Thinking of buying a new build? Did you know it can take anywhere from 6-18 months to have a new home constructed? Yep! The national average is 7.7 months.
The timeline is one of the biggest things you need to consider if you’re thinking about shopping for a new build. Your estimated closing date is just that - an estimate. There is always room for delays and you need to be aware of that before you get into contract.
The timeline is one of the biggest things you need to consider if you’re thinking about shopping for a new build. Your estimated closing date is just that - an estimate. There is always room for delays and you need to be aware of that before you get into contract.
With recent construction delays, supply shortages, and other pandemic related delays, I’m curious to see if that number will go up or not for 2021 and 2022. I have two clients that are dealing with delays on their closings due to this and know there are countless others in the communities locally affected by this.
If you have a home to sell prior to purchasing in order to qualify, you’ll want to chat with your Realtor® about short term rent back agreements, or a long escrow period to accommodate this longer timeline.
If you're renting or living with family, you'll want to make sure your landlord/roommates/family are okay with this - additionally, you'll want to be careful and upfront about the possibility of delay when giving your 30 day notice to make sure you won't be stuck somewhere in the middle should there be any last minute changes.
If you’ve considered buying a new build, did you consider the timeline?
If you’ve considered buying a new build, did you consider the timeline?