Could you look at my spec house numbers?
I am looking to build my first spec home and would like some feedback. Below are the numbers I have to work with. It is a slab on grade single level 1,600 square foot home with a two car attached garage. I have talked to a number of realtors in my area and these are selling well.
Purchase lot $31,000
Plumbing $15,200
Electrical $10,600
Concrete $15,800
Dry Wall $12,760
Flooring $4,000
HVAC $16,158
Lumber and cabinet package $66,976
Driveway $3,200
Landscaping $1,200
Realtor fees when selling $13,000
Bank fees and interest $4,100
Building permit $1,700
Labor to build - Paid to my construction company $36,750
Total cost $234,344
Going with recent history of what others are selling for in the area it looks like it should sell for a minimum of $250,000 possibly closer to $265,000. Is there something I am forgetting? Do my numbers look about right? Do you think the margin is suffficiant?