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o/t house advice needed

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Old 12-04-2003, 03:28 PM
  #11
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I've built a few homes and it is a portion of what I do for a living. Call if you have some questions I could go over how the new home financing options work around here at least.
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Old 12-04-2003, 03:33 PM
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I agree with Open72, you need to give Jassman a shot at the plans. He is an honest and nice guy..... and a avid boater!!
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Old 12-04-2003, 04:34 PM
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I'm currently building a new home myself. A little differant than you, Hammer, as I sold my house first and am living in a rented duplex.

All I had to show my banker is an accurate estimated cost to complete and a simple floor plan. They provided me with a Construction Loan good for a year. We set up a seperate 'construction account' checking account. I need money, I just call the bank and tell them to deposit $10,000 or $20,000 when I need it. They bill me interest, only the money I have used, on a monthly basis.

Doing the work yourself is a real money saver. I should have about $155 K in mine and the banks appraiser valued my competed house and shop at $219 K - and thats only off a floor plan and a front elevation view of the completed house.

Be prepared to work your a$$ off, I haven't seen a weekend to myself in 5 months now and will not see one until mid-Feb. If you work a full time job now, it's like having TWO full time jobs.

Remember, If you do your own contracting or even hire a general - 'it ain't so, unless it's in writing!'

Good Luck!
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Old 12-04-2003, 07:34 PM
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Take your blue print to a bank that does construction loans, or a bank that are familiar with you. They can give you a bid on the print. Also find you lumber yard suppliers, most will give you a lumber bid, boor bid along with window bid. Also find out who the framers are that this contractor is using and check jis work visually. Make sure you get a lean release from the comtractors as well when the work is done. You would be amazed at how people frown at them but the banks will require them. Check all the receipts that the contractor runs ask for copys and verify it that you have received it and not another job. Also ask for a carpet alowance along with a tile and appliance allowance. Pick these out yourself and have them at the site to be installed. Most builders will and do use a "builders grade carpet" Also add the vinyl windows instead of the aluminum frame ones. make sure for insulating needs that you have them wrap the exterior framing with the foil and dont use the insulation board. It costs a little more but I would recommend the gypsum board or osb all the way around the building. If th epitch is over 8/12 used the resawn board here as well. mutch sturdier than the osb boards. If you have other qusetions about the process let me know.
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Old 12-04-2003, 07:49 PM
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Lenders vary on the amount of equity you need into the project but I would say 10% is going to be minimum and we usually like to see 20% just so we have some room in case of an overrun or unexpected expenses. We also do inspections as properties are built but we have set times such as when framed, rough in.. and so on unless we are concerned about a project. Our biggest concern is with mechanics liens. In missouri a mechanics lien often time takes presidence over our mortgage. In Iowa it only takes presidence if work was done prior to a mortage being put in place. So it depends where you live as to what a lender will focus on.

A lot of people bid out a house then decide fixtures and so forth just are not what they want so we figure that there will be a 10% overrun on most custom homes and up to 20% on the higher doller stuff approaching a million or more.

You should check with several lenders to see who has a program that works for both of you.
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Old 12-04-2003, 10:18 PM
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Going through this ourselves. In some areas it is not possible to general the house yourself using a bank for a construction loan. They will not give you a construction loan unless you are a licesed home builder in the state. This is a new thing so check with your bank.
 
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Old 12-05-2003, 08:15 AM
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cool guys, a lot of useful info here so keep it coming. We met with our builder last night and it's basically $85/sq foot ,which is kinda what I was expecting, this is on a 2800sq ft home. I think we can do it but I'm going to check around and see if I can get it cheaper as well.
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Old 12-05-2003, 08:21 AM
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dude , you need to talk to jeff .......
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Old 12-05-2003, 10:41 AM
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$85 a square foot, thats close to manufactured home prices up here (about $77). Stick built with nice interior around $120 a square foot and up.
 
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Old 12-05-2003, 12:08 PM
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About $85.00 to $100.00 here in Texas for custom home.
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