In figuring your
home-construction-loan-finance
costs breakdown you'll need
100-Construction-Loan,
a list of your sub contractors,
and their estimate bids
In estimating your home-construction-loan-finance and how much you need to borrow, your bank will probably give you a cost breakdown list like the one below. The one below is the cost breakdown we used and it was quite complete. However, I added in a few things that pertained to us, just as you should do in figuring your estimates.
Ask your bank for their suggested cost estimate suggestions. Your banker will generally help you so you don't underbid your construction. I padded the figures by using the most expensive subcontractor's bid even tho we used the least expensive. That way we had more “lee-way” and didn't come up short in the end. We bought our tools and even our membership into Direct Buy and still stayed below the total construction loan figure. In addition, we had several additional charges, like change orders, and mistakes we made in the beginning, the addition of a basement
Ask your bank for their suggested cost estimate sheet, if they have one. Your banker will generally help you so you don't underbid your construction amount. I padded the figures by using the most expensive subcontractor's bid even tho we used the least expensive. That way we had more “lee-way” and didn't come up short in the end. We bought our tools and even our membership into Direct Buy and still stayed below the total construction loan figure. In addition, we had several additional charges, like change orders, and mistakes we made in the beginning, the addition of a basement Your Home-construction-loan-finance doesn't have to be difficult but it does need to be thorough.
NEXT
....Getting city permit
THEN
....Footings + Foundations
MORE
...100 Construction Loan
....Estimate Bids
...Sub Contractors
SEE ALSO
....Our Personal Experience Building our Home
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