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Let get this home building on the way

Frequent Contributor

Re: Let get this home building on the way

We are coming in at 2,394 square feet. I wanted a home with at least 2,000 square feet considering we need space for the kids, so this one was perfect. 

FICO8 Scores - 625TU / 640EQ / 649EX
On Mortgage Journey
Starting Mortgage Scores (Feb 17) 523EQ / 547TU / 564EX
Mortgage Scores Aug 17 624EQ / 649TU / 650 EX
Regular Contributor

Re: Let get this home building on the way

Ours will be just over 2000sqft. My first house was almost 2400sqft but we didn't use alot of the space. This house is smaller but will have alot of nice touches we didn't have before (hello hardwood floors!). Hopefully this rain lets up so we can start on schedule next week
Valued Member

Re: Let get this home building on the way

Mine's framing now - Its only 1800 sq ft. but I think that will be plenty room for just me and my cat.  I did go with 3/2.5 for resale value though.

 

 

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Regular Contributor

Re: Let get this home building on the way

We came in at 2808 Sq ft. They're scheduled to begin construction any day now. Our home is a 5/3.5...big family lol.
New Visitor

Re: Let get this home building on the way

Hello,

 

Once building is underway, the construction loan is paid in agreed stages. Your contract with the builder may set out how much is paid at each stage, and the building will need to be inspected and certified at each stage to say the work has been done (and therefore has a certain value at that stage). If you’re borrowing quite a lot of money you may even need to get interim valuations done by a registered valuer.

Regular Contributor

Re: Let get this home building on the way

That would be true if I was doing a construction to perm loan, but I am buying a new construction house from the builder, not building it my self (hiring someone to build my own plans).
Frequent Contributor

Re: Let get this home building on the way


ucdcrew wrote:

Mine's framing now - Its only 1800 sq ft. but I think that will be plenty room for just me and my cat.  I did go with 3/2.5 for resale value though.

 

 

Image may contain: indoor


I almost went with closer to 1800 then came back off the ledge as I didnt need that extra space (media room basically is what I gave up).  Just me and my cat too!!!  Mine is 3/2

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In second year post 13 DC (12-28-15)
Entered garden 05-19-2017 CLOSED ON MY NEW HOUSE 5/17/17!!!!

Frequent Contributor

Re: Let get this home building on the way


propertymanagement wrote:

Hello,

 

Once building is underway, the construction loan is paid in agreed stages. Your contract with the builder may set out how much is paid at each stage, and the building will need to be inspected and certified at each stage to say the work has been done (and therefore has a certain value at that stage). If you’re borrowing quite a lot of money you may even need to get interim valuations done by a registered valuer.


Not my situation either.  Were you responding to someone in particular?

align="right">
In second year post 13 DC (12-28-15)
Entered garden 05-19-2017 CLOSED ON MY NEW HOUSE 5/17/17!!!!

Regular Contributor

Re: Let get this home building on the way

Went house today because builder was hosting a get together. We got to meet our neighbors, who all seem to be great, but we were also met with surprise of a nice fresh hole on our lot! Hopefully they can get more work done next week but weather is supposed to be the greatest unfortunately.

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Frequent Contributor

Re: Let get this home building on the way

Exciting!! As soon as we have something in the ground, I will update with a pic. 

 

 

Another congrats to Junie! I saw in another post that you are closing in 2 weeks...pack those bags! Smiley Wink

FICO8 Scores - 625TU / 640EQ / 649EX
On Mortgage Journey
Starting Mortgage Scores (Feb 17) 523EQ / 547TU / 564EX
Mortgage Scores Aug 17 624EQ / 649TU / 650 EX