Home cost can be more effectively managed through the use of these forms.
Use the Construction Cost Breakdown Form below to keep track of the cost to build your home. You will change the information you fill in on this form regularly as you go through the construction process.
Under the column Subs, list the name of the subcontractor or supplier.
Under the column Cost, fill in the dollar value of the expected cost of each item or category.
Under the column Paid, enter the amount that you have paid, to date.
Under the column Balance, enter the amount remaining to be paid on each item.
Cost - Paid = Balance
The totals at the bottom of the form are the sums of all figures in each column. The total of Cost is the actual construction cost that you expect. The total of Balance is the total outstanding amount that is left to be paid.
Construction Cost Breakdown Form
Keep track of how much money you will have to pay out each week.
To the right side of the "Balance" column, enter the amount that you will have to pay that sub or supplier before the end of the week.
The total of these figures is approximately the amount you need to have in your checking account to cover the week's payments. If you need more money, you will have to draw from your construction loan.
What is a "loan draw"?
Loan draw means drawing money off your loan. These draws and your construction loan can be effectively managed only through the use of a tracking form such as the Loan Draw Manager Form shown below. Change the percentages shown in the "%" column if your bank's schedule of values is very different from this form.
Loan Draw Manager Form