- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Building a house - looking for some advice
Posted on 12/17/14 at 7:52 pm
Posted on 12/17/14 at 7:52 pm
I've decided to build a house instead of buy one...
I'll be meeting with a bank to get a letter of prequalification first then meeting with a builder, no agent will be involved.
What all do I need to have in order to get the ball rolling on this? I've read that I should plan on making a deposit but I'm not sure how much it will be. I've read between 1% and 2% of the projected home value would be a good number to put down as a deposit. Does that sound about right?
Then I guess the next part of the equation is negotiation. It's a custom home builder and I understand they don't move a whole lot on prices. That being said, any advice for some of you who have built before?
I'll be meeting with a bank to get a letter of prequalification first then meeting with a builder, no agent will be involved.
What all do I need to have in order to get the ball rolling on this? I've read that I should plan on making a deposit but I'm not sure how much it will be. I've read between 1% and 2% of the projected home value would be a good number to put down as a deposit. Does that sound about right?
Then I guess the next part of the equation is negotiation. It's a custom home builder and I understand they don't move a whole lot on prices. That being said, any advice for some of you who have built before?
3
Posted on 12/17/14 at 8:15 pm to Powerman
1). Own the lot or have enough to own the lot outright. If you don't have enough for that you should probably reconsider building.
2). Have a good set of plans. An architect is a good idea here. You will be asking the bank for a loan. Nothing is more ridiculous than someone asking for a loan though they don't even want to put up the money for the plans. Besides, you will need them to bid out to General Contractors so that you may obtain line items for the bank. The better the plans the better apples to apples comparison between builders cost you will have. The plans will also need to be appraised for the bank.
3). If you have already picked your builder and he knows he the only gc your taking a bid from naturally it will likely be higher.
4). Contract- Should define your payment schedule and their building schedule and an estimated completion date.
2). Have a good set of plans. An architect is a good idea here. You will be asking the bank for a loan. Nothing is more ridiculous than someone asking for a loan though they don't even want to put up the money for the plans. Besides, you will need them to bid out to General Contractors so that you may obtain line items for the bank. The better the plans the better apples to apples comparison between builders cost you will have. The plans will also need to be appraised for the bank.
3). If you have already picked your builder and he knows he the only gc your taking a bid from naturally it will likely be higher.
4). Contract- Should define your payment schedule and their building schedule and an estimated completion date.
Posted on 12/18/14 at 10:16 am to Powerman
Our builder wanted $5000 on a $375k house, so 1-2% is about right.
We had a budget to hit the $375k. So much for flooring, so much for appliances, lighting, etc. We went under on flooring and over on lighting. When all was said and done, we ended up just over budget (I think about $381k) and because we weren't assholes through the process, the builder came down to budget and we closed.
My advice: Shop around. We bought all of our appliances on elite appliances.com, saved about $2000. They offer free shipping. We also saved about $6000 by going to Memphis to get flooring. (I rented a U-haul)
To some people its not worth the trouble. But we ended up with a great house that we really enjoy.
Here are the things I did that didn't cost a lot more during the building process that are wow factors.
Walk through shower.
Nest thermostats and smoke detectors
LINK
Instead light switches in living and master bedrooms and main hallway, as well as garage control. (Cost about $250 and I can control lights from my iPhone in the main areas - I also have dim settings in the living rooms for movies and stuff)
LINK
We were in the parade of homes and we had three realtors call us and ask us about the Nest and Insteon stuff. Very simple and less than $500 difference.
Oh, and we also decided to do a tankless water heating system. Its awesome. Always have hot water even with teenagers in the house.
We had a budget to hit the $375k. So much for flooring, so much for appliances, lighting, etc. We went under on flooring and over on lighting. When all was said and done, we ended up just over budget (I think about $381k) and because we weren't assholes through the process, the builder came down to budget and we closed.
My advice: Shop around. We bought all of our appliances on elite appliances.com, saved about $2000. They offer free shipping. We also saved about $6000 by going to Memphis to get flooring. (I rented a U-haul)
To some people its not worth the trouble. But we ended up with a great house that we really enjoy.
Here are the things I did that didn't cost a lot more during the building process that are wow factors.
Walk through shower.
Nest thermostats and smoke detectors
LINK
Instead light switches in living and master bedrooms and main hallway, as well as garage control. (Cost about $250 and I can control lights from my iPhone in the main areas - I also have dim settings in the living rooms for movies and stuff)
LINK
We were in the parade of homes and we had three realtors call us and ask us about the Nest and Insteon stuff. Very simple and less than $500 difference.
Oh, and we also decided to do a tankless water heating system. Its awesome. Always have hot water even with teenagers in the house.
This post was edited on 12/18/14 at 10:25 am
Posted on 12/18/14 at 11:46 am to Powerman
Just built a house.
What specificity you want to know?
I was general contractor... Hired a builder to frame form and trim out.
I hired rest of my subs.
Flooring
Elect
Roofers
Plumbers
Painters
Sheetrock
Concrete
Landscaping
Bricks
Stucco
Cabinets
Countertops granite
Started in first of June and moved in oct 10.
Went smoothly... I stayed on budget for the most part.
Bought all my appliances from lowes.
Got best they had of everything for 9k, wash dryer, double oven, gas range and fridge ...
Splurged on couple things .
Kitchen sink wife wanted was over 2k... Bought a custom farm house dining room table.
We did stained scored concrete and porcelain wood grain floors throughout... Look great.
Did a custom doorless shower in master bath.
Like i said our house went great.
It's 4500 sq ft / 3300 heated and I'm in for 350.
I saved 40-50k doing gen contracting and shopping around.
Luckily I had time to devote to it... Most people don't.
We went online and used Michael Campbell designs for plans and yes ...houzz app is very helpful.
What specificity you want to know?
I was general contractor... Hired a builder to frame form and trim out.
I hired rest of my subs.
Flooring
Elect
Roofers
Plumbers
Painters
Sheetrock
Concrete
Landscaping
Bricks
Stucco
Cabinets
Countertops granite
Started in first of June and moved in oct 10.
Went smoothly... I stayed on budget for the most part.
Bought all my appliances from lowes.
Got best they had of everything for 9k, wash dryer, double oven, gas range and fridge ...
Splurged on couple things .
Kitchen sink wife wanted was over 2k... Bought a custom farm house dining room table.
We did stained scored concrete and porcelain wood grain floors throughout... Look great.
Did a custom doorless shower in master bath.
Like i said our house went great.
It's 4500 sq ft / 3300 heated and I'm in for 350.
I saved 40-50k doing gen contracting and shopping around.
Luckily I had time to devote to it... Most people don't.
We went online and used Michael Campbell designs for plans and yes ...houzz app is very helpful.
This post was edited on 12/18/14 at 11:53 am
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News