Wednesday, March 23, 2011

The Bank Likes Us

Well, we got the thumbs up from the bank today to buy the land.


There's still a long way to go on this. A few acres without a house on it is not worth much to us (except a mortgage bill each month), and the cost of building a house from all preliminary estimates is pretty outrageously high.

But hope springs eternal.

27 comments:

Sara Harold said...

Yay for good news! Have you looked into modular homes? (I don't mean manufactured homes/trailers.) Modular homes are partially built off-site and then fully assembled at the homesite. Apparently they are comparable or superior to traditional homes in quality but tend to cost a lot less.

Farmer's City Wife said...

Yes we have. And no, they cost just as much in our area.

Lisa Gale said...

That is so exciting!!! Sad that the other fell through but hey - this sounds fun! No sooner had Jason and I moved in here that we started talking about our "retirement home". We have big plans - we may never get into it, but it's fun to dream and design :)

Kansas Mom said...

If you're willing to rough it, you can live on your land really cheaply in a dump of a trailer to avoid rent. As an additional bonus, you're on-site to supervise any deliveries and work other people are doing.

Nadjamagdalena said...

We are building a house this year. I should say, my husband is building a house this year, as he is doing most of the work himself, hiring a friend or two where needed. It is scary, but exciting. The reason for him doing everything? We can't afford a mortgage (even if we qualified for one!), and we need to build house, barn and shop for under a hundred grand. As you say, hope springs eternal!

Molly said...

Wonderful news!

Karlab71 said...

Woo hoo! So happy that the first part of your dream has bank approval! Doing a little happy dance for you, and still willing to help in any way that I can.

Kathryn said...

Huzzah! Congrats! Even if you work with a contractor it's totally worth it to do as much as you can by yourselves. When my parent's added on my mom learned to set tile, did the masonry on the fireplace, hung siding. Thanks to all of the work they did themselves I'm quite comfortable taking on home repairs and renovations and teaching my husband to do it as well. The only things I don't usually touch are plumbing and electrical.

Sara Harold said...

We were looking at them because they were less expensive than buying a home (but then again we live in one of the most bloated real estate markets in America... which is why we're still in an apartment after 5 years!) but then after you factor in the outrageous permit costs, fees, and other nonsense the cost difference disappeared.
Good luck with it! The property sounds beautiful!

Celeste L Behe said...

Of course, the bank likes you! What not to like?

Jenn said...

Ooooh!!! So exciting!!! I'm picturing your land looking something like the label on the Hidden Valley containers. Am I right??? I hope I am. I would love to visit Hidden Valley, wherever that may be. :)

Praying for your house!! Wait, you built a chicken house already, right? Obviously you'd want something a little more upscale than that, but it looks like someone in your house has the know-how to connect four walls (which is more than I can say for anyone living in THIS house)!! :) :) :)

Farmer's City Wife said...

LOL, human nature is awesome :-D.

Farmer's City Wife said...

:)

Farmer's City Wife said...

How exciting, Nadja! I helped (MINIMALLY) a family build their house (I only helped hang a wallpaper border, and crooked at that) and it was the most exhilarating process ever. Of course it was more exhilarating as a casual bystander than as the ones really doing it, I'm sure, but what a rewarding and beautiful thing. I hope you keep us updated with pictures on your blog :).

Farmer's City Wife said...

Indeed! :)

Farmer's City Wife said...

Thanks Karla!

Farmer's City Wife said...

It'll be interesting to see if this ever pans out for us. All of the contractors I've spoken with so far say that the banks up here won't approve houses with owner construction and we'd be limited to priming and painting only. They say they could be a lot more flexible if we were paying all cash. But I haven't spoken with the bank yet to see if that's true...

Farmer's City Wife said...

Well, that's what we found. The advertised prices for modulars were awesome, but once you added the permits, well, septic, excavation of the property, appliances (they rarely came standard), and everything else, we were right back up there with "normal" costs. Gah!!
Thanks, Sara!

Farmer's City Wife said...

Where were you when I was in middle school, Celeste? hehe You are so kind!

Farmer's City Wife said...

LOL!! It's not quite THAT picturesque -- for one thing it's crispy brown at the moment (we live in the dessert and it hasn't been irrigated) and for another, it is, sadly, surrounded by neighbors. Hehe... but it IS rolling hills, it IS overlooking the river, and it WILL BE lush and beautiful after we set up irrigation! :)

I totally think we could live in the chicken coop while Mr. Amazing built us our own ;). Oh that I could convince him :-D.

Frauzehn said...

Speaking as an old married woman, just a word of caution: I know your heart is set on settling down and nesting in your own place, but it's good to be flexible and not tie yourself down to a mortgage in those early years of marriage. Be content to just take one day at a time and see where God leads you. My husband and I were married 9 years (with 4 children) before we bought our first house. No, we weren't "throwing money away on rent" those years. We were growing and learning and waiting for God to lead us. Was I yearning for my own house those years? Yes. We looked at homes and talked to banks and real estate agents off and on and I thank God none of MY plans worked out. 23 years and 7 kids later we are exactly where we need to be. Am I in my "dream home"? No, but we have a mortgage that is easily managed and plenty of room and land. God gives you what you need, when you need it. Trust, be still and wait.

Farmer's City Wife said...

A hard but good reminder :). Thank you.

Kathryn said...

I would think they would be fine with it so long as your work can pass inspections, just the same as the contractor's work has to. Usually in addition to painting, you can also put in flooring and other things that are more on the cosmetic end of the spectrum.

Thenotsoperfecthousewife said...

Congrats!! So happy for you...

Farmer's City Wife said...

Thanks! :)

Amy said...

Oh!!! I am so happy for you guys!! We have actually been thinking about doing the same thing. Good luck and God bless!

Farmer's City Wife said...

I'm doing precisely what I was warned not to... beginning to get emotionally attached to the place. I shouldn't do it until we've closed and we haven't even put in a bid! I should've learned my lesson last time, but how can I not start planning a garden...? :-D

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