How are you?
I hope well – because it’s been a crazy year.
I could go on and on about the craziness of 2020, but one thing will stick out vividly on the 2020 scale of crazy:
The global pandemic resulting from the coronavirus.
The impact it’s had on the world. The impact it’s had on our economy.
The impact it’s had on you.
But I don’t have to tell you all that – you already know.
Note: Before we get into anything, I want to say that we hope you and your family are staying safe and are navigating these crazy times.
And if you’re in the middle of a home construction project, or have been planning on it, that’s probably been a roller coaster ride for you, too.
How should you plan? What should you do? Should you do…anything at all? Or sit around until all of this passes over?
Ultimately, the question is: Where do you go from here?
By now, there is a light at the end of the tunnel – of sorts.
And for those in the middle of a home construction project, there may be a little silver lining.
Before we get into that, there are a couple of essential factors to consider:
What Stage of Your Home Construction Project are You In?
Maybe the seed was just planted about a home construction project when all of this hit or perhaps you’re getting your move-in date pushed out unexpectedly.
Or maybe you’re:
- In the planning stages.
- About to break ground.
- Going full speed ahead!
Or maybe reading this is the first time you’ve even thought about it.
More Importantly – How are You Affected by the Pandemic
I will not lay out all the scenarios here. Heck, I don’t even think I could if I tried.
Some are concerned about future stability within their career, some have lost their job and do not understand how they will go forward, and yet others are doing better than they’ve ever done.
It’s a wild ride out there, my friends – keep your chin up.
But back to the topic at hand. You know where you are sitting right now better than anyone else.
And you probably have a decent idea of your future as well. At the very least, if it’s on stable or shaky ground.
And all of that plays an essential factor in how you move forward with your project.
Signs are Pointing to a Good time to Build (and even buy)
With the massive caveat that you are in a healthy personal and healthy financial situation, our opinion is that the coming year is looking like a potentially great time to buy or build.
A couple reasons factor into this:
- We know this will turn around. We’ve been through craziness before, and the one thing that remains consistent is that we always find a way out.
- Our economy will be alright. Sure, it’s taking some hits, and there are plenty of unknowns, but it will rebound, just as it always does.
The silver lining in many economic crises is the fact that the economy needs help, and that help often shows up in the form of help to you, the public, who spends money that will help the economy rebound.
So if you are looking to move forward, several things could work in your favor:
- Lower interest rates for home loans – this has already begun, but loan interest rates are dropping, so if you haven’t done so yet, now’s the time to look to see if you qualify for a low-interest rate loan to build your new home, or to start that new addition.
- Lower construction prices – prices on materials
- Construction companies are eager – their eagerness to get things moving, or to get things moving faster, could be to your advantage. The “economic pause” has caused some general contractors to attempt to fill the hole in their schedule hurriedly, and others to make concessions to get there queue filled up again. Either could get you a discounted rate to start, but they’ll be looking to sign now.
- Piggy-backing off the last one. That potential urgency for work trickles down to subcontractors as well, so you could get better deals on everything from your plumbing and electrical to your painting.
All of which could work out in your favor if you can swing it.
What Should You Do?
Only you know your true situation.
Take into account the factors above. Measure your current situation, your outlook based on the pandemic, and how you’re affected (and could still be in the future).
And if things are looking good for you, take advantage and get that house built or that renovation started.
As you continue (or start) your journey, don’t forget that finding a custom home builder or general contractor you can rely on is still vital, don’t jump into the lowest price you can without doing your due diligence.
All that said, now may be an excellent time for your home construction project, even during one of our lives’ craziest times.
H-1 Construction is consistently recognized as one of Hawaii’s best custom home builders, and we are here to help—whether working on your new home, renovation, or just helping you make the right decisions.
If you would like more information or a free consultation, you can visit our website or email us at email@example.com.