Finally, the financing is in place (not an easy task in this market), the builder is selected and the permits have been applied for. Looks like we're actually going to build this sucker. We did decide to put a bit more "sweat equity" into the job than we initially wanted to take on but it was necessary to get the cost down. We're going to be busy!!!
Still Pond House - Update
- Thread starter MikeeH
- Start date
- Joined
- Dec 10, 2002
- RO Number
- 10868
- Messages
- 820
Good Luck Mike! This is a retirement home I presume, so don't kill yourself building it !
Thanks guys. It will be slow going. Probably a month, minimum, before we even get the buildind permit. Then, because we are in a "Environmentally Critical Area" we need the well and septic permits and the audit/permits from the arborist. Builder figures we'll have exterior walls and a roof about 10-12 weeks after all the permits are in hand. We're building an "Energy Star Certified" house using SIPs (Structurally Insulated Panels) so it takes a while to get the panels but once delivered only a week or so to get the exterior walls and roof up. Builders need to be certified to build with SIPs so you can't use just any guy with a truck. After the panels are up the real work starts!!! Building an Energy Star house ain't cheap! Original bid came in just under $500K; way over our planned (dream??) budget so we negotiated with the builder and decided to take on some of the work ourselves. We've rehabed 2 kitchens and 3 bathrooms ourselves as well as took on a large part of the construction of our in-law apartment so with the negotiations and some sweat equity we were able to get the contract dollars down about 20%.
Dusty, yep, no hurry, except to get the permits because Kent County is tightening the rules July 1.
Mixman, keep the champagne on ice.... heck, you won't be back for a while anyway.
Chuck, no plans for electric at the dock. Tie up and you'll have to sacrifice and sleep in the house.
Dusty, yep, no hurry, except to get the permits because Kent County is tightening the rules July 1.
Mixman, keep the champagne on ice.... heck, you won't be back for a while anyway.
Chuck, no plans for electric at the dock. Tie up and you'll have to sacrifice and sleep in the house.
- Joined
- Oct 7, 2002
- RO Number
- 10399
- Messages
- 303
Mike,
Having built my house 21 years ago, I understand what you are facing! I second the idea of "don't kill yourself". A lesson learned was there are two types of tasks in homebuilding: 1. Those you can read/study and then do a credible job on (electricity, HVAC, plumbing, rough carpentry, etc.). The other type is where some skill/practice is really needed to do the job correctly and efficiently (taping drywall, laying hardwood floors, etc.). Make sure you stay with those first types of activities to avoid problems...
Delaware Jim
Having built my house 21 years ago, I understand what you are facing! I second the idea of "don't kill yourself". A lesson learned was there are two types of tasks in homebuilding: 1. Those you can read/study and then do a credible job on (electricity, HVAC, plumbing, rough carpentry, etc.). The other type is where some skill/practice is really needed to do the job correctly and efficiently (taping drywall, laying hardwood floors, etc.). Make sure you stay with those first types of activities to avoid problems...
Delaware Jim
Jim,
We'll take on what we've done before and know from experience we can do a credible job with. That includes the painting, flooring (pre-finished engineered hardwood as required over radiant heat), kitchen and plumbing fixture installation). My back is already complaining just because I'm thinking about it all!
Bruce,
Being in an "environmentally critical area" we are somewhat restricted to what we can build. We cannot cover more than 25% of the land with impervious material which in addition to the obvious "house" includes all the area under the roof overhangs, driveway, walkways, outbuildings, porches. etc. We are also limited to 3 bedrooms and 2 baths which is their way of limiting septic output. So, to answer your question we are building approximately 2450 sq ft of living space plus full basement and an oversized 2 car garage. Some of the big expense items are the SIPS, the large porch in all composite "lumber" and the zoned heating and A/C systems. The kitchen looks like it will hit $25K before appliances, countertops and installation. Naturally, windows are a big number. The painter wanted $13K alone, which we thought was nuts (I got a second bid of $8K but we still will take on most of the inside paint work ourselves.)
All in all we got it down to $414K which does include driveway, well, septic and grading/seeding the property were appropriate.
The financing has been and continues to be an adventure. Two years ago we could have taken out a home equity loan on the house in PA and been on our way but not today! We had to go for a construction-to-perm mortgage which is a whole other game. What a PITA!!!
We'll take on what we've done before and know from experience we can do a credible job with. That includes the painting, flooring (pre-finished engineered hardwood as required over radiant heat), kitchen and plumbing fixture installation). My back is already complaining just because I'm thinking about it all!
Bruce,
Being in an "environmentally critical area" we are somewhat restricted to what we can build. We cannot cover more than 25% of the land with impervious material which in addition to the obvious "house" includes all the area under the roof overhangs, driveway, walkways, outbuildings, porches. etc. We are also limited to 3 bedrooms and 2 baths which is their way of limiting septic output. So, to answer your question we are building approximately 2450 sq ft of living space plus full basement and an oversized 2 car garage. Some of the big expense items are the SIPS, the large porch in all composite "lumber" and the zoned heating and A/C systems. The kitchen looks like it will hit $25K before appliances, countertops and installation. Naturally, windows are a big number. The painter wanted $13K alone, which we thought was nuts (I got a second bid of $8K but we still will take on most of the inside paint work ourselves.)
All in all we got it down to $414K which does include driveway, well, septic and grading/seeding the property were appropriate.
The financing has been and continues to be an adventure. Two years ago we could have taken out a home equity loan on the house in PA and been on our way but not today! We had to go for a construction-to-perm mortgage which is a whole other game. What a PITA!!!
- Joined
- Aug 23, 2002
- RO Number
- 9880
- Messages
- 1,844
Mike -
Some time down the road (...looking like a longer and longer road), the Admiral and I might be getting a contruction to permanent loan. What should we look out for and what is the PITA part of this type of loan?
Thanks!
Make sure to give us photgraphic updates on the construction progress.
Some time down the road (...looking like a longer and longer road), the Admiral and I might be getting a contruction to permanent loan. What should we look out for and what is the PITA part of this type of loan?
Thanks!
Make sure to give us photgraphic updates on the construction progress.
Glenn,
We had hoped to do this using a home equity loan on the Bucks County, PA property but that ain't happening in the current RE market (our bank's decision). If we could have done that we'd be on our way by now with little up-front hassle or cost.
The Construction to Perm loan is a real PITA because the lender needs to verify the builder, review and approve the plans, appraise the property based on estimate completed value, require construction insurance (good idea regardless), require new title insurance (although we got titile insurance 2 years ago when we bought the land), do regular construction inspections before they release funds (you pay for the inspections), the whole credit approval process is extremely thorough now (we even had to sign a form that premits them to get our actual submitted tax returns from the IRS), they want flood insurance (although this property is elevated so high above the waterline that it wouldn't flood even in Al Gore's worst nightmare!) and we will be paying about $10K in closing costs that we wouldn't have had if we were able to do the home equity thing.
Every week we think we're through will all the BS when something else comes in the mail. Just last night the Admiral told me that she's glad I'm handling all this because if I had left it to her she would have scrapped the whole thing by now, put the property up for sale and started looking at over 55 communities!
We had hoped to do this using a home equity loan on the Bucks County, PA property but that ain't happening in the current RE market (our bank's decision). If we could have done that we'd be on our way by now with little up-front hassle or cost.
The Construction to Perm loan is a real PITA because the lender needs to verify the builder, review and approve the plans, appraise the property based on estimate completed value, require construction insurance (good idea regardless), require new title insurance (although we got titile insurance 2 years ago when we bought the land), do regular construction inspections before they release funds (you pay for the inspections), the whole credit approval process is extremely thorough now (we even had to sign a form that premits them to get our actual submitted tax returns from the IRS), they want flood insurance (although this property is elevated so high above the waterline that it wouldn't flood even in Al Gore's worst nightmare!) and we will be paying about $10K in closing costs that we wouldn't have had if we were able to do the home equity thing.
Every week we think we're through will all the BS when something else comes in the mail. Just last night the Admiral told me that she's glad I'm handling all this because if I had left it to her she would have scrapped the whole thing by now, put the property up for sale and started looking at over 55 communities!
If you're ever in a jam and need somebody to check on something, give me a shout...I'm 20min away you have my email.
Which brought up a thought. I have a buddy that has a company that sets up webcams for the turnpike.
It would be cool to get a low speed DSL line and setup a couple of webcams you could see what was going on 24/7
Which brought up a thought. I have a buddy that has a company that sets up webcams for the turnpike.
It would be cool to get a low speed DSL line and setup a couple of webcams you could see what was going on 24/7
- Joined
- Aug 23, 2002
- RO Number
- 9880
- Messages
- 1,844
Mike -
Thanks. All the lenders are being extra careful these days, but the process you desribe sounds really really really thorough.
All the hassle will be worth it at the end.
Thanks for the info.
Thanks. All the lenders are being extra careful these days, but the process you desribe sounds really really really thorough.
All the hassle will be worth it at the end.
Thanks for the info.