We’ve agreed on final costs for changes, we’ve had a final walk through and made a punch list, and the bank is on the verge of converting the construction loan into a mortgage. We’re moving in this weekend! Sounds so simple, right?
Settling the accounting was “fun.” I’m glad I’m organized and well documented. In his first pass, the builder had errors and inappropriate add-ons that had us paying $10k more than what we eventually settled on. We still made concessions in the end because legal action is a drag. For instance, we paid extra for Sturdi-Mount blocks that were clearly noted on the construction drawings. (Long story.) Furthermore, we had an earlier change order to frame out the basement walls. Turns out that change order included material but not labor, so the builder met us half way to cover labor costs. In the end we still came in almost $17k less than what our loan covered. It certainly took a lot of sweat and stress on our part, but SCORE!
A punch list covers items to be completed or corrected. Our friend, Kyle (a stickler for construction details, and someone not ‘too close’ to the project like us) helped us walk through and identify these. The majority of items are in our scope, (undercabinet lights, closet organizers, etc.) but no cause for delay. So… the project lives on. Luckily, we’ll be on site and not schlepping back and forth to get to these things. During the walk-through the builder was incredibly detached. I think we’re all ready to be done (with each other).
The final pay out from the loan was hampered because final grade, seeding, and landscape are incomplete. I played phone jockey and eventually got everyone on the same page, allowing us to move in (avoiding another construction loan extension), the builder to finish and get paid in short order.
Keep your fingers crossed that this all goes according to plan (and bring your muscles this weekend!).