Delaying new construction build but locking in price and lot now

Delaying new construction build but locking in price and lot now

San Antonio, TX · Member since 2015 · 69 posts · 18 votes
I've put myself in a bad position. My lease for my apartment renews tomorrow (June 30th) for one year. I've made the decision that I would like to build a new home, but I'm locked into my lease for one year. Is it possible to ask the builder to delay construction for 4-5 months and keep all the pricing incentives if I put my earnest money down, or would it be better to ask my apartment if I can switch to a month to month lease (lease officially renews tomorrow for one year term). My lease states that if I break the lease early, I may be responsible for the remainder of the term.
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  • Chris SeveneyBusiness Member
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    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    10y

    I would first try going month to month on the lease. Depending on how busy and who the builder is, this could create problems, especially if you have a contract with him already. If he is a small builder, he may have turned down other work for this project. If its a large builder, they typically will charge more if the project is delayed.  Final question is how long is the builder going to take? 

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  • San Antonio, TX · Member since 2015 · 69 posts · 18 votes
    10y
    They estimate 6 months, weather permitting. I admit that I screwed up big and should have made this decision a few days ago, but it is what it is.
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