ᐅ How to Estimate Total House Costs Before Finalizing Fixtures and Finishes?

Hello everyone,

I'm currently experiencing a mental block and could really use your help.

We want to finalize the financing for our building project in the next few days.

The list of required documents states that the total amount of the construction project needs to be specified.

At the moment, we have the price for the house including some custom requests from the general contractor, which were added as change orders.

We haven’t yet chosen the tiles, sanitary fixtures, or electrical fittings. We also don’t have any costs for the outdoor landscaping yet.

How did you account for these items? Should we just provide a rough estimate?

Also, should things like the fireplace and flooring be included in the total amount, or can these be excluded since we’re planning to pay for them with our own funds?

Thanks for your help 🙂 and happy Valentine’s Day 😉

Just ask the general contractor (GC) for a detailed construction cost breakdown, so you'll have a solid basis. My bank also required a construction cost statement signed by the GC.

Just take a look at the pinned thread here in the forum ----[B] List of incidental building costs. "Owner-provided" more expensive?[/B]

under construction costs / subsidies

Yaso2.0 schrieb:

How did you account for these items? Did you just give a rough estimate?

Also, should things like the fireplace and flooring be included in the total cost, or (since we’re paying for those with our own equity) can they be left out?

Make it a rough estimate, but be generous.
And of course, everything should be included. Otherwise, the bank will assess your property with a lending value of, for example, 500 thousand (units), and offer you financing accordingly. In reality, it might be 550 thousand (units) because you didn’t include the floors and fireplace—and therefore didn’t reflect your higher equity.

grandmasterO schrieb:

Just ask your general contractor (GC) for a detailed breakdown of construction costs to get a good basis. My bank also required a construction cost statement signed by the GC.

Take a look at the pinned thread here in the forum ----[B] List of incidental construction costs. "On-site" more expensive?[/B]

under Construction Costs / Subsidies

Unfortunately, the GC’s construction cost breakdown does not include additional expenses for the electrician, plumbing, staircase builder, fireplace, and flooring.

nordanney schrieb:

Make a rough estimate. Preferably generous.
And of course, everything needs to be included; otherwise, the bank might value your house for collateral at, for example, €500,000 (about $550,000) and offer corresponding terms. But in reality, it’s €550,000 (about $605,000) because you didn’t list floors and the fireplace (and therefore didn’t account for your higher equity).

Okay, that sounds reasonable! Thanks