Wednesday, March 19, 2014

Contractors, Banks, Floor Plans... Oh my!

 Well, we are at a sticking point with these 3 things. Haven't selected floor plans because we haven't talked to enough contractors and don't know if we'll be able to afford the house. Haven't chosen a financial institution because we don't know how much we'll need to borrow as we don't know how much the house will cost to build. Haven't selected a contractor because some institutions only finance NC licensed contractors. Is your head spinning yet? Because mine hasn't stopped... And we're only at the very beginning. Good grief.

 We are looking at yet another floor plan because the only contractor we've talked to is about $20,000 more than we want to pay.  One bank has approved us for way more than we want to borrow and another only does 15 year mortgages now. This means a much higher monthly payment. Brad has a point- paying a lower monthly mortgage for a longer period of time means we end up paying $40,000-$60,000 extra for our house in interest. Needless to say, I'll be on the job hunt much sooner than I had anticipated. Guess I can't stay at home forever...

 Looks like we won't need to pay that extra $500 to the architect to make changes to our first floor plan before we buy it (if we decide on it). Contractor says he can change it himself. Good to know and always good to ask.

 Brad called another financial institution yesterday to get pre-qualified. We are waiting to hear back from them. The one we really want to go with told him they wouldn't blame us for choosing another bank.

 I called about 6 contractors yesterday. We've got another appointment this week for an estimate. Another is going to call me back to set up an appointment and the rest either didn't answer or had disconnected numbers.

 Let me tell you-- this is such a fun process........

 I keep having visions or daydreams of us already being in our new house. Maybe one day!

 Also, lady from  the county Land Records was suppose to call Brad back with address info last week. Trust me when I say you've gotta stay on people. Also, our deed still isn't showing online or on the GIS map. Brad's more patient than I am. I'm ready to see it listed!

CONTRACTOR TIP:
   - don't figure in your appliances to your mortgage. Why pay for 30 years for appliances that are only made to last about 10 years? Finance appliances on your own... Or be sure to save the money for them yourself.  His estimate included everything except appliances for this reason. Valid point!

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