Build or Renovate – is now the right time to start your project?

Construction, it’s a topic that’s on the mind of many homeowners these days. With construction costs rising and interest rates higher than we’ve seen in a long time, it’s no wonder why people are asking themselves whether now is the time to build or renovate. There are a number of factors to consider when making this decision.

We are here to shed some light on this difficult question.

In some cases, construction materials and labour can be hard to come by, which can drive up costs and delay completion. However, if. you’re able to find a qualified contractor (Sprucehill) who has solid trade partner relations (Sprucehill), planning systems in place to keep projects on schedule and within budget (Sprucehill), now may be the ideal time to start your construction project.

Construction can be a very rewarding experience, especially if you are able to complete the project on schedule and within budget. Construction can also be a great investment, particularly in today’s market where interest rates are at an all-time high. There is no doubt that some people have put off construction projects due to current high interest rates. While nobody has a crystal ball, according to most economic pundits, it seems highly unlikely that interest rates will continue to rise as the rate of inflation has been decreasing and the economy in general has gone from a rolling boil to a simmer. That said, there are many reasons why now is actually a great time to start planning your new home or renovation project.

Construction costs have been rising steadily for the past few years, so waiting may only end up costing more in the long run. Starting to plan now can help you avoid the rush of spring and summer construction traffic. Getting started now will allow your project to be completed sooner than those that wait until the new year to start the conversations (queue the Captain Obvious comments…). Getting the conversation started now will ensure you’ll be first in line come the new year, and ready to move forward, making the scheduling of
trade partners and sourcing of supplies more predictable, which will save you time and money.

If you are considering construction, now is the time to start the process, schedule a 15-minute call with us to discuss how to get started.

HOUZZ