Estimates on construction before closing
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mtvhike
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Please HELP estimate non-construction costs
Comments (11)We are building in Va as well and considered a similar owner/builder setup as DH is carpenter for homebuilder and we have access to all subs, etc. We were told by several bankers that without a contractors license, builders insurance and references we would have great difficulty getting a loan. Perhaps things are starting to loosen up, but it's worth considering. We finally decided to have DHs company build the home - he gets paid to work on our house and we don't have the responsibility. When we considered what we would need to pay ourselves if we acted as GC it equaled what we ended up paying our GC in profit/overhead . The initial costs added up quickly and many were specific to the property. For example, our county designates areas "Shrink/swell soil" and if you want to build with in 500ft, you have to hire a soil scientist, soil test and foundation approved by engineer. This was not that costly as we performed tests months in advance of build and worked w/Superior walls who's in house engineer approved basement system. Digging our septic test pits also let us know that our house was going to be situated over a very dense shale and so when our excavator came out, he included a rock hammer in our estimate - at an additional $2500-$3500 that would have come at quite a surprise in the first week of the build. My advice would be to speak in great length with the county officials who will be providing your permits and your excavator. These two resources were incredibly helpful in anticipating the costs with site work. So in my opinion, the more homework you can do regarding the costs to build on that particular lot, the more prepared you will be. Other costs were temporary electrical service, surveys, gravel gravel and more gravel, storage, eating out as we travel to and fro! and our own homeowner's policy for the property in addition to the builders insurance. Best of luck!...See MoreHow close was your final number to your estimates?
Comments (8)The only thing (so far) that wasn't anticipated in the original bid was extra sand needed. To the tune of 3K, so fairly significant. Everything else that we go over on is because we are choosing higher finishes, which we knew we would do going in. Even though we figured in many upgrades into the bid up front, we knew for example, that the allowance for wood floors, tile, etc, wasn't going to meet our expectations. But we did know that before we signed. Spent a lot of time going over the standard allowances and what exactly it would get us. Spent a lot of time with the cabinet designer knowing what I wanted in my kitchen (and I have actually not gone over on my kitchen budget because I was so thorough up front). Everything besides the sand that's over is a "want" not a "need". So far (we are half way through)...See MoreBank added $1000 to closing costs 2 hours before closing
Comments (23)Yes, that's the standard in SoCal too, that the loan officers and RE agents (both for buyer and seller) speak about the particulars of each sale. I'm new to the Oregon market so don't know about it here. Question: on FSBO, how does the seller know that the intended buyer will actually have the financial proceeds to purchase the property? I don't think a loan officer will speak to the seller directly, will he? And I've learned, as a seller, not to trust the pre-approval (not to mention the silly pre-qualified) letter from a lender. Even with the pre-approval, bad things can happen between contract date and close of escrow. Having our RE agent speak directly with the buyer's LO helped clarify the situation....See MoreBest way to get an estimate of cost to build before buying a plan?
Comments (14)It's not unusual for our clients to begin the design process by reviewing stock plans on the internet as well as our own designs. There are a number of excellent designs (and plenty that aren't, too) available for purchase. In our experience, stock plans typically require modifications to meet local code requirements, community architectural guidelines, and any changes the client wishes to make to tailor the plans to their specific needs. Clients occasionally ask us to estimate construction costs from magazine study plans consisting of a floor plan and an artist's rendering of the home. The limited information study plans provide makes estimating construction costs from them a dangerous exercise as Architectrunnerguy noted in his post above. A best case scenario is probably +/- 10% of actual construction cost if the plan is substantially similar to one we've built in the last 1-2 years (older cost data are not that useful.) Unfortunately, many prospective clients consider such guesstimates from multiple builders to be competitive bids and choose their builder on that basis. Builders who "guess" low are often rewarded with with the job even when their final contract price is much higher than their guesstimate. The client rationalizes the choice by concluding that everyone would have been higher by the same amount in the end. Please keep in mind that even if you are making changes to a stock plan you'll need to purchase the plan from the plan's copyright owner in order to avoid copyright infringement. Best wishes for a successful project....See MoreJoseph Corlett, LLC
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