- Current inventory dropped from a 17 month supply to a 5 month supply.
- Cost per square foot to build compared to price per square foot to but existing houses has equalized
- Retirees are opting to build their dream house rather than buying an existing floor plan that needs remodeling
If you are planning to retire or even have a vacation home in SW Florida, there are many advantages to building a house now rather than later. For personal use, pricing to build is about the same as buying an existing house. By building you get to pick the floor plan and designs that fit your lifestyle rather than an exiting home owner’s design for their lifestyle. Also, there is more interest in an energy efficient, environment friendly house in today’s world. The cost of retro-fitting an existing house far exceeds the cost of building a house already designed to be energy efficient. One of the Builders I work with has done such amazing research and design that he can build an energy-efficient house at the same cost most builders do a standard build.
Another reason to build now is to take advantage of the recovery period of Real Estate and Construction. During the Recovery period, construction is starting to gear up and activity can be seen in every sector. A Luxury Builder I work with can build a new home in approximately 5 months but he sees that time stretching in the near future. labor and materials are plentiful and lower in cost presently but that will be changing in the next 6 to 8 months. As new construction continues to grow, material costs will rise and availability will become tighter. Material suppliers are gearing up also and being much more conservative than a few years ago with ordering and warehousing of materials. Designers and builders have time for more personal contact with their clients. As new construction gets busier, all costs of materials and labor will increase and personal contact will decrease.
Now is the time to build your dream retirement home! I will follow-up on this blog with ways your dream home can produce income and a profit if you are not ready for the move to Florida. The important message of all this is, no matter when you plan to move, ACT NOW!
Broker/Owner, Investment Property Consultant
Real Estate Solutions of SWFL, LLC