Sunday, April 19, 2015

Month 3 Metrics

We have actually had two "draws" in the last month to add to our performing metrics. Draws are invoices from the general contractor to pay bills. Ours is set up a little differently since we are acting as our own GC (kinda). Usually a GC has an account with companies and they have 30 days to pay the bills. We just pay the bills once the invoice is delivered.

The first draw of month three was to cover the remaining lumber we used to complete framing and the windows and doors. The remaining lumber came in the same week as our last draw, but the company gave us 30-days to pay. The windows we paid upon delivery, and the doors as well.

The next draw was for the rough-ins. We paid both the plumber and the electrician 60% of their total quote for passing their inspections. The plumber's quote came in slightly higher because we had him add two things; (He ran the dryer vents and we added a radon venting system.) I was okay with that.

With the plumber, we had to order the tubs and some trim kits for the drains in the tubs/showers. We also went ahead and had our plumber install the water heater we bought. I misread that the plumber needed faucets. I was confused, because I knew they wouldn't be installed until the counters were in, but I bought them anyway. That was a purchase that happened sooner than it needed to, but I tracked it. 

The electrician came in under his budget. I knew he might have quoted high. Our general contractor added a buffer line for electrical in his budget. It was his experience that homeowners overrun in electrical the most. Our electrician quoted us by outlets, switches, lights, etc. I really liked seeing it broken down by line-item. Most companies just gave me a flat quote, and told me how many cable outlets that included.

I keep my earned value sheet but I also "balance my check-book." Up until April 1st, we were able to use the money we put down to pay our bills. I had to balance the books to know when we were about to run out and when I needed to ask the bank for money from our loan. This has been a huge help! We were able to make it through those rain delays and not pay interest on money borrowed. Now, when I receive an invoice from a contractor, I ask the bank for a deposit (from our construction loan). They verify the total with what the bank's inspector thinks of the value we have so far. The inspector comes out twice a week.

Overall, we are in good shape. The rough-ins completed on schedule, so it appears we have gotten ourselves back on track. Budget wise, we are still good. We're still over budget a little from the last month, but there are some areas that can get us back down. It's now all cosmetic and our choices really affect the price.

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