For frustrated homebuyers struggling with a lack of options of homes for sale, building a house might seem like the best option. As for whether people should wait to build until the cost of materials drops, most experts say this is a personal decision based on a number of factors, including your budget and how long you plan on staying in the house.

The upside of the current market is extremely low interest rates, which can help offset the cost of building. But it can be foolish to try to time the market in hopes of catching both low rates and low building costs.

The hazard of waiting on the sidelines for prices to drop is that you wait too long and end up paying higher interest rates and higher building costs. Nobody can accurately predict what might happen a year or two from now. There could be a surge of new homes entering the market as the forbearance program comes to an end and buyers are forced to sell, or the surge may never come in the near future.

Instead, prudent buyers should consider their budget and whether they plan on staying in the home long enough to build up equity to turn a profit at resale.

A simple general definition for a contractor is someone who coordinates and supervises every aspect of a building or remodeling project. That includes securing the proper permits for the project and hiring, scheduling and overseeing the work of other subcontractors such as carpenters, plumbers and electricians.

Their work goes well beyond managing the hands-on tasks, however. Licensed general contractors take responsibility for the entire worksite which means they carry worker’s compensation and liability insurance. If a worker is injured on the job or your property accidentally damaged, the contractor handles the situation. In short, if something goes wrong, the general contractor is financially responsible for making it right.

The general contractor makes sure that all work is done in a way that doesn’t void any product warranties or guarantees. Qualified professionals must install siding, roofing, windows and major appliances in a particular way or the manufacturer may refuse to honor their guarantee. When a general contractor supervises the project, you know everyone will follow the manufacturer’s guidelines.

Finally, the general contractor is also responsible for securing the workspace and supplies. They handle major projects such as cleaning up and disposing of all trash and debris—and minor but key details such as ensuring workers wear protective foot coverings to safeguard your floors

Asking the typical interview questions when hiring a contractor is great but you need to dig a little deeper and go beyond their “price” and are you licensed? Do you carry insurance? How long have you been in business? Do you finish your projects on time? Will you provide references? Hiring an experienced contractor is important but what is equally important is hiring someone who is trustworthy and easy to communicate with. When interviewing a contractor pay attention to these character traits that will let you know if s/he is the contractor for you! Asking questions and checking references is very important but paying attention to ones behavior and trusting your gut will tell you so much more. You’re trusting this person with your money and letting them into your home so you want to make sure they are trustworthy and the real deal.