Thomasville - The cost of building supplies has fluctuated over the past year due to skyrocketing oil prices. And now, the price of those supplies is expected to climb even higher due to the devastation caused by Hurricane Charley.
Lumber, nails, even hammers, all examples of building supplies that have increased in price over the past year. Dr. Bill Hamby, business Professor at Thomas University says, "There's no question that the price of oil has had an impact, because the cost of transporting the goods from the mill to the distributors has increased substantially."
Still, because of low interest rates, many people are deciding to build anyway. But mortgage rates are rising. "With an increase in mortgage rates, there will be a slight slow down in construction starts," says Hamby.
Now, another increase in building supplies will come following the multi-Billion dollar destruction of Hurricane Charley. Hamby says, "I don't think there's any question that we'll see some direct impact from that because it will reduce the supply of building materials available here in the Southwest Georgia area."
But there is good news, the price of those materials should stabilize as mortgage rates increase and reconstruction efforts in Florida get underway. If you decide to build a home there are some ways to save yourself some cash. You can paint the house and do the landscaping yourself.