Rough Budget Plan, thoughts?

Started by PFunk_Spock, November 20, 2011, 07:14:56 PM

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PFunk_Spock

So Ive been a member/lurker for a while and am coming closer and closer to the exciting day I begin building.

Have begun working with a realtor in the White Mountain region of NH for a suitable couple acres. Looking to spend about 25k here.

However, weve got a line on a couple different lots in our range. Luckily both have been perc tested and have 3br septic plans on file. Given our relative knowledge of the lots weve built ourselves a rough outline for our budget to build a Victoria's Cottage with two lofts with ladder access.

Anyways, I know its rough and early out but let me know if you see anything way off. We are planning on all but the initial site work (well, septic, electric, foundation) ourselves.

Septic (3 bedroom) - 5k
Well - 5k
Electric hookup - 5k
Foundation - 5k
Framing/subfloors/ply exter/vapor barrier - 7.5k
Siding/Trim - 2.5k
Roof - 5k
Insulation (r-21 walls, r-40 ceiling & floor, fiberglass batts) - 2.5k
Flooring (320sq ft 2x6 pine t&g, 500 extra wide pine hardwood flooring, 250 sq ft tile) - 2.5k
Lighting - 1k
Heating (Monitor Propane heater with electric baseboard backup, 500 gallon home propane tank) - 3k
Instant on propane water heater - 2k (probably have this pro installed)
Appliances (Energy star range, fridge, washer, dryer, dishwasher) - 2.5k
Bath finishes (shower, toilet, vanity) - 5k
Drywall - 1.5k (heard its better just to contract out)
Wainscotting - .5k
Finish Electric - 2.5k
Finish Plumbing - 2.5k
Windows (7 3x5' and 3 2x4') - 3k
Doors - 2k
Kitchen Finishes (granite counters, cabinets) - 3.5k
Permits/Fees - 1.5k

Thanks for the input, I know its rough with budget questions as everything is different. None of these estimates are assuming high end, but decent mid grade hard finishes (floors, tile, heaters, etc) and the cheap energy star stuff (bout 500 an appliance at home cheapo) that can be upgraded to higher end stuff later. Windows are 300 a piece more high end vinyl low e windows. Propane monitor heater runs about 1500 and I would install myself.

Anyways it comes out to around 70k to construct start to finish plus the raw land. Leaves about 5k for overages in my 100k dream budget. Think its doable?

MWAndrus

Your estimate for electric hookup looks a bit high. I paid $400 for the meterbase, an exterior breaker box, a GFCI recpticle, some conduit and all the electric cable to hook it up. It cost us $1000 to have the power company bury the cable 220' from the pole to our meter. That included some conduit for a section that was too rocky to bury the full 3ft deep. They were even nice enough to move the pole about 40' so that we could have easier access into the driveway.


MushCreek

There could be some surprises at the beginning of your list, unless you've already gotten firm quotes. The septic system and well could be wildly different than what you have. Some areas are very fussy about septic, and of course it is dependent upon a good perc test. I've seen septic systems that were 2-3 times what you have listed. Same goes for wells. There's a big unknown when it comes to wells. A shallow well will be a lot cheaper than going through 1000' of rock. Missing from your list (unless I missed it) is actual site work- clearing trees, driveway, excavation, grading, etc. I'm also not sure what kind of foundation you are planning.

Other than that, the prices on your list look generous to me, maybe enough to offset the potential overruns. I'm working on our place, and have gotten the barn finished. Everything has cost more than expected so far, including having to hire some work out while I recovered from medical problems.

Make sure you do a lot of research on a potential piece of property before you buy it, and don't rely on the realtor to do it. You want to learn about flood zones, land use, soil type, perc test, and have a local well driller give you his best guess on a price. Also be sure that the local building department will actually let you do what you want to do, and what set of codes you'll be working under. Recent code changes have upped the ante considerably. Some parts of the country now require, or will soon, residential fire sprinklers. Also, many areas have restrictions on doing your own electric, plumbing, and HVAC. I'm not trying to discourage you; only giving you things to research before you spend any money.
Jay

I'm not poor- I'm financially underpowered.

rick91351

As of late around here, that would get you the well.  So long as they do not have to travel very far to your job site, and drill very deep.   But no pump, wiring, no pressure tank nor pipe and no excavation.

Here with the big rotatory rigs it make little difference it they are in lava rock, granite or soil it is all the same to them.   If they have to go very deep and travel a long distance double that at least.  I notice diesel is on the rise again.  When they start that big engine to drill it is expensive.  Last one I heard of up at the mountains by our place.  A guy sunk a well it was $10,000, and no pump and very little water.  Sort of like our well up there .  There are ways around that however.

Most places there are well logs for drillers.  Here in Idaho anyone can access them via the web.  Tells how deep, when it was dug and gallons per minute they tested to.  It might even have some drillers notes.  So that is a great help in figuring do I really want to try a well, do I really want to buy the property.  If it shows that you are having to go 300 feet and only 2 gpm.  I really would have second thoughts about buying.
 
Septic around here could be done for that but then it has been a couple years since I priced domes or chambers for the drain field.  For a self installer they are easy to put in.  I have put a couple of those in and they not all that hard.  Once again though if there is a lot of travel and difficulty getting to the job site with the tank look for a hefty charge there.       

   

       
Proverbs 24:3-5 Through wisdom is an house builded; an by understanding it is established.  4 And by knowledge shall the chambers be filled with all precious and pleasant riches.  5 A wise man is strong; yea, a man of knowledge increaseth strength.

Squirl

I would say most are pretty high if you are doing the work yourself.  I don't know what kind of lights you are going to install for $1000.  I assume equipment rental is buried into some of those costs.  That was the major cost that I failed to estimate for. 

I wouldn't trust a realtor or those perc tests.  I had this problem when shopping for my property.  Everyone told me those same things.  Checking with the building inspector though, I found out that those expire after 1 year in my locality.  Laws on septic have changed over time.  What passed yesterday, might not pass today.  Also a sub divider usually has a septic contractor on staff that will pass almost anything and when it comes time to get it inspected, the soil can fail.  I have seen a lot of shady dealings when it comes to septic and perc tests.  Also the way everyone in the septic field likes to use language, no property fails.  They all pass, it's just a question of cost.  So that 3 bedroom plan that is on file, may not be a conventional gravity fed system.  Also check the location for them.  For it to pass, it has to be at an exact location on the property.  What if this is where you want to put your house?  What if someone has built since it passed and that location is now to close to someone else's well or house? 

In my property dealings I have a clause "passed for conventional gravity fed septic system" in the contract, and I have it tested myself with a perc test and deep hole test.  If possible, I have the inspector who has to pass it later informed with the option to show up to the test.  This can be the difference of $500 up front on a 25K property I can't build on, or a 5k or 25k septic system.