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Sample budgets


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Anthony's Forum Posts: 5

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By Anthony in Spokane, WA on 11/11/2000


I would appreciate any sample budgets that anyone would be willing to share with me. I know that costs vary by region but I think that proportional comparisons are helpful. I am in the Spokane, Washington area, so budgets from Washington state or northern Idaho would be particularly helpful. Thank you.

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By Matt in Scottsdale, AZ on 9/15/2002


I am looking for a sample budget based on percentages or sf. By job, for example, foundation, framing, electrical, etc. I have a great spreadsheet to fill in the details, but I am still lacking the knowledge to fill in the estimate on what the individual areas might cost for a 3,200sf. home with higher end quality. Any ideas would be greatly appreciated. Thanks, Matt



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By Randy in Boise, ID on 2/17/2003


Better late than never but, this is a good start. You will have to fine tune based on special aspects of your home.

 

PERCENTAGE PRELIMINARY BUDGET ESTIMATE

All preliminary budget estimates will include material and labor to complete both rough and finish installation. The following budget list represents cost categories, both hard and soft costs, to which you must assign preliminary dollar amounts for the work to be accomplished.

 

HARD COSTS:

Excavation & Site Prep 3%

Foundation & Flat Work 6%

Framing Materials & Labor 18%

Roofing and Storm water 4%

Exterior Trim Package 9%

Plumbing Rough/Finish 5%

HVAC Rough/Finish 5%

Electrical Rough/Finish 5%

Septic or Sewer Install 4%

Water Connect 4%

Insulation 2% Drywall 5%

Paint Interior/Exterior 3%

Interior Trim Package 10%

Floor Coverings 6%

Appliances 4%

Landscaping 2%

Overhead 5%,

Budget for Hard Costs of Home Building 100%

 

You'll need to "burden" the hard costs for home building with the soft costs needed to accomplish the work. This means you need to multiply the total hard costs by the percentage of soft costs.

 

SOFT COSTS:

Architects/Designer's Fee 7%

Building Permit Fee 5%

Builders Profit approximately 20%

Sales Tax by State.

 

Interest on Construction Loan 35+% of Budget for soft costs of home building if the hard costs for your new home total $150k then you will add at least an additional $52,500 to allow for soft costs of home building for a total of $202,500. This does not include cost of land! Don't forget to consider the lender's closing costs also!

 

Getting started on a Budget Estimate can be exasperating with no formal training in the business of residential architecture or construction. You can succeed by taking your time, allowing yourself the freedom to progressively approximate the total scope of work.


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By Albert in Durham, NC on 2/18/2003


Here's a great link I found to give you a good start building your budget: building-cost.net As I got bids from the subs, most of the estimates match pretty close.
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By Scott in FL on 2/22/2003


I bought a software program that covers anything you can think of (2003 CD Estimator). Good for giving the "smell test" to bids. I have been using it to create a detailed budget. Highly recommended. craftsman-book.com Can be had on eBay for a little less.
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By Gary in Harvest, AL on 5/1/2003


Home Depot now has a CD you can use for FREE to do cost estimations. They have a utility you can use to search for each item, and the price and labor (when applicable) factors are shown. Just go into any Home Depot and ask them for their building materials CD.
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