50% through duplex build. Lessons/costs so far to share
I'm in the middle of a duplex build on a small piece of property that I've owned for a few years. I thought I'd share what I've spent so far and see if there are questions/comments I can share.
I often see discussions of trying to determine the cost to build new. The arrangement I have with my builder is I'm 100% at a cost/plus model. In other words, I pay the actual invoices from the subs and the builder adds a 9% fee on top of it. There are no hidden costs anywhere, except if done by the subs. A good example of this was a credit I got from the lumber company. Then sent more lumber than was required, so when it was sitting along the house, I made sure it was always covered and protected. When they picked it up, there was no chance they could claim damage due to rain or anything like that. I got a refund check of $2400 for the lumber not used on the project.
The way my draws work are this. On the 25th of the month, the builder submits to me all invoices from the subs received so far. They ask me to provide them a check by the 5th, so they can cut checks to the subs on the 10th.
I also found an error this week where the builder had already charged me for the water/sewer hook up fees up front. Than, they put these bills into the monthly invoice when the actual bills came from the city. I found it and had my invoice for this month reduced by almost $11,000.
Property. Duplex at 1650sq/foot per side.
| Cost Summary To Date | |
| Pre-Finance Appraisal | $850.00 |
| Design and Engineering | $4,144.60 |
| Permits | $25,438.65 |
| Water/Sewer Hookups | $11,526.41 |
| Builder Fee to date | $13,915.90 |
| Excavation | $8,811.39 |
| Toilet on-site to date | $355.31 |
| Foundation | $12,582.57 |
| Framing Labor | $19,853.46 |
| Lumber to date | $57,362.26 |
| Shower units | $2,032.53 |
| Electricity to date | 210 |
| HVAC to date (80%) | 12583.08 |
| Electrical Install | 12848.64 |
| Low voltage | 1072.08 |
| Cleaning service | 896.6 |
| Total to date | $184,483.48 |