Wednesday, April 11, 2012

Construction Loan Lowdown

This blog is about my life and I want to write about building my house because it’s so FREAKIN’ stressful.  We have our complete contract with our builder.  It stands at $224,865.  Here is the breakdown:

Electrical 11,065
Concrete 42,300
Plumbing 9,000
Heating & Cooling 10,000
Materials 80,000
Contractors 44,500
Custom cabinet allowance 12,000
Fill 10,000
Flooring allowance 10,000

Total of 224.865  That doesn’t include the $4000 for the septic.  We will have to pay that out of pocket.

I’m paying off our mortgage on Friday when we get paid.  The mortgage payoff for 4/13 is 18,468.57.  That’s a lot of money. 

We applied for a mortgage loan today and our credit is outstanding.  They pull from all three credit bureaus.  Mine are 808, 807 and 784.  Y’s are 775, 790 and 802.  Pretty darn good considering that Y’s was about 680 5 years ago.  Everything looks good on the mortgage side.  We may be running a little short on cash to close if the appraisal comes in lower.  We would like it to be at least $260,000. 

Oh, and Y and I have had a couple minor fights.  Uggh!  Any advice?

4 comments:

  1. I remember when Jessie was building here house, she gave a detailed breakdown of the cost. She's from Canada so I know prices will be a bit different but it's still good to compare. If you want to, here is a link to the post where she broke down the cost. House Cost Breakdown

    On the fighting, when P and I fight, I always make sure to bring closure to whatever we are arguing about, even if it means bringing it back a few hours later. We also always try and make sure none of us go to bed angry at the other, we've been up all night sometimes getting things right. What I advise is that even when fighting, always tell each other "I love you". It may seem silly when you are upset but it works, you can be upset and still love each other.

    Lastly, try your very best not to fight in front of lil punk. All just my opinions.

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  2. This is amazing! I would love to build my own place one day. It could be cheaper than buying a brand new house and you can customize it however you want.

    Your credit scores are awesome. I thought mine was good being in the 780s but after all the credit pulls from submitting offers on many diff properties, it's down to the 740s :(

    BF and I fight all the time. The best thing is to remain calm and to try and get the other person to stay calm too. When you are both flying off the roof and yelling at each other - it doesn't help things at all. If it gets to that point, create some distance. Take a walk or get out of the room to let each other cool off. Otherwise, talk rationally and try to stay on track with what you were disagreeing about. Try to see eye to eye. Hope that helps!

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  3. *Virtual Hugs* I'm sorry you and Y are fighting. I'm sure it's extremely stressful going through this process. Just make sure to keep a positive mind and thought towards it. Hopefully the appraisal will come in at 260,000 so that you wouldn't have to worry about shortage.

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  4. Maybe this marital advice is a day late and a dollar short, but I would say always error on the side of grace. Life is hard. Money, stress, and change complicate things. I try to remember that all situations are temporary. DH and I started from nothing and I would readily give everything up and start over again if it meant I got to keep him. Knowing that I would do this, how big of a sacrifice is it for me to compromise something small I want in exchange for his happiness? I guess what I'm trying to say is that it's all relative. Re-evaluate the big stuff and maybe you won't sweat the small stuff.

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