I have to inform you that after many attempts with brokers and banks, we were unable to get financing on our house :-(. The reasons cited:
- need more cash reserves/savings, even though a lot of it was used toward design, fees, etc.
- too high of a budget (which can be reduced, but we still need point 1 above to work first)
- the economy, the state of the mortgage industry is making EVERYONE 10 times stricter than normal! Even people with $40,000 in the bank are not getting approved because of hella-strict guidelines (at least that's what my banker told me, or maybe she was trying to make me feel better???). Oh well.... :-I
Actually, I don't feel as bad as I thought because we think maybe the timing is just not right for us. I am dealing with health issues right now and so I need to heal. Maybe it's just not in the cards right now to start this stressful project and deal with huge house payments when the situation is not ideal.
BUT... I am optimistic that we WILL start this house, but it's going to be later rather than sooner, I promise! For the next 6 months we're going to be frugal and cheap - no more eating out excessively or we'll have to find a way to hit a jackpot! We're going to SAVE SAVE SAVE. I will let you know when that time comes.
Please feel free to come back to our blog and check it out! Thanks guys for all your support, but it's not over yet!!!
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26 comments:
What a bummer! Not unexpected though since we too are postponing building our dream home on the Big Island. Take a look at this website and book (I read it for free at our local library)www.buildyourdreamhouse.com. I hope your health improves since that is your primary home first. It's definitely time to regroup and re-prioritize. Mahalo, Guy.
Guy, that's sweet of you to comment and you're right, my health is the priority. That's why postponing isn't such a bad idea. Anyway, I know it will come! We just need fate to decide that right now. Thanks for your support.
Myleen, I'm so sorry. I've been following your posts around the intertubes because we too are building a house in Austin (in town near the old airport) and you were always a step ahead of us (our plans are being appraised as I type) so really I'm double-bummed at your news. If we get lucky I'll pass along our lender info. Until then, take care of yourself girl! And remember, they can throw obstacles in your way, but they can't lay a finger on your and Jan's dream!
Myleen, I'm sorry to hear this. I have been following your blog for a few months. We are planning to build a house in Driftwood and are using UBuildIt, but I fear that we are about to come up against the same obstacles as you and Jan. Your post totally resonated with me - those are all the issues I am concerned about, too. I am tempted to wait a few months regardless of whether we get financing or not...it's just kinda scary with the economy the way it is right now. Take care of yourself!
Hugs all around to you all! Thanks for reading my blog and hope much success with your own projects. I haven't given up, so no worries :-). I think it will come, just waiting for the "ideal" situation. Lord knows we don't want to be in a stressful situation during this time. If you want my budget spreadsheet, please e-mail me and I'll get you my figures! If I can't help myself right now, I'll help you.... thanks again, and I'll be posting again soon!
I'm sure it will be for the best long term. After much planning, budgeting, and bidding myself, I ended up shelving my plans as well. I found a nice little mid-century ranch that was too interesting and too good a deal to pass up (pics on my LJ). I'll be checking in from time to time. If I can help out at all let me know. Take care.
P.S. At least we had some fun with SketchUp!
Myleen and Jan, good luck to you guys. I've followed your blog for a while now. Unlike the other readers, I'm not building my dream home yet, but you're using a lot of the technologies that I'm very interested in and hope to use myself someday. I've got another decade before I can retire from the Army and live where my wife and I want to live. Good luck and good health to you both. joe
So sorry to hear that your house project has been postponed. We are also having money issues with ours and we are right in the middle of it. I can tell from the excellent planning you've done already that you will undoubtedly figure out a way to get it built. I hope your health issues improve soon. Best Wishes, Cyndy
It's a good thing, because I think you may have been going in the wrong direction anyway. There's nothing green or sustainable about foam-and-plywood sandwiches. This will give you some time to research more and build responsibly.
thanks for everyone's support... but I disagree with Kurt. The foam in the SIPs are recycable and lasts for 1000s of years. The efficiency obtained from SIPs can cut energy costs 50 to 70%, so they are recycable, sustainable and energy efficient. That's pretty green....
Kurt probably does not realize how incredibly energy efficient a foam core panel house can be. You will save a ton of money on heating and air conditioning once it is finally finished. We are still building but when we open the windows at night and close them in the morning the house stays 10-15 degrees cooler than it is outside even when it gets into the upper 90s. Two kerosene heaters kept the temperature up to 60 degrees throughout the entire winter. So you can definite use a much smaller than usual heating and air conditioning system. Get a heat recovery ventilator to bring fresh air in while preserving the temperature and you'll save a fortune on your heating and air conditioning bills. The "foam and plywood sandwich" method of building is actually quite responsible and very considerate to the environment.
I'm sorry, I don't buy it. It goes against thousands of years of living traditions that are inherently green. How is a SIP panel repaired by a common carpenter or tradesperson in the future? How is it disassembled and re-used in a future building if the need should arise?
Cyndy... wow, you have a SIP home? I'm interested in knowing about your bills.
Kurt, it's easy to fix a damaged SIP wall, if needed (although, that would be hard to damage anyway, as they are a lot stronger structually - 4 times stronger than wind codes and still left standing during hurricane weather). From what my architect says, you can simply cut out that section, plug in a new part and foam seal around. To be green can come in many forms - could you not say that bamboo is green when most of it is shipped 1000s of miles away from China? SIPs ARE green, as they have 3 different ways they address green methods. You cannot see just one side of the picture.
SIP panels fit standard dimensional lumber inside. It is not that difficult to repair them. We had to change the position of a number of windows which involved "repairing" the panels. Urethane foam from a can works quite well to substitute for the styrofoam, including bonding with the OSB.
FWIW I am more inclined in your direction, but marriage sometimes involves compromise, and I am happy about the money we will eventually save.
Myleen, you can visit my blog at www.foamcorefantasy.blogspot.com. We are saving money by doing most of the building ourselves.
http://thegreenestbuilding.org/
Here's an idea..build a smaller house on a smaller lot. Unless you're raising cattle who the hell needs 3 acres?
I'm just checking in after awhile. I'm sure it's disappointing to defer your project. Still, given the economic craziness going on now, it might be best to wait for awhile. I'm even deferring building a workshop at my NM house.
I've certainly enjoyed your blog and your enthusiasm so far, and hope you can continue later.
---
Bob
Las Cruces
Keep your chin up. I can tell you that things will improve by spring. We are seeing material costs come down and banks are finally starting to get back in the game. Use this time to refine your house design, work out details and evaluate that budget.
Best of luck,
I say go for the SIP panels. They are extremely strong and very energy efficient. The key though is really good planning of utilities.
Wow, you guys are so encouraging... thanks so much for your well wishes. We will build this SIP dream home... I can feel it!! :-)
P.S. We thought about building a smaller house somewhere else but we may be moving to India for work assignments soon and think the time will be great when we get back. So, I don't want to plant roots just yet. We're going to live cheaply over there for some time. So... I'll keep you posted if you're interested in our whirlwind lives.
seriously? good article bud
When The popular comment layout is common, so it is easily recognized scanning to post a comment. If the comment section is in a different format, then I am going to spend more time trying to decipher what everything means.
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Your blog is very informative and also very encouraging. It is like daily newspaper :). Added to fav's.
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You need to take care of yourself man. Health is our prime thinking than other things.
Can't wait the time will come. Hope you can save more for your dream home. :)
arrielle p
Great design! I wanna try this soon. I would love to see my house look like this! Thanks you for sharing!
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