affordable and easier way to avoid jumping through all the hoops of site built housing. Modular homes are generally 10-15% cheaper than building the same floorplan in a Traditional Manner. This is because modular homes are built in a factory. There is no need for extra money to go towards things like construction waste. On top of this, modular homes find ways to repurpose and reuse building materials cutting down on the problems posed by material shortages.
In the Market for a New Home?
At Next Modular, we know that choosing a home is likely one of the most important financial decisions you will make. As an experienced modular home builder, we are committed to being your guiding light throughout this process. If you need a modular home built near Goshen, Indiana, or if you have any further questions regarding resale value, call us today.