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Builders Finish - to Completion

  • 22-06-2009 10:28am
    #1
    diarmuid05
    Registered Users, Registered Users 2 Posts: 455 ✭✭


    Hi,

    I am in the process of buying a house that is at builder's finish stage.

    I want to include the cost of finishing in my mortgage. The bank said i needed to get a quote showing a costing of the finish.

    My question is, is it possible to get a quote from a single builder? or do i need to get separate quotes from painters, tilers, carpenters etc.

    For clarification this is what needs to be finished
    - kitchen
    - floors
    - wardrobes
    - painting
    - tiles
    - attic is partially converted - needs to be finished
    - boundary walls
    - frontdoor and backdoor steps
    - gardens

    I am in the Galway area if anyone has a recommendation


Comments

  • #2
    Leadership
    Closed Accounts Posts: 457 ✭✭Leadership


    I am afraid that you would have to price up each of the works seperately or most of them. You would then need a contingency in the region of 20% to cover hidden costs.

    All we took to the bank was a spreedsheet with our own estimates, something like:

    Kitchen - €12k
    Garden - €5k
    and so on


  • #3
    diarmuid05
    Registered Users, Registered Users 2 Posts: 455 ✭✭diarmuid05


    Thanks for that Leadership,

    So basically you did up your own estimates and the bank approved them?
    Did the bank ever do anything to check how you spent the money?

    The reason i'm asking is that if i was to overestimate... i could include some of my furniture in my mortgage rather than getting a separate loan.


  • #4
    Leadership
    Closed Accounts Posts: 457 ✭✭Leadership


    Technically we didnt over estimate but set budgets for each item. The bank approved them no problem as the budgets were reasonable.

    Although not completed yet we should have enough left over to get most of the furnishings.

    Word of warning a mortgage is not the best finance package out there and we are well within the combined value of the land & home so no negative equity.


  • #5
    mr_edge_to_you
    Registered Users, Registered Users 2 Posts: 3,189 ✭✭✭mr_edge_to_you


    Buying your furniture out of left over money from your mortgage is nonsense. It is easy but you'll be paying interest on your couch for 30 years. Whatever about tiling and kitchens but that is crazy. Buying furniture with your mortgage funds COULD put you into negative equity straight away!


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