Everyone knows that the state of today’s economy is making decision-making increasingly difficult, especially when it comes to real estate and commercial construction. In the past, poor economic conditions have been seen as good timing for commercial construction. Lower property values and interest rates, quick approval times, and reduced labor costs have supported this view up until now. Rising mortgage & interest rates and a lack of labor & materials have made commercial construction and new real estate projects even more complicated. Keep reading for more information for navigating commercial construction in today’s economy:
Maneuvering High Interest Rates & Rising Labor/Materials/Services Costs
Interest rates are higher than they’ve been in a long time. This tends to scare buyers and causes them to procrastinate on their commercial construction plans. Higher interest rates can make borrowing money much more expensive, which can slow down the growth of your business when trying to add physical locations. Additionally, a lack of labor, materials, and services has caused these costs to rise. With these barriers in mind, it’s important to assess your situation before starting any construction project. The good news is that you have options. Give us a call to discuss your options for commercial construction during difficult economic times and get a free quote today!
It may be a good opportunity to pull the trigger on your commercial construction project if…
The state of today’s economy isn’t necessarily a bad thing for everyone looking to start commercial construction. For some, it may be a good time to focus on commercial construction. If you are in a solid, secure financial position, you may want to go ahead and begin your project. If you’re debt-free, have a stacked emergency fund with at least three to six months worth of income, and can handle paying closing costs up front, you should be set to start your project. It may not be the best time for those who are still paying off debt and aren’t exactly established financially yet. For more information about starting your commercial construction project during these turbulent times, visit our website!
Sometimes your commercial construction projects just can’t wait even if the economy isn’t exactly on your side. Even in chaotic times, the show must go on! TSpark Enterprises can provide you with a consultation and help formulate the plans for your construction project. Feel free to contact us with any questions you may have. We can’t wait to work with you!
TSpark Enterprises, headquartered in Tallahassee, Florida, offers a wide range of roofing and construction services in the North Florida and South Georgia area. Visit our website or call (850) 766-1340 to get a free estimate and embark on your construction journey today!