Have you been tossing around the idea of building a new farm shop or hobby barn? Or maybe you’ve already received quotes from post-frame builders and were surprised by the total cost, so you decided to hold off on your project until prices went down.
That seems like the logical thing to do, right? Maybe.
It’s no surprise that the price tag on a post-frame building, or any product for that matter, has increased over the last two years. While some may be hopeful that prices will return to where they once were, others might doubt if that will ever happen.
If you find yourself stuck in this situation, just know that you are not alone. Before investing too much time on your pole barn, it’s important to understand the future outlook of the post-frame industry.
This article discusses the future of pole barn pricing and how the value of time and building use is important when making a decision for your post-frame project.
If you’re crunched for time, feel free to watch the video below for a quick recap of the blog.
3 Factors to Consider When Building a Pole Barn
Have you ever asked yourself, “Is now the right time to build a pole barn?” Of course, we understand your hesitation on why you would wait to build.
However, you also need to consider the following three factors when making a final decision.
1) Future Pricing
Unfortunately, we do not have a crystal ball on what future pole barn pricing looks like. However, what we do know are the factors that influence prices.
Your first question might be, “Will pricing get close to where it was?” While we expect pricing to pull back some, we also do not see it returning to where it was before COVID-19.
However, there has been a downward trend in steel and lumber prices. Therefore, if steel and lumber keep going down, that will help create a positive future outlook for overall building materials.
The only caveat to decreased material prices is the increase in fuel. I’m sure you’ve noticed that the prices at the gas pump keep going up, which might be alarming to some. Unfortunately, these higher gas prices also affect delivery fees to and from the job site and getting building materials delivered to our headquarters.
Other factors to look for are increased labor rates and higher interest rates. With interest rates rising, one might be wary of taking out a loan for their building project.
2) Value of Time
Do you know how much your time is worth? Not all uses of time are equal, and this simple truth can make a big difference when deciding if now is the right time to build a pole barn.
Are you the type of person who likes to have everything at once? But what if you can’t? You need to understand how to effectively manage the tradeoffs that you face on a day-to-day basis.
3) Building Use
We also understand that a new post-frame building is a large investment. So when deciding if now is the right time to build, you have to consider how much value a new building will bring you now versus later.
For example, are you looking for a new structure for your farm, commercial, or personal use? Maybe you don’t have a choice, and you need to move forward with a new pole building to enhance the efficiency of your business.
Whatever your case may be, you’re the only one who can decide if now is the right time to build.
Do You Have Plans to Build a Pole Barn in The Future?
As one of the top post-frame builders in the Midwest, we want to make sure that we are transparent with pole barn costs, the current state of commodity prices, and how inflated gas and interest rates will affect your post-frame project moving forward.
Unfortunately, the post-frame industry was hit with price increases in 2021. While we expect prices to level off, we’re also confident that pole barn costs will not be where they were before 2020.
So if you plan on building a pole barn in the near future, do you know where to start? Take the first step and request a quote. You can also submit your floor plan, and a member of our sales team will call you to start the estimating process.
Have more questions about open-sided buildings not covered in this article? Please contact FBi Buildings at 1.800.552.2981 or click here to email us. If you’re ready to get a price, click here to request a quote, and a member of our sales team will call you.