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What’s the feel on building

I was lucky enough to buy my current home 10 years ago, and we only owe about 100k left on it. We are projected to sell for about 450. It was never meant to be a forever place but you know…here we are. A house went up for sale in my ideal location (close to family). It’s a gut job- termites, smoke damage, mold. I spoke to the seller who was really nice and said he’d like to give a family a fighting chance to get this but already has builders making offers. Once the builders swoop in we’re fucked. They’ve bought up everything in town and flip them for millions, effectively making it so that no one from here can live here anymore.

I feel like this might be my chance to get the location we’ve been wanting for so long. I have meetings with our financial advisor, real estate agent and a friend who owns a building company to get as much info as possible on how daunting this will be to really start from scratch and build on our own rather than trying to get an already flipped home.

But I’m curious if the prices for materials are projected to keep increasing over the next few years? Is it even plausible to build a normal (500-700) home now? My parents has offered to let us live with them for however long it takes to build, even if it’s a few years. Which is fine because my parents are older anyway and it’d be easier to help them. From everything I’ve read so far though, building seems like a bad call because of the rising cost of…everything. But then that might be an argument to get it done now rather than waiting and hoping it gets better🫠 I’m stuck and rambling. Any thoughts are welcome!!

submitted by /u/Feisty-Database-1145
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source https://www.reddit.com/r/RealEstate/comments/1wgzpb4/whats_the_feel_on_building/
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