Yes, It’s True!
Rising construction costs are simply a fact of life. Housing demand, labor shortages, interest rates, and general inflation have seen construction costs increase at an annual average of 4%. The recent pandemic also brought supply chain issues that caused a record spike in prices. This incline is the reality of the past few years, and construction costs are not expected to lower in 2023.
All of this may give pause to someone interested in building a house, office, or other structure. However, rising construction costs are nothing to be afraid of. While they may seem discouraging at first, they pose an excellent opportunity and bring surprising positives. There has never been a better time to invest in construction and bring your vision to life. But what are these positives? Why should you fund your project despite rising construction costs?
While your building project may seem expensive in the face of rising construction costs, it will prove an excellent investment over time. This is due to the real estate market, which raises the value of property as it rises. From 2021 to 2022, the median values of Florida homes grew by 33.1%. In other words, a house originally valued at $357,876.00 rose to a worth of $476,333.00 over a single year. This makes construction extremely cost-effective in the long term. When you hire a contractor to build your project, you acquire an asset whose value will come to match and then surpass your initial investment. The sooner you spring for your dream, the sooner it can start to pay off.
When you contract a project amidst rising construction costs, you know you are getting what you pay for. You will be able to choose the best materials and the highest expertise, both well worth the cost. High-caliber materials and extensive contractor experience yield strong and sustainable results. This ensures the lasting integrity of your building and offsets costly repairs down the line. For our part, McCree has a long history of providing sturdy, elegant structures that appeal to the eye and stand the test of time. (internal hyperlink to portfolio) By opting for a quality build, you can feel confident in an optimal product that meets your needs now and in the future.
Rising construction costs are no match for the field’s advancements. Buildings today can provide more than shelter, warmth, and aesthetic appeal. With recent developments in tech, they can use a mix of hardware and software to regulate elements such as lighting, temperature, surveillance, and security. Modern building technology also helps to reduce emissions and manage preventive maintenance.
At McCree, we offer a patented rigid precast wall panel system and green practices that conform to LEED standards. With features such as these, your building can address your needs with greater efficiency and save you money in the long run. To invest in your project now is to invest in a smarter, more innovative building that heightens your comfort and optimizes your cost.
All in all, construction costs have been gradually increasing for years, and they show no signs of stopping anytime soon. This may seem daunting to prospective building owners, but the reality is far more promising. Rising costs provide a splendid opportunity to secure a strong, profitable, state-of-the-art investment. Take advantage of rising construction costs and start realizing your dream today.