Protect yourself from new home construction delays that could cost you

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Tuesday, October 4, 2022
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New construction woes are leaving some Triangle homeowners with not only delays in getting their homes done, but spending extra money they didn't plan for.

RALEIGH, N.C. (WTVD) -- New construction woes are leaving some Triangle homeowners with not only delays in getting their homes done, but spending extra money they didn't plan for. Supply chain issues with construction supplies are getting better, but some builders are still facing delays due to various reasons.

Before you go under contract with a builder, it's important to know your risks and responsibilities. One ABC11 viewer contacted Troubleshooter Diane Wilson after facing several closing delays on their new home build. The delays meant more money spent on a rental and storage units since they sold their home thinking their new home would be done by July. When the closing didn't happen, and they couldn't be given a date, the family canceled the contract and wanted their $10,000 deposit back, but the builder refused and was protected in the contract, as the fine print allowed two years for the construction to be done.

Besides construction delays, you should also be aware that the price of the home may go up during construction. Alyssa Parker with the BBB of Eastern NC said, "There's an escalation clause that's typically included in contracts. So make sure you review your contracts you know what you're signing you can even have a lawyer review it."

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Reading the fine print of the contract is key. Also, you need to research the builder. If you're building in a neighborhood with new construction, actually go talk to those who already moved in about their experience or any delays or problems they faced during the construction phase.