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ShareCosts are rising. The increased prices of new construction homes are not just the result of high demand, but they also signify the increasing cost of materials, labor, technology, and land. Even if it has the same features and is of the same size, the home you build today will cost you more compared to one you may have built last year.
Moreover, the ongoing COVID-19 pandemic has created a pent-up demand for larger, more open homes, which means the stakes are higher for home builders.
So, how do home builders deal with the changing market dynamics and the varying needs of a new breed of homebuyers? Well, the key to solving this dilemma lies in optimizing rather than compromising. Builders must explore and identify ways to improve building quality while also reducing costs. Here are the three things they should focus on.
Skilled Labor
There’s no doubt about the fact that an educated, well-trained workforce will continue to be the backbone of the home building industry. But, that doesn’t mean it precludes the use of manufactured components and modular construction techniques, which can reduce costs, save time, and add efficiency and value to the home building process.
However, home builders must remain unwavering in their focus on attracting and training new workers, and offering them a fair opportunity for skill advancement and development.
Customization and Standardization
In the homebuilding industry, it’s generally believed that customization and standardization are mutually exclusive. Just as technology has introduced efficiency and innovation flows in both directions, new possibilities and capabilities in terms of upgrades and customization are totally within the reach of the production home builder.
Builders can meet specific buyer needs by integrating efforts across building trades through coordinating construction efficiencies.
Technology
In the last few decades, new technological advancements have made construction site operations much more efficient. From GPS-based time-keeping and instantaneous digital transmission of documents from the office to the worksite to wireless communication and the utilization of prefabricated building components, technology has revolutionized the way homes are built.
Some innovative technologies home builders can use to compress the construction timeline and streamline the process today include automated inventory controls, digital technology, and BIM processes.
The nation’s #1 source of new home inventories, Builders Update provides effective construction data solutions to local builders. Visit our website or get in touch with us to learn more.
