New Construction Timetable
December 9, 2016 | admin
Unlike buying an existing resale home, there are several timing considerations when looking at new construction. In some cases you will be able to visit a community and they will have “spec” (short for speculative) homes to evaluate. These are homes that the builder has already chosen the features and finishes of the home and in most cases they buyer can not make any changes. From time to time you will find a community that has some spec homes in the early stages of construction and the builder may allow you to choose things like paint color, carpet and tile. Items like cabinets and granite or quartz countertops have to be decided on very early in the process and are often not available to change. When looking at spec homes, it is important that you understand the timing from when you make your offer to when the COO (Certificate of Occupancy issued by the County) is in place. Most builders have a strong understanding of their schedule and when each home will receive their COO. As a rule of thumb, if you see a home at the foundation or early framing stage, you can estimate about 100 days until complete. If you find one at the cabinet and paint stage, you are closer to 30 days out.
If a spec home is not what you are looking for, there is the option to build a “custom” home. The term custom often scares buyers because they think custom means expensive. Custom simply means that you work with the builder and pick almost every element of your new home. More on the custom process later in this article. We are simply talking about timing here. After working with almost every builder in Clark County and countless home buyers, I have a custom home timeline that has worked for me.
Reserve lot, work with builder on features/finished and write offer 1 Week
Visit design centers to choose finishes and styles (lighting, floors etc.) 3 Weeks
Building permit process (out of your hands) 4 Weeks
Actual construction from foundation start to COO 16 Weeks
This adds up to around 6 months. I know that look like a nice round easy to pick number but that is actually how it breaks down This number can obviously vary for a lot of several reasons like weather, permit delays, size of home, etc but if you plan on a 6 – 7 month process from start to finish, you will be pretty close.