The Cost To Build My Second Home Build! (FULL BUDGET BREAKDOWN)

Summary

The video script details the meticulous budgeting process for a second home build that will become a rental property. The owner has meticulously calculated the costs, which total around $250,000, including land, labor, and materials. The budget encompasses a wide range of expenses from land purchase to architectural plans, renderings, and various construction costs such as utilities, concrete, framing, plumbing, electrical work, and HVAC. The owner opts for high-quality, durable materials like aluminum windows and a standing seam metal roof to ensure longevity and reduce future maintenance for the rental property. Additional costs include insulation, drywall, painting, carpentry, flooring, and landscaping. The script also accounts for refundable deposits and potential credit card cash back rewards, providing a comprehensive financial plan for those interested in building their own home or investment property.

Takeaways

• 🏡 The total budget for the second home build, including land, labor, and materials, is projected to be around $250,000.
• 📈 The land purchase for the second lot was $27,000, following the purchase of the first lot for the same amount.
• 📋 Architect and engineered plans for the house cost $8,100, with a detailed 2D to 3D rendering of the home adding an extra $500.
• 🏗️ Surveying and builders risk insurance are budgeted at $1,500 and $400 respectively, to manage risks during construction.
• 💧 Municipality Utility District fees for permits and utilities are $8,355, and a porta potty for the construction period costs $604.
• 🌲 Site work including tree removal, brush clearing, and pad building is budgeted at $7,500.
• 🧱 Concrete foundation with rebar and a specific PSI rating is planned for $26,440.
• 🛠️ Framing materials and labor are estimated at $25,222 and $5,695 respectively, with engineered wood products increasing the cost.
• 💧 Plumbing, including materials and three phases of work, is budgeted at $10,976.
• 🛠️ Electrical work and HVAC are budgeted at $10,000 and $9,158 respectively, including material and labor for a complete installation.
• 🚪 High-quality materials such as aluminum windows, a nice front door, and quartz for countertops and backsplashes are chosen for longevity and durability, despite the higher cost.

Q & A

What is the total budget for the second home build, including land, labor, and material costs?

The total budget for the second home build is around $250,000.

How much did the land purchase cost for the second home build?

The land purchase cost for the second home build was $27,000.

What is the cost of the architect and engineered plans for the house?

The architect and engineered plans for the house cost a total of $8,100.

What is the estimated cost for the rendering of the house?

The estimated cost for the rendering, which turns the 2D plans into a 3D model, is $500.

What is the cost for hiring a surveyor during the construction process?

The cost to hire a surveyor at several different parts of the build is $1,500.

How much is the Builders Risk insurance expected to cost?

The Builders Risk insurance is expected to cost about $400.

What is included in the site work cost of $7,500?

The site work cost includes knocking down trees, cutting down brush, stripping the top layer of grass, and building the pad with Select Fuel.

What is the cost of the framing material for the house?

The cost of the framing material for the house is $25,022.

How much is allocated for the plumbing trade in the budget?

The budget allocates $10,976 for the plumbing trade.

What type of roof is planned for the house and what is the estimated cost?

A standing seam metal roof is planned for the house with an estimated cost of $14,000.

What is the total projected cost after including all known expenses and estimates?

The total projected cost after including all known expenses and estimates is $260,000.

What is the strategy behind choosing more expensive and durable materials for a rental property?

The strategy is to ensure the house lasts longer and requires less maintenance, which can be beneficial for a long-term rental property investment.