Construction and inflationary costs can be challenging to overcome when building a new home. When you work with an experienced homebuilder, there are a number of strategies that can be used to help mitigate the risks of cost overruns. While our Price Confidence program ensures you are aware of all costs before you sign the on dotted line, there are a few other strategies that can further help in navigating an inflationary market.
- Locking in Contracts and Pricing – In today’s market there is potential for price increases due to inflation. When you sign up for a new home build before October 31st, 2023, we will hold pricing and finance the cost of the build right up until your possession date. Should you choose to build on a Lexis-owned lot, we’ll also hold the lot price until Spring 2024. As part of our Price Confidence program, we source all quotes for your materials during the design process, meaning that you aren’t met with unexpected surprises during the build.
- Reviewing Quotes – Whether you are building on a Lexis-owned lot, or your own – it is always important to review quotes as early as possible. It is important to make time to review quotes as they are presented and make a decision. Most quotes come with a time frame for approval, as suppliers are limited in how long they can hold pricing for. Reviewing and signing off on quotes in a timely manner helps eliminate the risk of any price fluctuations.
- Using Reputable Trades – Reputation, experience, and quality of workmanship are extremely important in the homes we build – which is why we use our core trades who are trusted and reliable. Using a reputable trade will ensure the job is done right and will save you costs on potential repairs down the road. While there will always be repairs as a homeowner, our warranty program has you covered!
- Flexibility – Regular communication and staying actively involved in the process will help identify any potential cost escalations. It is important to be prepared to adapt and be flexible if a quote comes back outside of your budget. This might mean considering alternative solutions that deliver the same or similar results at a lower cost.
- Project Management – At Lexis, we are rigid in our timelines and processes. When you choose Lexis, you are working with a homebuilder that oversees all aspects of your project, coordinates with subcontractors and ensures adherence to the construction schedule. We run a tight ship when it comes to scheduling. This helps to avoid any delays, which can be an added cost.
- Efficient Design and Materials – When you build with Lexis, we share our knowledge about the processes and features that will protect your investment for years to come. From healthy materials and exceptional insulation to energy-efficient products and systems, we’ll help you make the best choices for your needs, lifestyle and budget. Our Health-e Homes help reduce long-term operating costs and minimize the impact of inflation on utility expenses.
Building a home doesn’t need to be scary or met with unexpected surprises. No matter what kind of market we are in, we can help you carefully consider your options. When you build with Lexis, we will ensure your home is built right, from the ground up.
Sign up before Oct 31st to register for Price Confidence and hold the pricing on your dream home. Reach out today for a free, no obligation consultation!