Posts Tagged ‘budget’

Home building cost overruns can plague any home building or remodeling project. This occurs so frequently that it is recommended you include a 5 – 10% contingency fund in your budget. This will be used for items that you will have no control over, such as problems found with the land once excavation has begun.

Use the 5 tips in this article to control home building costs & minimize cost overruns.

Tip 1: Planning Your Home Building Costs Take the time to plan on paper what you want your house to look like. When doing your budget, visit stores to look at appliances, fixtures, cabinets, flooring, etc. In doing so, you will have a clearer idea of what you want and more importantly, what it will cost. Then, build that amount into your budget so there are no surprises later.

Tip 2: Specify Home Building Materials When working with a contractor, be sure that the specific materials you expect to be used are included in the bid and subsequently, in the contract. If your plans say wood floors and you are expecting teak and get oak, your recourse is limited because you did not specify it in writing.

Tip 3: Change Orders If you take the time to plan your home building project on paper before breaking ground, you can minimize the number of Change Orders. Change Orders frequently increase the cost of your project because they were not planned for in the original budgeting. If you agree to a change order and there is an expense involved, you are responsible for those costs unless the contractor has agreed he will pay for the change. Depending upon the extent of the change, it can involve modifying the original plans and having the local building authority review the changes including the labor and materials. Always keep an eye on any changes to the original plan and design and take the time to determine the financial impact of the change on your project. Changes to construction projects represent the single most common reason a project goes over budget and/or the completion is delayed. Take the time to plan before you build.

Tip 4: Size, Style and Shape of the Home These three factors can significantly contribute to the cost of building your dream home.

• Size – Work with even numbers and have your home size rounded up or down to increments of two (2) feet. This reduces wasted materials. Also, build a home no deeper than 32 feet to eliminate the need for specially designed trusses.
• Style – Typically, it will cost less to build a two-story home than a one-story home of similar square footage. A two-story home will have a smaller roof and foundation. In addition, plumbing and ventilation are more compact in two-story homes.
• Shape - Having more corners and angles will increase the amount of labor and materials needed to build your dream home. A rectangular or box shaped home will cost less to build.

Tip 5: Two Most Common Times for Cost Overruns The beginning of your home building & construction project – when you are doing excavation and possibly putting in a well. You won’t know what is under the ground until you begin to excavate. If you are drilling for a well, you will have no control over how far down you will need to drill for water. This is where having a contingency fund is essential.

The second most common time for a cost overrun is near the end of the project when you are selecting your finishes, i.e., cabinets, counter-tops, lighting and plumbing fixtures, flooring, appliances, etc. If you took the time to shop around before you did your budget, you can more easily stay within your budget when you do your final selections.

Cost overruns are common in any home building project, but with knowledge and planning they can be kept within manageable boundaries.

Chuck Warrender, an experienced custom builder, opened UBuildIt in 1988 to show people how to become Owner-builders and save money or gain equity on their own custom home building and remodel projects. Chuck designed the UBuildIt System for Owner-builders who want to build more home for their money by directing their own construction projects. UBuildIt’s Construction Consultants guide Owner-builders every step of the way and provide a proven system, professional advice and trusted resources. UBuildIt now has over 100 franchises across the US. Learn more about Chuck and how to build or remodel your own custom home at UBuildIt.com

Author: Chuck Warrender
Article Source: EzineArticles.com
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To get a building constructed can be very easy if you follow these steps I will be explaining to you. Before you begin at all or planning to do anything is better you know what is involved on that thing, and in your plan know how much you are going to spend,and you need to know the numbers of people you’ll be using so that you don’t end up paying people on your site that didn’t work for the day.

There are stages in building constructions that you must follow and requirements of labor varies but have it in your mind that anybody you bring to your site, work or not, they will have to be paid. And in case your first plan doesn’t work you can try another one.

A lot of books are out there advertising new innovations on building, you may be surprised to find out that what you need right now are right in those papers , and you have more opportunities of alternatives.

The reputation of your professional or contractor; how honest is he and which of his past jobs can he point to? who can stand for him, or recommend him to carry out your job. Make sure this person is actually qualified for the job.

Whatever you estimate, our economy is besiege by unending inflation, you will always be expected to spend more at the end of the day, so earmark 20% of the estimate for your building for exigencies, though make sure you don’t stretch your budget to the limit, or what is the essence of a shelter if you don’t have money to provide food for you and your family?

It is important you approve your building plan because of future occurrences, the government can decide to turn your building to a road, what will you use to fight back or at least be paid compensation for your property. If you are a businessman with an approved plan you can turn your property as a collateral to obtain loan from the bank to help your business.
You and your contractor must have written agreement on a specific task he is to
perform and also documents amount you pay him and always let him sign under to confirm amount of money you have paid to him, if you fail to do this, the probability is very high that you’ll quarrel over money with your contractor as the job progresses. I have seen several cases of this. If you feel what he’s charging is a bit on the high side is better you price lower and find out how your building will reflect the amount of money you are paying. Though the cheapest price is not always the best and the cheapest at the long run may end up being the costliest.

The safety of your workers on site is very important to avoid disaster let your contractor stipulates his health measures for his workers especially in a large building.

When you are not sure of a step you are about to take, please don’t hesitate to ask the professionals before you embark on it, it may ruin your plans when you don’t seek advice, and local contractors and professionals can be of immense benefits also when you need them at short notice. Remember you are employing and creating a job by giving out your project to be managed by a professional who may actually be your friend, but in this case this is business and should be treated as such.

When purchasing materials, always go for the best quality and don’t hesitate to ask for discounts, you will be shocked by the amount of money that will be returned to you.
When your contractor is offering you a deal that is too sweet to your hearing and too generous to your purse then you may be heading for disaster. Building work is not always as smooth sailing as some people will make you believe.

You can also save cost unknowingly when you build the biggest possible size you can afford as it will cost less if done at the initial stage rather than as extension later on especially when you are sure of your capabilities.

There is no need for being unnecessarily apprehensive to get your building completed very fast, be patient to watch out for favorable weather when building and also give room for waste management, so that you don’t end up having no space for your septic, refuse and other wastes. Whatever kind of material you are purchasing make sure they will be ready when you need them and always make sure of the presence of services on the site before you purchase them.

Where you keep your materials is also important, are they safe? Using an artisan (bricklayer, carpenter, welder etc) to do the job of a professional like Architect, Structural Engineer etc. is not advisable on your site make sure everyone is qualified for the job at hand and don’t allow any contractor to decide for you because you are the boss and pay only when the job is satisfactory however, don’t cut corners because it will cost you more later.

You can get the best quality of materials in Nigeria, you may not need to go abroad for this, don’t accept poor quality material or workmanship for your job.

Omion Emmanuel is an architect that has great passion for online marketing, He uses the medium to teach young Nigerians on how to effectively build,manage and supervise their building projects.

He is more at home with construction industry of his native country Nigeria.

He specializes in Residentials and Bank building design and Construction.

He is best called Nigerian online building management pro.

[http://www.buildingcontractorsecrets.com]

Author: Emmanuel Omion
Article Source: EzineArticles.com
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It is certain that there are many house selling tips that can pay off when it comes to encouraging that elusive buyer to make a fair offer. For example, unless you’ve been in solitary confinement and unable to access TV for a few years you’ll probably be aware that one thing you must do is prepare your property well and then ‘stage’ it effectively.

Just in case you haven’t heard of staging it is basically the process, once the house has had a quick, economic make over, of presenting the rooms with ‘just enough’ of the small decorative finishing touches to make it look inspiring to a purchaser but leaving enough of a blank canvas not to overwhelm their ability to imagine your house as their future home!

You can hire a professional home-stager, but they are really for those folks with high paying jobs, and a high-ticket home, as they don’t come cheap. Naturally, if you fit the description, then go ahead and hire a professional. It has been proved many times over that a sale can be made more easily, more quickly and usually at a better price with the staging done just right. In the best case scenario the premium you get on your price, without so much downward wrangling, can more than justify the cost of that professional home stager.

But for a large proportion of folks the professional’s fee may just seem too much to swallow and there is a lot you can do to achieve the ‘look that sells’ and helps to answer that question of “How to sell a house?” most effectively.

Here are a magnificent seven house selling tips to start getting you thinking like a professional stager:

#1 — If you are in a hurry to sell you need to be prepared to designate both time and budget to the purpose of preparing and staging your home. If you can spare the time, and take some days off work for the purpose you could achieve the majority of most basic jobs within one to two weeks.

#2 — As for the budget you ought to be prepared to spend between 1 and 3 percent of your hoped-for selling price. Bear in mind that if you do the job well you’ll be saving mortgage outgoings one every month quicker that you sell the place, plus you’ll be able to expect to make less compromise on the actual final price which should make up for the relatively small investment. This means that on a US$150,000 house you should budget to spend from US$1,500 to US$4,500 on the minor repairs, decoration and some accoutrements. Remember that some of the ‘decor items’ that you purchase should come with you so they don’t count as ‘losses’ – but make sure that, if possible, they are things you’ll look forward to keeping!

#3 — Get yourself in the ‘right’ frame of mind. The property you are selling WAS your home, but now it is just a commodity that you are selling, just like any other commodity. You need to break the attachment that you may have to ‘the old place’. You are (hopefully) going on to better things so the time has come to ‘say goodbye’ to your home well before any prospective buyer sets foot across the threshold. It can be a wrench, but it pays dividends to begin to look at the house in this different, dissociated light.

#4 — Linked to the foregoing factor – get into every room and de-personalize it. Make sure you have removed anything that shouts that it is ‘you’ and ‘yours’. You need to get the rooms back to basic canvases that are clear and easy to visualize in any form the potential buyer needs to see in their minds eye. When your prospects start to view your home they need to be in the frame of mind of “seeing themselves” living there, and not distracted by your knick-knacks and personal memorabilia!

#5 — This leads to the next major step (really part of what has been suggested) and that is the de-cluttering phase. It is amazing how many people who are ‘desperate’ to sell undermine their potential sales efforts by introducing would-be buyers to rooms that are crammed to the gill with all sort of ‘stuff’. Clear out the clutter, stand back from the rooms and make sure there are no piles of this that or the other left around. You need to get your home back to the state it may have been when you moved in with every room looking as large and impressive and ‘roomy’ as it can do.

#6 — You may ask: “But where do we put our stuff?” (Assuming you don’t want to bin it all!) The answer is simple: one of your incidental expenses should be to rent space at your local ‘self storage’ depot. You can stash your ‘trash’ — sorry personal items of sentimental worth – safely and securely and for a few dollars a week get en route to making that sale much quicker! Well worth the cost!

#7 — And there is another good reason for de-cluttering, tidying and generally creating an air of organization and attention to detail. This is the ‘psychological’ impression it can create within the minds of your prospect. It should look like there is a place for everything, and everything in its place. If you look as if you ‘care’ it gives confidence to your buyer that you have probably ‘looked after’ the place in other respects too. This can be a real boon in helping to give that extra push to a buyer to make an offer. So make sure that that de-cluttering and ‘removal to storage’ is comprehensive — if you just load cupboards, drawers and cabinets full of your ‘items’ they are almost bound to be opened by ‘nosy’ prospects, and if a torrent of ‘bric-a-brac’ tumbles out it will severely undermine your efforts to create the perfect stage.

Naturally these ideas are just the house selling tips of some proverbial icebergs when it comes to discovering how to sell a house effectively. Hence there will be another batch of tips for selling your home published soon.

Houses still sell even when the market is in a trough. So if you are struggling to sell your home then David Duveen brings his years of sales experience to bear on the problem for your benefit. David Duveen will be publishing further vital house selling tips in the lead up to the launch of his major new Internet resource How to Sell a House — if you are selling your home, or about to put your house up for sale, be sure to take a look at this down to earth, no-fluff, no-filler, ‘get your house sold’ guide, as soon as possible.

Author: David Duveen
Article Source: EzineArticles.com
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Although the process of home buying can be thrilling, buying a home is a huge expense. For many people, it may be the biggest expense to date in their lives. You have to temper your excitement so that you don’t “catch the fever” or home buying and let your emotions get the best of you. There are some major mistakes that you can avoid if you keep a level head when you buy your home. Follow these steps to make sure your home buying experience is productive and enjoyable:

1. Always set a budget

All but the very wealthiest people in the world have some financial considerations when they prepare to buy a home. Consider completing the following tasks before you set your purchase price budget.

o Purchasing a home comes with additional expenses, both in the purchasing process and after you own the home.

o Securing a loan is an important part of setting your budget. Make sure you know ALL costs and fees associated with the loan of your choice

o Consulting a Realtor and other homeowners can give you great information about the costs that come with home ownership

o Borrowing what a lender will allow is NOT the same as deciding what you can afford on a monthly basis. Don’t overwhelm your budget to buy your dream home the first time out.

2. Speak to a lender before you begin

Unfortunately, the loan process is much more complicated than it used to, with a number of factors involved in your ability to qualify.

o Before you meet with a Realtor, make sure that you see a lender.

o Consider that what the bank will loan you (your qualification range) is not necessarily the same as what you can afford.

o Conversely, if you think that you can afford a $150,000 home but the lender is only willing to lend you $125,000, if you start out looking at more expensive homes and have to scale back, there will be a major difference in what is included in the more expensive house. If this happens, you may never be happy with the less expensive home.

3. Complete a home inspection.

When buying a home, completing an inspection is not an option. However, there are still some aspects to consider when ordering the inspection.

o Inspectors give you their best judgment of the problems they see in the house, but there is no guarantee that no other problems exist.

o Buying a home may be the largest investment you ever make, so the couple hundred dollars you spend on making the sure the foundation won’t collapse is well worth it.

o In the Rolla/St. James area, a home inspection in Rolla or St. James will run between $200 and $250. Add $50 to $100 for a termite inspection, and for $250 to $350, you are buying a great deal of peace of mind about your future home.

4. Remember resale value. While most people searching for a home are not thinking ahead to selling a few years down the road, resale value is an important consideration.

o Most people go house hunting thinking, “We are going to live in this house forever”. In reality, most people stay in any given home no longer than 7 years, and many people’s stay is even shorter.

o The closer you get to retirement, the more likely you are to stay settled in a home.

o Knowing the average amount of time people live in a home, make sure you stay away from overly unique homes that might be difficult to sell quickly when you need to.

5. Learn about the buying process. The best way to avoid any problem with buying a home is to make sure that you have all the facts.

o With the prevalence of the internet, you have all of the information you could possibly want at the touch of a button.

o If you are moving to a new area, or another home in the same place, spend some time online learning what kinds of homes are available in the area.

o If you already live in the area, also spend some time driving through a few neighborhoods and familiarize yourself with available housing. You can find information on anything you desire, it just takes a little time.

o Remember that “knowledge is power.” It is much easier to avoid mistakes when buying a home if you are well prepared.

Avoiding costly home buying mistakes can be very easy. Committing to buying a home can be very intimidating, but as long as you have all of the facts and avoid getting emotionally swept away, you can find the home you desire. Keep these 5 steps in mind to help ease the home buying process.

Justin Renaud is a REALTOR working in the Rolla Missouri Real Estate market. He has been working with buyers and sellers full-time for the last three years. His website justinrenaud.com is a resource for buyers, sellers, and homeowners to find helpful advice as well as resources discussing the areas of Rolla, MO and St. James, MO.

Author: Justin Renaud
Article Source: EzineArticles.com
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Renting can be a tricky business whether you are renting out your home or renting a property for yourself. In both conditions, there are many issues to consider, and it is something that should be entered into after much thought.

Renting a property is a good option if you cannot afford to buy a house, and pay the mortgage. If you are unemployed or do not earn enough money to come up with the mortgage payments every month, then it is better that you rent a place. In addition, if you are moving to a place on a temporary basis, renting is a better alternative.

However, there are also many pitfalls of renting that you must consider. The first disadvantage is that rent payments seldom stay constant. Most of the time, they increase after the lease is renewed, and you might find out that you have to pay more than what you agreed to. If the landlord makes any renovations to the house, he may ask for more rent, which can be difficult to adjust to, if you are on a fixed budget.

When you are living in a rented property, you do not get a chance to build your equity, which is another pitfall. You will be paying rent every month for the entire period, but once you move out, you do not have anything to show for it.

If you buy a house instead, you will be the owner, and can even sell it later on to recover your mortgage payments. Another downside of renting is that you cannot take advantage of any tax breaks on the rent you pay. It is your landlord who will get to reap the benefits.

One of the major disadvantages of living in a rented property is that you have to obey the rules of the landlord. You are not allowed to make major changes to the property, and have to accept it as it is. Many landlords even have strict rules when it comes to keeping pets, or coming and going at late hours. Some places will not allow overnight guests, or visitors who stay for an extended period. Thus, it can sometimes be difficult to get used to.

Similarly, if you are renting out a property, there are issues you need to take into account. When you rent out your property, you become the landlord. This means that you become responsible for all the aspects associated with the renting process. You have to set up the property for renting out, manage the tenants, take rent every month, and be responsible for anything going wrong in your house. It can no doubt be a big burden, and responsibility. If you get unlucky and end up with bad tenants, then renting can be a nightmare. You may not get the rent on time, and may even have to take responsibility for any damage done to the property.

Although renting may be a good alternative for you, it is better to keep these pitfalls in mind. In this way, you can make an informed decision, and explore all the options.

James L Harrison is a real estate expert. You can take his services to find apartments to rent Manchester and get wide rage of affordable apartments. For more details visit the recommended website at http://www.mancitylettings.co.uk.

Author: James L Harrison
Article Source: EzineArticles.com
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Are you over 55 years of age and looking for attractive retirement housing options? An active retirement community might just be what you are looking for. You can choose from literally thousands of such communities that have come across all over the US today. There are many communities where you will find all the comforts that we expect to find in a resort and that includes outdoor activities too.

In order for you to stay fit even after retirement, you need to become a part of the many activities that are available in these communities. The communities come with all the facilities and amenities you need for swimming, biking, golfing, hiking, boating and many more – so go ahead and do whatever you like. You will find just the right community for you because there are many that are available today and they are for all kinds of people with differing needs. With a wide variety of options available, you get to choose a community that matches your budget and lifestyle needs. Yes, such communities were limited mostly to the Sun Belt States of Arizona and Florida – but now, they are coming up in huge numbers in other parts of the country as well.

However, you need to do adequate research on an active retirement community before you make your selection. That way, you can get to know about the many benefits of these communities. Most retirees prefer staying close to their family and friends, but there are those who do not want that – this is one reason why these communities are being developed at different locations nowadays. There are many other considerations that become important such as the amenities and activities and also the climatic conditions in the area. Yes, perhaps the single most important consideration of selecting the community is its location.

There are so many of such communities that are available today that you are sure to come across many if you just do some searching on the Internet. Hence, you need to know all about the different alternative options before making a final decision. First be sure that you will find the activities and the lifestyle you are looking for in the particular community.

This is always an important decision, because after all, the active retirement community is going to be your home once you are retired. Other than the retirees, many younger people come to stay here as well and they are often looking for relaxation as well as the active lifestyle.