There are pros and cons to buying a new vs. existing home, but it’s taking a longer time to complete a new one – about four months more than it did two years ago.
Rising costs, material shortages and a labor deficit have hit the homebuilding industry hard, and buyers looking for a custom home builder in Orlando, for example, may have to wait longer than usual.
Custom home builders are not immune to the problems facing the construction industry, and these issues are increasing costs and dragging out construction timelines, says Rial Jones, founder and president of Clayton Jones Construction Inc.
“We can’t do as much as we did a year or two ago, just because everything takes much longer, Jones says. “A typical house that may have taken 12 or 14 months might be a 16- or 18-month project in today’s world.”
Costs for materials are up “across the board,” including roofing tiles and electrical wire, Jones adds. A shortage of construction labor means Clayton Jones faces as much as a 30% to 40% spike in labor costs. It also takes longer to deliver materials, which is why the firm orders 12 weeks ahead.
Custom homes also often include more individualized facets that take longer to ship or import.
Source: Orlando Business Journal (04/29/21) Soderstrom, Alex
Mark Segreto – Segreto Group 941-444-2270