It's been a bit since my last post here.... Here's a brief rundown of what has gone on since August:
During that time we gave Dennis (who we've now selected as our builder for this home) the okay to go ahead and send out the house plans for bidding/pricing. The pricing came back at a favorable number (I had a range in mind I was hoping to hit and we were near the top end of that range) per square foot.
I've had meetings and / or phone conversations since then with soil testers, septic designers (for the mound system), and well drillers. Once we'd received estimates from those contractors as well it was time to run off to the credit union and see if we are even in the ballpark with being able to afford this house and get a loan for it.
...that appointment was Friday....
Without doing a credit check or actually going through all of the details of our finances (there were basic questions about how much we make and what we pay now on loans, etc) the loan office at the credit union told us that we'd have no problem qualifying for a loan for the amount we want! WOOHOO!
So then we ran some more numbers and found out the approximate loan amount that we'd need based on quoted value of the new home, approximate value of our current home and lot. (not including any additional cash we'd have available for a down payment)
At this point we came to realize that we need to cut about 10% off the total value of this new home.
So I contacted Dennis over the weekend and talked to him about it. He said it's very common for this to be the procedure during new home construction and it's going to be relatively simple for him to come up with a list of suggestions on just how we can go about trimming the cost down just a bit.
With any luck he'll have those suggestions back to us yet this week. Once we decide on a route to take to this goal then I'm pretty sure Dennis will have to send out the plans to get re-bid depending on the changes made.
With Robin now working at Werner Electric (and thus being able to buy light fixtures at a much lower cost) we also took the opportunity to run a quote through Werner for the light fixtures in our future home. We came out very close to the allowance amount that was in the quote from Dennis, so that's good news as well.
I plan to watch those allowance numbers very closely and try to get us as close to them (or under them is even better) as possible.
Once we get an overall plan/design set that we can afford then we'll sign a contract with Dennis to build this home and then we'll have a bit of down time on this part of the process probably until after the holidays or so.
Recently as well, we've rented a storage garage to begin storing all the excess "stuff" we have in our house that we need to get out of there prior to putting our house up for sale/showing it (and we have a TON of "stuff" lol). This will be the single biggest part of what we have to do over the next two months in relation to our new home.
Paul