i’m doing my first house on a bank loan and need to provide a spec sheet as to to what materials will be in the walls, roof, floors, ect.
what i’m wondering is how detailed this should be. should i include plumbing and electric if so what should i say about them. bathroom fixtures, countertops, what else. any info would help or if anyone has a sample of what this should look like and they want to show it to me that would be great too> Thanks
RTC
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Replies
keep em comin'
give them a copy of the plans , thats what we have to do
I'd start by asking them how detailed they want it to be.
since you need to create this as a list of materials for planning purposes anyway, all you need to do is give them a copy. if you aren't palnning that well, then you are going to be in trouble on this investment anyway, and they want to stay out of it. They probably won't check or nake trouble if you use a abc light fixture instead of an XYZ fixture, but they want to be able to see up front if you arre capable of plannning because poor plans lead to poor results which compound to poor sales potential and poor profits for them and you.
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You should ask the bank.
But what I think they are trying to do is to estimate the cost and value of the home. So they would only be interested in major materials such as whether floors are carpet, hardwood, tile, etc., what level of kitchen cabinets, what level of bathroom fixtures (standard fiberglass tub or 6 person whirlpool), kitchen countertops, roof, siding, walls (e.g. drywall or mahogany paneling) and so forth. I don't think they'd care about doorknobs, faucets, and so forth.
i am the contractor and carpenter and whatever else i decide i don't want to sub out.
i already gave the bank a copy of all the plans, arch. and eng. .i also gave them a detailed cost breakdown on a long form which they provided and i filled out with the detailed estimating that i have already done.
what they want now is basically a list of everything in the house example:exterior walls: ICF 6" pour ,interior walls 2x4syp @ 16" O.C. ,roof sheathing,flooring,ect..
what i am wondering ,and i will inquire come monday, is how detailed should it be in the realm of plumbing,elec. , driveway, appliances,insulation ect..
has anyone done this type of form?
Sounds like somebody at the bank is forms obsessed and you need to fill it in by writing "See attachement" and copy your list of materials done already.
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is this a cost breakdown for disbursement of funds or a spec sheet for entire house. I built my house in 2000, over 3000 sq ft, and the only spred sheet I filed out was for fund disbursment. Ex, so much for land clearing, site work, foundation, framing, well, siding windowsand doors. Is this what they want?
i did the cost disbursement this is seperate i think for the appraiser
You the builder? The owner? The owner-builder?
I think all they want is a summary. What the exterior cladding(s) is/are, what the floor/wall covering is in each room. Half a page should be more than adequate. Save yourself some time - don't kill yourself - they will let you know if they want more...
that's exactly what i'll do.thanks.
RTC
How do you build a house without already having a spec. sheet?
If you don't have everything listed and accounted for, then you don't know what is going into thehouse, therefore you can't possibly know what you are spending to build said house, therefore you cannot possibly know how much to borrow from the bank. Surely you have a list of specs, Don't you?" If I were a carpenter"
Like all things "bank" they're protecting their own asses. I've seen this before, but in your case, it may work out to be a good thing for you:
My guess is that the bank has two concerns. One- will the house be worth enough ( based on what you're putting in it ) to cover the loan they're owed, and to appraise out in that particular area? Two-if you took a wild guess at what the house will cost you to build it, will they be able to afford to finish it and get their $ back? Don't get the wrong idea; I'm not suggesting you'll bail, but the bank protects themself first.
The first spec I ever did, I had to go out and get written estimates from all the major subs working on the house, for the bank. It was a royal pain in the ####, but in the end, it was a good thing I did. There were more than a few things that I thought I knew the cost of, but when you add them all up, it would have been a real bite. If I'd walked out in the middle, they would never have been able to complete the house based on what I borrowed. ( I was also counting pretty heavily on sweat equity at that point, too)
Long story short- as Piffin says simplest thing is just to ask them how detailed. Having said that, If you don't have most of the costs hammered out already, You oughta before you start anyway..............
my .02
Bing
thanks, i finally got all the paperwork to the bank for the second time the homeowner changed his mind$$ about the first set of plans so i had to re estimate a new house for him. i've now had a little experience with all the paperwork stuff.
RTC
i have a spread sheet called description materials.
everythings already there i just fill in the blanks. things like from excavation,soil type,to wall and floor coverings,plumbing and electrical fixtures, framing, roof covering,insulation, appliances.
i also call it exibit b. exibit a being the plans i and the owners sign and date. tat way if there are any change orders you can go back and refer to these things.
once you do one you just use it over and over with the necessary changes.
tyke
Just another day in paradise
Would you share that spread sheet with us?
Always looking for new ideas...
i will try later i havent had a lot of luck with pics here. but maybe a scanned doc will be different.tyke
Just another day in paradise