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Equity/cost and appraised value


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Savitri's Forum Posts: 17
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By Savitri in Warrensburg, MO on 6/22/2006


What's was your cost and what was your appraised value?
Did that cost include land?
What was a G-C bid/estimate?

I want to see how we will do after the end of the contruction period.

Thanks!
Savitri

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By Karlie in Ogden, UT on 6/23/2006


Savitri,

My home had the drywall finished today and the outside is nearly done, so we are looking at finishing in about 6 weeks, but I can give you the numbers I currently have/got when we went in to get our loan. The bank gave us a loan for $205,000 which included our land at $52,000 of that. When I had a GC bid out my house for all of the things that I wanted and planned to have done (custom paint, nice 1/2 glass front door, tile throughout kitchen, dining, halls and bathrooms, extra electrical fixtures and outlets, nice cabinetry/with crown moulding, nicer plumbing fixtures, 1/2 glass with blinds inside laundry room door, good quality carpet) he told me that he couldn't build it for less than about $255,000 (hard to believe that's what it takes to get a little 1450 square foot home with an unfinished basement!).

Anyway, we secured the loan from the bank for $205K and the bank has initially appraised the home for $250,000. Right now, we are about $8,000 below budget with most of the rest of our things that need to be done such as cabinets, carpet, tile, paint, finish rough plumbing and electrical with tight numbers that won't change much. My husband is an electrician and he has also put in some extras that we did not initially plan for (whole house sound and a security system) which I know will add value to the home when the appraiser comes back to do the final. I feel that with the land prices already having risen at least a couple of thousand since we started the last week of March and with the extras we incorporated, that the house could easily appraise for another $5-10 thousand.

I believe there are a lot of variables in construction that will ultimately determine final appraised value, but I strongly believe that owner-building is the way to go!!!


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By Gina in Yakima, WA on 6/27/2006


Karlile,

When you say that the GC said he couldn't build the house for less than $255,000, did that include the land? Ditto on the bank appraisal. Did the bank appraisal for $250,000 include the land?

Just curious how much 'discount' off the GC the bank allowed for your loan total.

Congrats at still being under budget!

Gina


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By Karlie in Ogden, UT on 12/9/2006


Gina,

The bank's appraisal for $250K did include the land which was $52,000 of the cost. The GC's cost to build included the land also, but I gave him a detailed list of things I wanted such as custom paint, maple cabinets, tile in kitchen/dining, hallway and baths, upgrade on electrical and plumbing fixtures, etc.

The bank just looked at the line item cost of things and didn't ask details on what exactly we would put in for the cost. For example, tile was budgeted at $2,100 (we're laying it ourselves), but he doesn't know that we will be putting in a custom entry with that. Electrical was $5,000 budgeted, and my husband put in whole-house sound and a security system with part of it (he's an electrician, and so he can get good pricing, which allows us to upgrade on more things for electrical). So my thought is that when our guy from the bank comes out to do his final appraisal of the home shortly before closing, that it will appraise higher than it initially did not only because prices and land have been going up since we started, but because he was not fully aware of just what exactly we would put into the house for the price.

It looks like if we used the whole reserve, we'd be at $205K from the bank, and we would be getting a "discount" of about $50 grand. That sure sounds good to me and has been fully worth the three months we've spent doing this and the remaining 6-8 weeks (give or take) to finish the project. That is way more mula than we could make in that amount of time with just my husband trying to work his regular 40-hour job.

-Karlie

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By Jenee in Katy, TX on 3/2/2007


Did you guys finish your project?

What did your new appraisal come back as?


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By Karlie in Ogden, UT on 3/2/2007


From start to finish, we took 4 1/2 months. We began the last day of march and closed and moved into our home mid-August.

Our appraisal came back at $262,000. We ended up with over $50,000 in equity by the time we finished.


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