When you are at the point where you have dreamed, researched, saved, thought, debated, and dreamed some more, you want your house now. The typical new home construction timeline is about eight to nine months. But there are some factors that can streamline the process – and some that can slow it down. What do you need to know so you can set realistic expectations?
Factors that Impact the New Home Construction Timeline
When it comes to the typical timeline of a home construction project, there are a few key factors that will affect the timeline. These include:
- The experience level of the builder. How does this play into the new home construction timeline? An experienced builder has tried and true processes that have been honed over years. They know what to do, when to do it, who to contact, and which steps to take when. It sounds simple, but this can significantly impact your schedule. An inexperienced builder is figuring things out as they go along; an experienced builder is relying on a process they’ve got down to a science. Yes, there may well be bumps along the road, but they have the knowledge to smooth them over in a way that minimizes delays.
- Your comfort level with decisions. It’s understandable to second guess, reconsider, and otherwise wonder if you are making the right choice. Your comfort with making decisions impacts the timeline. To ensure a more accelerated process, be sure to reach out to your builder, designer, and others for help in making these critical choices. It’s ok to take your time – and you should carefully weigh your decisions. It’s also ok to seek assistance and guidance from people who have been there.
- The weather! Now, this is a factor that no one has much control over. For example, wet, rainy weather can delay the timeline as the concrete for the foundation will not be set. When building in a locale like southern Florida, the weather is a major consideration when it comes to your timeline. Prepare and set realistic expectations.
These factors are important – but we also need to talk about the elephant in the room. The current state of the housing market and, particularly, of new builds. As we are all well aware, there was a BOOM in new construction demand during the pandemic. As people spent more time at home, they prioritized comfort, convenience, and a little stay-in luxury. They flocked to building supply stores, booked builders, and sought to create their dream homes.
This marked increase in demand coincided with snarls in the supply chain. Again, as we are all painfully aware at this point, there was difficulty getting materials in a timely manner – and prices increased.
So what’s going on now? In May of this year, US housing builds dropped to 1.55 million units – far below the 1.7 million predicted by leading economists. In June, they fell again to hit the lowest level since August 2020. This can be attributed to rising inflation and increasing mortgage rates (up from below 3% to over 6%).
According to Jerry Konter, chairman of the National Association of Home Builders (NAHB), “Single-family home building is slowing as the impacts of higher interest rates reduce housing affordability. As the market weakens due to cyclical factors, the long-term housing deficit will persist and continue to frustrate prospective renters and home buyers.”
You may find yourself in the category of “frustrated prospective home buyer.” And, unfortunately, you are far from alone. A recent CNET article put it like this: “[A]s homeownership becomes costlier for the average buyer, builders become more hesitant to start new construction – especially as inflation and supply chain disruptions increase the cost of building materials.”
As we can see, the typical timeline of a home construction project is far from “typical.” Call it the new normal – a loathed phrase that came out of the pandemic. But what does this mean for you and for your dreams of owning a home?
Can You Accelerate the New Home Construction Timeline – and Afford to Buy?
Yes. There is no doubt that today’s prospective homebuyers are losing hope. They face challenges that simply were not present a generation ago. A few years ago even. But they can be surmounted. One way to overcome the difficulty is to work with a builder that is not hesitant to start new construction.
For example, builders that specialize in model homes and cost-efficient plans can decrease your costs and, when working through their trusted lenders, the financing process can be more incentivizing and streamlined.
Hopefully, this article gave you a better understanding of the typical timeline of a home construction project. Is it the perfect time to build a new home? It’s a tough question. But it may be the perfect time for you to start this journey. If you do not want to delay your dream – or sacrifice quality, comfort, and convenience for cost – contact Synergy Homes. We’d love to discuss your needs, goals, and vision. And we are ready to make them a reality.