So the Fed raised interest rates …What does that mean? War on multiple frontiers?

It may mean it’s more costly to borrow money for your construction project. Does your crystal ball indicate what the Fed may do in another 6 months? Neither does mine…did anyone really forecast a pandemic? So this interest rate hike may be in the middle of the rising cycle and your reluctance to borrow now could cost you in BOTH time ( time that you waited to pull the trigger on your project and enjoy the utility of the improvement) as well as a higher interest rate.

Which is more valuable: the time or money saved?

How long will you wait to do your project? Apprehensions resurface and one has to face how “bad” is your situation now? So, if the project is long overdue and you cannot endure “it” any longer-get off the fence and begin. Or if the anticipated change is more pressing due to other financial pressures or related scope changes are quickly approaching get off the fence and begin. When your threshold is shorter than the cost of doing nothing is higher-get off the fence and begin.

It begins with a good set of plans and specifications, which also buys you some time to forecast which way the related market conditions are unfolding. Don’t be cuckolded into watching the world go by and face the regrets later. Time and again we have watch our bolder clients reap the benefits of their actions when they sell their homes, buildings and enjoyed years of a better quality of life/work/play. At worst, you’ll wait until the time is right, you will be prepared with a good set of plans and specifications to move quickly.

More is lost by indecision than wrong decision. Indecision is the thief of opportunity. It will steal you blind.- Cicero

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Article by Steven Secon