Revised Design - First Development
In a previous post, we discussed how all of the conceptual floor plans were around 4,500 SF, which greatly exceeded our initial financial model which was based upon 3,200 SF of heated space. We had made some changes to various room sizes and layouts and had sent the architect back to clean up the drawings and present a final floor plan. We were hoping it would be around 4,300 SF. The path forward was to then price this revised plan, re-run our financial model and make a decision on how to proceed with this real estate investment. Build a much larger building and try to sell it even though it would be one of the most expensive homes sold or scrap the plans and start over with much smaller expectations.
New Architectural LayoutÂ
To our surprise, the architect came back with a new layout incorporating our suggestions that came to 4,164 SF of heated. He had done a great job with the new layout. This included the following main spaces
Main Floor
Upper Floor
Basement Level
This design also included 655 SF of garage and 1,787 SF of covered or screened decks and porches. After reviewing the floorplan, we decided it was about as tight as we could make it and sent it off to our contractor for pricing.
We were worried about the pricing. With the large amount of covered decks and porches, the exposed timber trusses, five wood burning stone fireplaces, the state of the art kitchen and the high end finishes, it was doubtful that $200/SF would be enough. Would this kill this deal? It would be a tough decision once we received pricing.
