I'm about to rob a bank!

[outside looking in]

I got the appraisal today for my new house. Even being a bit pessimistic/conservative on what the final building cost will be, I'll have 30% equity in the house the day I close the mortgage (5% down payment + 75% loan to value).

I keep running the numbers, and it just looks too good to be true. Perhaps that's the benefit of drafting my own plans... I talked to the contractor extensively about precisely how much it cost to do different things in construction, and I talked to a realtor/appraisor extensively about precisely how much certain things added to the value of the house. I then designed the house with two primary goals, in this order: (1) a floorplan that I would really be happy with, and (2) a floorplan that maximized low cost high value spaces and construction techniques.

It's like "buy four houses, get one for free." Hardly makes sense. I've checked all the figures, and everything seems in order. Amazing.

So, the upside is that my net worth will skyrocket the day I move in. Were I to sell the house for anything close to it's appraised value, I'd make a killing in a single day.

The downside is that, in reality, I'm about to be up to my ears in debt!

 

[Leslie]

good for you OSLI!!!

 

[Gato_Solo]

Congrats on the sound financial investment, OLI. Just don't get the 'I need more stuff' idea.

 

[outside looking in]

Yeah... that's going to be tough to keep everything within budget. But, my resolve is pretty strong. Lot's of choices to make since this isn't a spec house. Even more, considering I created the floorplan. Most people only have to worry about what brand windows to use, or if they want simulated divided height or not. I have to decide where to put the windows, whether to raise the plate line here or there to accomadate a transom.... etc. argh!

On the two things I've "picked out" so far, I've been above budget on one and below budget on the other, averaging right where I should be. If I can keep that trend going, I'll be very pleased.

 

[PT]

So you talk to the contractor about selling him the floorplan, net an extra 5% there.

 

[EvilRemix]

Congrats on the sound financial investment, OLI. Just don't get the 'I need more stuff' idea.

I have that, sadly. Its not that I need more stuff..
Its that I absolutely HAVE to buy more computers

 

[tommyj27]

sounds like a pretty sweet deal OLI, it'd be cool to see a sketch of the floorplan.

 

[outside looking in]

I can't get an image small enough to attach that is worth anything. I'll get around to posting renderings on a website before long though.

 

[outside looking in]

w00t, I was about to get pissed at my contractor because I couldn't catch him on the phone all week. I was wondering if the plans had been approved by the new building committee, or architectural review board, or whatever they're called... so that he could get started. Well, I decided to drive out to my lot for some reason this afternoon, and there were dozers and dirtpiles everywhere, and trees missing, and all kinds of construction looking stuff. happy happy joy joy.

Looks like I'm going to really enjoy working with this contractor. Everyone told me he really has his shit together, and it looks like that's the case. He is really busy though, so it's tough to get in touch with him. Looks like he keeps a schedule though...

 

[PrincessLissa]

Right on!