We had some major "sticker shock" when we got the "final" numbers from the builder for the house and shop. Eeek! Both numbers together put us in the position where then we would have to sell this house first, because having both loans at the same time would be too much. Just building the house only puts us in position to have to sell this house to get that loan. We do NOT want to have to move twice. Let alone find somewhere we could move for 6 months while it's all being built that would hold a house, garage and shop full of stuff and take 2 big dogs as renters. Plus there literally is pretty much nothing to rent in this county. And who knows how long it will end up taking to sell this house.
We discussed not building the shop and trying to do it later, but that puts us basically as we are in now....we'd have to stuff everything that is in our current garage and shop (20x30) into our new 3 car garage. DH would be stuck again with no way to even move inside the garage. No way to get all that stuff organized so he can at least start to get rid of/sell some of it (he says he will when he has space to move around it, I'll believe it when I see it). He needs the big shop. Plus, as I mentioned above, we'd have to sell this house first and find somewhere to live and store all our stuff.
Then DH came up with the idea to build the shop first. Get the first loan for that. Builder said he can build it in 2 months. Then we can move all our current garage and stuff in there, get it out of this place, so that we can then list this house and show it without the garage and shop stuffed to the rafters, as they are now. Hopefully, get this house sold fairly quickly. Then we'll just have to move the rest of our stuff into the shop and live there (hopefully our friends rv is still available to borrow). The shop will have a bathroom and shower, as well as washer/dryer. I guess if we have to live inside the shop for 4 months we'll survive it. Then we will add another construction loan to build the house. Combine all into one loan, once it's all complete.
I just talked to the bank lady and she thinks that is a really good way to do it, since we are going to have to sell the house. She said they do in-house financing on the construction loans, so not a problem for them to do it this way. Plus, she works with our builder a lot, so she's very comfortable with him. We are working it into this first construction loan that while they are excavating and doing the foundation for the shop, the excavating and foundation also will be done for the house. That way it's done and ready to start framing as soon as we can get this house sold. It also gets that done in good weather, because while excavating and concrete work can't usually be done in the middle of winter, framing and inside work can be done, if for some reason it took us longer into this year to sell this house.
So, the builder will be getting her (today he said) all his paperwork she needs so she can order the appraisal. Then should have funds in about 45 days to start the shop build. Once it's built we can move all this stuff in, get our house listed and hope it sells quickly. Then we start again the build paperwork on the house, get that appraised, 45 days later, he can start building and another 4 months later we can move in. Sounds easy, right?! BAHAHAHA!!
In the meantime we are still going to get some other estimates on flooring, granite, etc. See if we can get those numbers down some. Builder is pretty sure if we go get an estimate from the flooring guy he usually uses, it will be cheaper. I think we might stick with the cabinets lady. Even the guy at the building supply place told us to use her and not even get a bid from him, as they couldn't beat her prices.
One step at a time. That's what I keep reminding myself. That HUGE project planning and implementing the move over here, that's what I learned through all the obstacles. Just keep plugging away one step at a time. I just keep reminding myself we are going to have one beautiful house on a river when all this is said and done.
I have to say, you have more courage than I do but good luck to you. I'm sure it will all be worth it in the end. Anna
ReplyDeleteWe're probably just stupid LOL. I keep telling myself if our friends, who used the same builder, could build a house and big shop and get through the 6 months of it, we can too...and we don't have two kids to also work around, like they did.
DeleteYou're not stupid-just following your dream. Life has thrown some curve balls your way, and like that, you are still at the plate and in the game. I envy your determination.
DeleteI'm tired just reading this. It does sound like a good idea though. And as you said, it won't be forever and you'll have that beautiful house on the river to enjoy when it is all said and done.
ReplyDeleteI feel a lot better now that we have some answers and decisions made and can move forward
DeleteI know someone who did the same thing. Lived in the (new) stand alone garage while their house was torn down and re-built. It worked for them.
ReplyDeleteI think we'd survive. I'd just have to set up my desk/computer so I can work everyday! We would just have to bbq and use our little microwave for some meals. At least we would have bathroom/shower and wash clothes
DeleteYou could add a countertop oven or even a hotplate for days you could not bbq. OR, You could even purchase a second hand range for the short term without it costing much.
ReplyDeleteI was thinking that too, or maybe a toaster oven. We do have a little fridge too, but it won't hold too much.
DeleteI think you are rather smart to come up with that solution. I am just crossing my fingers that the current house will be sold quickly and that you will not have to endure a cold winter without a home next year.
ReplyDeletethat's the part of this plan that freaks me out, too. But I'm hoping with our little house here being so nice, tidy and now landscaped it will sell fast.
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