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.
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%
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.
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.