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Message
re: House building process
Posted on 12/10/15 at 2:26 pm to lsufan1971
Posted on 12/10/15 at 2:26 pm to lsufan1971
quote:
BTW you need to have at least 20% down(some banks will do 10% but most won't).
Not really the case anymore. There are obviously many factors that play into this, but many banks will do under 10% (3%-5%). Not sure what your income is, but you may be able to qualify for a rural home loan that requires 0% down. Some states have first time buyer programs that provide incentives that can act as down payments.
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Posted on 12/10/15 at 2:34 pm to LSUvegasbombed
quote:
I am right by Rouzan and I like those houses.
Anyone have an idea how much those house typically cost to build?
The price of a house can vary a good bit based on what finishes you want to put in it. The rouzan style houses could be built for anywhere b/t $110/ft to $150/ft (maybe more). The difference comes from everything below and more...
- how much trim (base, ceiling, & window)
- countertops material & thickness
- quality of electrical fixtures
- quality of plumbing fixtures
- builder grade windows or something nicer
- quality of hvac system
- builder grade appliances or high end
- if a 2 story, you could spend $10k or more on the stairs
the list goes on but you get the picture.
Posted on 12/10/15 at 3:13 pm to ashy larry
quote:
Find a location.
Get plans.
Take plans to bank and have appraised.
Get approved for construction loan.
Interview builders and negotiate a price.
Pay builder as work is completed, usually 4-5 payments as you pay interest only on your loan.
When complete get final financing for your home to repay construction loan.
I'm a builder in the New Orleans area. I would recommend determining a budget and meeting with builders first before drawing anything up. Can't tell you the amount of times a customer has come into my office with a full set of plans that they've paid thousands for only to find out that they can't afford to build it.
Posted on 12/10/15 at 3:23 pm to ashy larry
quote:
Find a reputable draftsman to do your plans.
It still boggles my mind that a licensed PE is not required to stamp engineering drawings for residential construction in LA.
That's an awful lot of faith to put in someone who has zero education requirement.
Posted on 12/10/15 at 3:30 pm to jhardie79
quote:
I'm a builder in the New Orleans area. I would recommend determining a budget and meeting with builders first before drawing anything up. Can't tell you the amount of times a customer has come into my office with a full set of plans that they've paid thousands for only to find out that they can't afford to build it.
I'm willing to bet that most of these plans were drawn by architects. In my experience, many architects have a tendency to give the customer exactly what they ask for. The problem is the customer will ask for everything and blow their budget if someone doesn't stop them. Pinterest and Houzz just make the situation worse.
While it certainly doesn't hurt to get some rough numbers from a builder in advance, a good draftsman or architect can (and should) be able to work with the homeowner on their budget. Homeowners hear what they want to hear. If a builder tells them to budget for $100/ft of living area, they think they can tell the architect to give them 2,500 sq ft of living and another 2,000 sq ft of porch and garage for all for $250,000.
Posted on 12/10/15 at 3:37 pm to King of New Orleans
Find a trustworthy design/builder that can do it all for you.
Angie's List can help to weed out the good for the bad.
Or, if in LA, file your permit and be the GC yourself, and hire your "own" people. Cheaper and more risk; but you are dealing with all the headaches at this point.
Angie's List can help to weed out the good for the bad.
Or, if in LA, file your permit and be the GC yourself, and hire your "own" people. Cheaper and more risk; but you are dealing with all the headaches at this point.
Posted on 12/10/15 at 3:37 pm to NYNolaguy1
quote:
It still boggles my mind that a licensed PE is not required to stamp engineering drawings for residential construction in LA.
That's an awful lot of faith to put in someone who has zero education requirement.
I think everyone would be better off if an engineer had to stamp at least the foundation. However, a good engineer wouldn't stamp anything without seeing compaction results first. Once the engineer gets involved, cost start going up and builders will fight that til the bitter end. Currently I know several places where the builders don't even need to submit plans to get a permit. At least in East Baton Rouge the plan reviewer will hold a draftsman to the code book pretty tight.
Posted on 12/10/15 at 3:40 pm to ashy larry
Any contractors I've ever used for any investment properties have all not only needed but got engineer stamps when needed.
(I.e. Moving load bearing walls, changing floor plan, etc)
That's why I use them, because when you do it right the first time; you don't have to worry about doing it the second.
(I.e. Moving load bearing walls, changing floor plan, etc)
That's why I use them, because when you do it right the first time; you don't have to worry about doing it the second.
Posted on 12/10/15 at 3:45 pm to JJBTiger2012
quote:
applies? I've been hearing that ppl are getting 100% finance loans and 10%
Closed on a construction loan about a month ago. My bank will finance 100% with a 700 FICO score; 10% down for lower scores.
Posted on 12/10/15 at 3:48 pm to ashy larry
quote:
I think everyone would be better off if an engineer had to stamp at least the foundation.
That, and the lateral bracing system. I have a hard time believing a draftsman can check bearing capacity of the soil, or if the proposed slab on grade is adequate, or if piles are required. Also, I seriously doubt if they know how to check if a house has adequate shear walls for wind resistance.
You're right of course about the cost going up. Personally I would pay more to make sure I don't lose my roof after the next hurricane, or that my slab doesn't crack in half in 10 years.
Ultimately he might tell you what code requires, but that's not always the best option.
This post was edited on 12/10/15 at 3:51 pm
Posted on 12/10/15 at 3:51 pm to jhardie79
quote:
I'm a builder in the New Orleans area. I would recommend determining a budget and meeting with builders first before drawing anything up. Can't tell you the amount of times a customer has come into my office with a full set of plans that they've paid thousands for only to find out that they can't afford to build it.
+1. Also usually draws are more along the lines of once a month.
Posted on 12/10/15 at 5:15 pm to NYNolaguy1
quote:
That, and the lateral bracing system. I have a hard time believing a draftsman can check bearing capacity of the soil, or if the proposed slab on grade is adequate, or if piles are required. Also, I seriously doubt if they know how to check if a house has adequate shear walls for wind resistance.
Unfortunately I've seen plans from Baton Rouge architects that don't have adequate lateral bracing. I could also point you to several draftsman in the area that can and will do all the needed calculations.
quote:
You're right of course about the cost going up. Personally I would pay more to make sure I don't lose my roof after the next hurricane, or that my slab doesn't crack in half in 10 years.
Sadly you are in the minority. The vast majority of people don't care about quality. The only want to see the price tag.
Posted on 12/10/15 at 6:28 pm to JonTheTigerFan
quote:
Closed on a construction loan about a month ago. My bank will finance 100% with a 700 FICO score; 10% down for lower scores.
Where is this?
Posted on 12/10/15 at 7:08 pm to Scooby
Feliciana Bank in Clinton La
Posted on 12/10/15 at 7:18 pm to King of New Orleans
I've purchased property and next plan to meet with a few builders before I draw my plans
My current house is for sale now and I'll rent while I build
Building price in Lafayette should see a pretty sharp decline with oil prices so I'm gonna try to time the bottom
My current house is for sale now and I'll rent while I build
Building price in Lafayette should see a pretty sharp decline with oil prices so I'm gonna try to time the bottom
Posted on 12/10/15 at 7:39 pm to yellowfin
quote:
Building price in Lafayette should see a pretty sharp decline with oil prices so I'm gonna try to time the bottom
Good luck with that. If you really want to save find a plan the builder has built multiple times and knows the cost down to the nail.
Posted on 12/10/15 at 7:42 pm to Errerrerrwere
quote:
Or, if in LA, file your permit and be the GC yourself, and hire your "own" people. Cheaper and more risk; but you are dealing with all the headaches at this point.
is there any options in between? Somebody to basically be a consultant throughout the project but you're still the GC?
Posted on 12/10/15 at 7:53 pm to PokerPastime
quote:
be the GC yourself
Time is money. Good subs are most loyal to the GC that keeps him working year round. You can hire the same sub, but when the busy GS calls, he's leaving your job to take care of his Baw.
Posted on 12/10/15 at 7:57 pm to ItNeverRains
They'll be sitting around doing nothing soon. Prices will drop with existing house prices
Posted on 12/10/15 at 8:00 pm to ItNeverRains
quote:
find a plan the builder has built multiple times and knows the cost down to the nail.
Any decent builder can bid any set of plans down to the nail. He will always pad it bc of screw ups whether he's built it before or not. The best way, I'm is to get a plan that is custom to your needs. The builder's existing plan might have 50-100 Sq ft you don't need.
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