Just reading about Ian Schwandt’s project in WI and its $125/foot all-in (minus the cost of land) cost.
I’m in the mountains in Colorado and would love to build on a 5.5 acre lot in Chaffee County that we own. I’ve GC’d two of our other homes here and up until 2020, we could build a modest 2000-sq-ft home for around twice what Mr. Schwandt’s per foot price is.
Since the summer of 2020, though, the price and time involved in building here have gone through the roof. Projects that would have taken about 6 months are now requiring a 2-year timeline. It sometimes takes months to get permits I am told. And…that $250/ft building cost is now right around $400/ft. , according to local builders I’ve spoken to. And… all of them I’ve chatted with are looking at mid 2023 for a start date.
I’ve had to postpone our build a couple of times now because of the runaway cost of building along with the time a small-home project requires to build. If I were to spend the $800k it would cost, I’d end up with a house whose market value is about $650k. Our balance sheet would not be happy.
I’d love to see an article that examines the incredible cost of building in some markets and a prediction of when things in this market might settle down (if ever).
Can anyone here offer advice as to how to get this build done in a stupid-expensive market?