Your house may never be worth as much again

chucknorris

Sometimes it can be quite hard to extract the labour only cost particularly from quotations/invoices from trades like electricians/plumbers etc. Whereas brickies for example would tend to work as labour only.

Could it be Graham that the 12k only represents true 'labour only' costs ie not including labour and materials quotes/invoices. Although I can't for the life of me explain why that cost would be separately identified as it seems to be meaningless figure.

brickies
other trades that quoted labour only (ie kitchen fitters, roofers etc)
labourers
site management

Really2

Graham_Devon wrote: »

Then you need to read too.

No, you need to remember what you write.

Graham_Devon wrote: »

The land and legal fee's made up 90% of the cost at least. The actual cost to construct the house, ignoring materials, was just shy of 12k. Up in 3 months from scratch.

Unless their costs were over 100%, 10% was labour and materials, Doh.:D

tyllwyd

And apart from labour costs + materials (including windows?), have you taken into account decorating, carpets etc, bathroom, kitchen - that's thousands more before you have a house you could actually move into. £12k in labour is only one part of the cost of building your mate's house - without the final total it is pretty meaningless.

Graham_Devon

I really don't know how to make it any more explicit. I said in my first post, excluding materials. I then pointed out again in a further post, it excludes materials.

chucknorris wrote: »

Could it be Graham that the 12k only represents true 'labour only' costs ie not including labour and materials quotes/invoices. Although I can't for the life of me explain why that cost would be separately identified as it seems to be meaningless figure.

Yes, it excludes materials.

Blacklight wrote: »

Therefore three months labour and materials = 10%

Yes, that's what he stated. I'm not going to sit there arguing like I am here with him am I. He says it, I take it he's speaking at face value as he's got nothing to gain from telling me porkies. Land where he built would have been MASSIVELY expensive. Legal costs I assume would have been high as planning would have been difficult I'd imagine.

I can't really make anything more explicit to anyone. I don't know his finances. All he has said is what I have told you and he definately bought all materials himself seperately and paid for the labour seperately.

It's a 2 bed, standard size bungalow. Recently divorced chap. Lived in the local area all his life, didn't want to leave.

Now, feel free to all tell me how wrong I am. I could well be. But I don't see why he would make it all up in all honesty. He's not a "friend", he's simply someone I have done a job for and have known for a long time through living in the area.

If anyone else wants to tell us all how much it would cost to pay the labour only for putting a 2 bed home together, then feel free. Oh, and if it makes any difference, he works in the building trade himself. I take it he was able to get materials himself cheapish, rather than pay someone else to do what he can do. Therefore, thats a reason for seperated costs? Had never thought of it in such detail before now!

RenovationMan

Graham_Devon wrote: »

If anyone else wants to tell us all how much it would cost to pay the labour only for putting a 2 bed home together, then feel free.

lol, I wouldn't dare! :eek::)

IveSeenTheLight

Blacklight wrote: »

Therefore three months labour and materials = 10%

We have been told the labour was £12k (doubtful but lets run with it).
How much was the materials to build the house?

Really2

IveSeenTheLight wrote: »

How much was the materials to build the house?

It might have been the First Little Pig.
I dare say Hay would keep the Labour and Building material costs down.

MoneyMiser

Ok, this is starting to annoy me now and puting me off buying altogether.

Can someone just answer me this quick question. Me and my partner are looking at buying our first home in the next month or two. 95% LTV with Yorkshire Bank, rate of 6.99 3 year fix. We dont want to stretch ourselves so looking in the 80K - 90K bracket. This should allow our mortgage repayments to be in the low £500's.

To buy or not to buy that is the question?

MM

IveSeenTheLight

MoneyMiser wrote: »

Ok, this is starting to annoy me now and puting me off buying altogether.

Can someone just answer me this quick question. Me and my partner are looking at buying our first home in the next month or two. 95% LTV with Yorkshire Bank, rate of 6.99 3 year fix. We dont want to stretch ourselves so looking in the 80K - 90K bracket. This should allow our mortgage repayments to be in the low £500's.

To buy or not to buy that is the question?

MM

How much of a deposit do you have?
Could you go to 10%?
This will get you better deals

FTBFun

MoneyMiser wrote: »

Ok, this is starting to annoy me now and puting me off buying altogether.

Can someone just answer me this quick question. Me and my partner are looking at buying our first home in the next month or two. 95% LTV with Yorkshire Bank, rate of 6.99 3 year fix. We dont want to stretch ourselves so looking in the 80K - 90K bracket. This should allow our mortgage repayments to be in the low £500's.

To buy or not to buy that is the question?

MM

I think you should save and get a 10% deposit. You'll get a good 1.5% off the rate I reckon - I have a 15% deposit and the rate is 4.29% with the Post Office.

They have a 90% LTV 2 yr fix at 5.45%.