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Frustrated...Vent (Long)
I need to get alot of things off my chest with what is going on right now. I vented last night to TT and while I felt better I still just got all this crap running through my head and I just need to get it out. I am not expecting anyone to respond.
Right now as many of you know we bit the bullet and decided to try and start building now rather than later. We were approved for enough to buy us a really nice house with nice finishes and upgrades but our dream was to build on our land. Well the plans we have drawn up is a large house and the first 2 bids we have gotten have been alot more than what we thought. So we have some decisions to make...
1. Do we not finish the upstairs game room, back porch, and garage and build the house and then add those on later on. If we do that then do we even know when we might be able to finish them. Do we just keep the finishing basic and do stained concrete flooring and maybe be able to squeeze the upstairs out.
2. Do we wait another 5 years and stay where we are at. We do not have a monthly mortage payment since our house is now paid for. Do we put what we have been told our monthly mortage payment would be into a seperate account and every month just transfer that amount of money into a savings account maybe we could get one that draws interest. So in 5 years when we revisit the house building we have that much more towards the down payment which will make our payments lower. Which will help us in being able to pay the house off faster. Will there be enough room to raise 2 kids in our house for the next 5 years. While we are waiting we will buy TT and I new used cars and get those paid off so when we do have a actual mortage we will not have car payments to worry about.
Right now I am not sure our next step. We want to make the right step for us and not get us in a bind.
Re: Frustrated...Vent (Long)
That is a tough decision but here is my thought:
I really think #2 might be the best option. Just think of only have a mortage (which may not be a lot if you can save quite a bit between now and then) and having both cars paid off. You can get everything built that you want to build and not worry about having to finish things when you get the money and I think you might feel better about things being finished. I know for us my car is paid off and DH truck should hopefully be paid off in a year and it will be nice to only have that mortage payment (which we are paying more than we have to and it is making a big dent in).
Like you said it could be that you finish the house half-way and something comes up and you might not be able to finish it for a while and you are back at that "Could have waited 5 years stage"
I don't know how big your house is now but room is one thing I was worried about to with kids. We live in a 1100 foot townhouse (2 beds and 2 baths). I am a little worried about space and we will be here for about another 2 years. The more I thought about it, the key is that we have a lot of stuff in storage, being creative with space and realizing that as long as they have some room to play and some outdoor space I think kids will be fine. DH and his 2 brothers were raised in a small house and they had some room to play inside but spent a lot of time outside and it was fine. Don't let your current space be a factor because you can make it work. It might be a little crammped, but you can always find creative storage solutions and if need be buy a cheap storage unit and put outside or something to store things (if you don't already).
This is just my opinion and observation. While I wish we had a bigger house right now, I am glad we decided not to sell so that when we do get a bigger house we can afford more because we won't have car payments and our cc will be paid off.
Thanks Heather that actually helped me out alot.
I think my heart is wanting to build the house just cause I am so ready to build it and move in and start decorating and superficial things like that. But my head is telling me to slow down and think about this next step more carefully and figure out the direction we need to go.
Right now our house is around 1200 sq but with little to no extra closet space. While our master bedroom has a good bit of closet room maybe we can rework it and get more storage out of the area.
And honestly I do not want a half finished house where when I retire I am able to finish it how I want to. I think I would rather save up and have it the way I want it when I move in and not worry about remodeling down the road or adding this or that on.
I was up till 1:30 worrying and thinking and figuring out and praying. And right now is the first time I had some weight lifted off my shoulders.
i'm sorry you're stressing carmen.
That is a big decision and I can totally relate to wanting to 'jump the gun' because I want things now instead of waiting. I agree with Heather though in waiting a few years and just piling up money. You don't want to half-do your dream house b/c I know after a few years you'll wish you waited.
As bad as I wanted our house 3 years ago, I regret all the time that we bought and if I could go back we would've lived in an apt for a few more years and saved.
Just keep thinking..deferred gratification. The longer you wait, the sweeter it'll be. And in the meantime, could you go ahead and jazz up your current house? For a few hundred dollars you could repaint, get some new decor and whatnot to make it feel brand new and I think it will make you happier and feel more content for the next few years.
And here's an idea..what if you and TT set a particular financial goal instead of a time limit. Something like...when we have XX amt saved up and our cars paid off, then we'll start building. That way instead of an unbearable 5 years you'll just be trying to reach the goal. Goals have really helped dh and I save and pay down debt. It becomes a fun little 'game' and I think we do a lot better having those specific goals.
Geez that is tough!
Have you all talked to builders about doing some of the work yourself? The contract we drafted with FIL for the bank had some options for what the homeowners could do for cutting down the costs. It was mostly painting/staining.
I agree with PPs in not wanting a half finished house.
If you don't mind me asking how much were they looking at per square foot? FIL said in our area I believe $130.00 was the average per square foot.
Craft Blog
We are suppose to meet with our contractor sometime next week and really talk about things. I think we decided we would be fine without the garage while it is not ideal it is not a neccesity right now.
TT and I agreed we were going to paint ourselves, stain the concrete ourselves, my dad is a certified HVAC and his old partner works for Trane and he told us they could install the A/C for the cost of the unit and no labor which is huge, since I work for a gas company we are getting a propane tankless water heater and all I will have to pay for is the copper to run the lines. And TT mom works at a paper mill she is a buyer and she told us to get a estimate of how much lumber we will need and she might could get us a better deal on that.
Well a couple of our bids the sq ft was 100.00 but the last guy we talked to is a church friend and he quoted us at 65.00. He said they built some rental houses and for them the materials were 30.00 so the rest is labor. That price is really good.