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My wife and I are under contract and we're having a house (townhome) built for us. We're currently living in an apartment and our lease ends July 25th. Our projected time frame for the house being finished was originally November 1st but we just got word that because the builders are waiting for permits from the city, the finish date is now December 1st. I have to decide how long to we need to extend our lease for and I'm wondering if I should do 5 months (which would give us till December 25th) or 6 months (till January 25th). The only reason I considered going longer is that the 6 month lease is cheaper than the 5 month lease and I'm wondering how likely it is for the builders to experience more delays. If I go with a 5 month lease and it takes the builders longer, I'll have to go month to month at our apt complex which is very expensive. I'm inclined to do 5, but most friends I've spoken to that have built their homes have commented on how much longer it usually takes a builder to build the house, compared to their initial "projected date". Has anyone had experience with this?
I'd go 6. But I'd also be asking my Realtor what his/her experience has been with that builder (and that if other agents in his/her office ). (You DID use your own agent, right? )
If the builder hits their target date (big IF), that also gives you room to comfortably move your stuff and clean the apartment so you get your security back in full.
When we built, we took the builder's range if 6-8 months and (on our agents advice), got a 9 month lease. Nevertheles , we were about one week short.
1) cushion of 1 month because the new townhome likely gets delayed again
2) even if townhome doesn't get delayed, you have this extra time to gradually move into the new townhome. Maybe you want to paint some walls a specific color or add some finishing touches and you can do this before the big 'move day'. also this cushion will give you time to gradually move some things before the big move day, such as your computers or plants or specific breakables that you want to move separate from the moving truck.
3) Lastly, you want to give yourself adequate time to cleanup the current rental after you move out. You will need to sweep, mop, vacuum, clean windows, dust ceiling fans,clean inside oven and fridge, clean inside all cabinets and drawers and showers and tubs and sinks and under the sinks. There's a lot of cleaning to do after you move out and it sure would be nice to allow yourself a few extra days to do this.
Last edited by sware2cod; 06-24-2016 at 08:59 AM..
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