What did you go over budget on and why?
We've been planning since 2008. Laid low and put off building about as long as I can. I think it is now-or-never time. We're approved for a loan, plans almost done, contractor chosen... It looks like it may actually take off this time. One of my main concerns is a conversation I had with our banker. He said 99% of his loans go over budget. From obsessive planners to the not-so obsessive planners... He said everyone seems to forget something. Landscaping, additional concrete, or simple upgrades drive costs an average of 10-20% over budget.
I have heard about the dangers of low-ball allowances and understand the importance of building the house on paper before signing a contract... I simply want to know why? Why did you go over your cost estimate? Was it an oversight or an upgrade? If you chose to upgrade, why? Were the upgrades suggested? Buyer's remorse on spending more? Was it your best decision? I am very curious.
Thank you in advance for your insight. I'm hoping to learn something and be able to recognize the danger areas.