Hi Guys,
I'm currently trying to populate a new homes contract between me and my father (he is a registered builder). My father hasn't built in quite a long time though (~10-15 years), but still holds his license. We have both come up with a cost estimate on how much this house is going to cost.
Plans:
http://www.scribd.com/doc/98072016/Hous ... irst-Story
http://www.scribd.com/doc/98072021/Hous ... cond-Story
http://www.scribd.com/doc/98072008/House-Plans-3D
Cost estimate:
http://www.scribd.com/doc/98071954/Hous ... 24-June-12
I need to get this estimate fairly accurate for the bank loan amount, in order to calculate my deposit required (20%). I'm placing $290k as the contract price based on this estimate (of course this may change later and the bank can adjust the loan amount).
I am allowing $52k of contingency for this estimate (~20%), since I think we've made sufficient allowances in the cost estimate. Not all of this will be reflected in the initial loan amount, but I do have pre-approval to seek these additional funds from the bank.
Any feedback on any of that, in particular the cost estimate would be heaps appreciated!
ps. electrical is omitted from costs as it will be free of charge.
I'm currently trying to populate a new homes contract between me and my father (he is a registered builder). My father hasn't built in quite a long time though (~10-15 years), but still holds his license. We have both come up with a cost estimate on how much this house is going to cost.
Plans:
http://www.scribd.com/doc/98072016/Hous ... irst-Story
http://www.scribd.com/doc/98072021/Hous ... cond-Story
http://www.scribd.com/doc/98072008/House-Plans-3D
Cost estimate:
http://www.scribd.com/doc/98071954/Hous ... 24-June-12
I need to get this estimate fairly accurate for the bank loan amount, in order to calculate my deposit required (20%). I'm placing $290k as the contract price based on this estimate (of course this may change later and the bank can adjust the loan amount).
I am allowing $52k of contingency for this estimate (~20%), since I think we've made sufficient allowances in the cost estimate. Not all of this will be reflected in the initial loan amount, but I do have pre-approval to seek these additional funds from the bank.
Any feedback on any of that, in particular the cost estimate would be heaps appreciated!
ps. electrical is omitted from costs as it will be free of charge.
