Construction Line Item Budget/Schedule of Values
To avoid conflicts over payment, it’s important that the draw schedule reflect the Line Item Budget aka Schedule of Values. Your Line Item Budget should be detailed and take into account the terms of your construction loan. A good draw schedule is based on an accurate and detailed estimate that is in line with your budget.
| Sample Construction Line Item Budget | ||
|---|---|---|
| Description | Cost | % of Total |
| Plans and specs | $2,000.00 | 1 |
| Permits, inspections, fees | $4,000.00 | 2 |
| Impact fee | $3,000.00 | 1.5 |
| Clear lot and rough grade | $1,500.00 | 1 |
| Survey | $1,000.00 | 0.5 |
| Water hookup and fees | $3,000.00 | 1.5 |
| Sewer hookup and fees | $3,000.00 | 1.5 |
| Well, pump, hookup, and water treatment | N/A | |
| Septic system and hookup | N/A | |
| Excavation and backfill | $4,000.00 | 2 |
| Foundation and flatwork | $12,000.00 | 6 |
| Rough Framing | $31,000.00 | 15 |
| Windows | $6,000.00 | 3 |
| Exterior doors | $2,000.00 | 1 |
| Roofing | $5,000.00 | 2.5 |
| Siding and ext. trim | $10,000.00 | 5 |
| Gutters and downspouts | $1,000.00 | 0.5 |
| Plumbing rough-in | $9,000.00 | 4.5 |
| Electrical rough-in | $8,000.00 | 4 |
| HVAC | $8,000.00 | 4 |
| Insulation | $3,000.00 | 1.5 |
| Drywall | $10,000.00 | 5 |
| Stairs | $3,000.00 | 1.5 |
| Interior trim | $7,000.00 | 3.5 |
| Interior doors | $2,000.00 | 1 |
| Painting interior/exterior | $7,000.00 | 3.5 |
| Cabinets and countertops | $12,000.00 | 6 |
| Appliances | NA | |
| Lighting fixtures | $2,000.00 | 1 |
| Plumbing Fixtures | $4,000.00 | 2 |
| Floor coverings: Wood, tile, carpet, vinyl | $12,000.00 | 6 |
| Gararge doors and opener | $2,000.00 | 1 |
| Porch, deck, or patio | $5,500.00 | 3 |
| Driveway and walkways | $6,000.00 | 3 |
| Landscaping | $6,000.00 | 3 |
| Other | $5,000.00 | 2.5 |
| TOTAL CONSTRUCTION COSTS | $200,000.00 | 100 |
The sample budget above does not include the lot cost or construction loan finance charges. The total construction budget of $200,000 was used for demonstration purposes only and construction budgets vary widely based on the size and quality of the home, the materials selected and the location. The numbers used in the sample above are accurate for a budget of $200,000 and will give you a sense of where the money goes.