Construction loans?

[onewhippedpuppy]

Without serious collateral you are a risky proposition. At least most contractors have a proven track record, but you are some guy off of the street claiming that he can build his own house. Think of it from the paranoid banker point of view. If you give up or bail mid-project, what value does it have to the bank?

Good call on the precast though, concrete homes are amazing. I helped my in-laws build one out of Ecoblock (stacking styrofoam block forms). Not only was it fairly easy to construct, but the insulating ability (both sound and thermal) is amazing. Heating and cooling their nearly 6000 sq ft home now costs significantly less than their previous 2500 sq ft home.

[BK911]

I am getting frustrated. I will probably just buy another house, then if the market ever turns around, sell a couple and build with cash.

I did get some more numbers in. Looks like I underestimated! Should be around $150k if I do most myself and closer to $250 to hire a GC.

Almost done:

[BGCarrera32]

Wow looks cutting edge.

[Zeke]

Originally Posted by BK911

I thought about having somebody 'help' me. Unfortunately the checks have both parties name on them. I am not sure about giving somebody else control of my money.

You can use the bank's fund control. In fact, they'd like that. They get maybe 2% but they will provide stage completion inspections. For the 100 g difference, I wouldn't throw in the towel yet. You seem impatient. Around here, it takes a year of dicking around before any dirt moves.

Your rendering looks kinda amateurish. I hope you're not looking for money showing that. These days I think you'd just about need a Power Point presentation.

Truedat about the bank money, but if they don't circulate some, they can't make any. You just have to be the best looking prospect.

[kach22i]

Originally Posted by BK911

Almost done:

Did you know that the 64 year old architect I'm contracting out to (my mentor since 1985) has a Florida seal?

We could help you jazz this design up in a tasteful and affordable way. Larry's done several homes in Florida over the years.

Larry's site:
http://lmra-architects.com/aboutus.aspx

My site:
http://www.kachadoorian.com/

It was worth a try, think about it.

I like the size of the garage, I'm fantasizing what you will be putting in there.

[BK911]

Originally Posted by milt

You seem impatient.

I thought ADD was a sign of a genious? But yes a little impatient, but more frustrated. Show me the money!

Originally Posted by milt

Your rendering looks kinda amateurish. I hope you're not looking for money showing that. These days I think you'd just about need a Power Point presentation.

Well, I am not an architect. It looks a little better (not much before I shrunk it to post here. But all the walls and wall details come from the tilt up company, all the truss and truss details come from the truss company. I really only supply the floor plans and utilities.

And thanks George. I'll check out the sites. I don't want to spend too much if I can't get a loan though.

[Zeke]

Then get together the stuff from the suppliers. You've got to sell, sell, sell your proposition. Just knowing that you can build this for 100 G less on your own must put the balance sheet right in the face of the loan dude. Ask him/her what they want to see and give it to them. That's just basic selling.

[turbo6bar]

Agree with milt. You gotta sell this to make it happen. You're an engineer. You're like me. You want numbers. Run the numbers inside and out until it's a slam dunk. Then, with new found confidence, present this easy deal to the bank. If they say no, find another player and try again. NO simply is not an option. You must be willing to invest the time and effort as if it will happen.
jurgen

[911Rob]

That house looks like it was designed by an engineer? Get some architectural input for heavens sake man! Sorry, but for a 2200 sf house, it's just too plain.

Scrap the closet powder room imo.
Put in 2 bathrms; one ensuite.
Minimum size bedroom is 10x11, maybe 9x11?
Nice garage Do you need a 6 car garage?

[BK911]

Originally Posted by 911Rob

That house looks like it was designed by an engineer? Get some architectural input for heavens sake man! Sorry, but for a 2200 sf house, it's just too plain.

Scrap the closet powder room imo.
Put in 2 bathrms; one ensuite.
Minimum size bedroom is 10x11, maybe 9x11?
Nice garage Do you need a 6 car garage?

Really? I like it. Master bedroom with a pretty nice size master bath (fixtures not shown yet), 2 bedrooms which share a full bath, 1/2 bath for guests, and a pretty nice sized dining/family/living room. UPstairs is another master bed/bath. And who doesn't need a huge garage? How many of you wish your garage was larger?

Personally I like it plain. Just a big rectangle. Keep the cost to a minimum. I can always add stuff later, but keep it relatively cheap to get in the door.

I appreciate the input and am curious if I am the only one that likes it.

Oh, and it's not done yet. This was 2 hours of work. Colors to be determined, some columns on the front porch, and something around the windows.

[Taz's Master]

I am finishing up a OB project. Financing was difficult, in the end it took a loan collateralized with an existing property. If you own a home, borrow against that, and when construction is complete, get a mortgage. 911 Rob may have a point about plain/resale, BUT if it is for you and you intend to stay, build what you want. Simple/plain can often be far more functional and efficient in terms of construction costs, space usage and heating/cooling. Look for smaller community oriented lenders, especially if you have "roots" in the community where you are borrowing or building, often the smaller banks can have tighter lending guidelines and a better handle on their loans than some of the larger institution, and they may be more inclined to consider a project that falls outside of their lending "book". Financing was definately the most frusterating aspect of our project. (Precast earth-sheltered)

[jyl]

Okay, I'll be frank since you're asking for input and opinions.

The house is uninteresting. It basically looks like a commodity 1960's ranch house, designed to be built as cheaply as possible. I understand the plans and rendering are not finished and I assume many things were left out (like, where are the windows for the second-floor master bdrm). Still, when it is time to sell, that house will have some real disadvantages.

The garage is 2X larger than almost anyone wants, which is also going to be a resale problem. At least, arrange the floorplan and construction so that 1/2 of it can easily converted to living space.

It is your house so no-one's opinion matters except your lender (unless you've got cash) and the eventual buyer (unless you plan to die there).

Originally Posted by BK911

Really? I like it. Master bedroom with a pretty nice size master bath (fixtures not shown yet), 2 bedrooms which share a full bath, 1/2 bath for guests, and a pretty nice sized dining/family/living room. UPstairs is another master bed/bath. And who doesn't need a huge garage? How many of you wish your garage was larger?

Personally I like it plain. Just a big rectangle. Keep the cost to a minimum. I can always add stuff later, but keep it relatively cheap to get in the door.

I appreciate the input and am curious if I am the only one that likes it.

Oh, and it's not done yet. This was 2 hours of work. Colors to be determined, some columns on the front porch, and something around the windows.

[911Rob]

upstairs?

That'll just add another 1,000 sqft making this over 3300 sqft?
Trust me, you need some architectural guidance here!!!!

You're building a 3000+ sqft home, spend a couple thousand on the design; jeesh.

just my opinion fwiw
2 Canadian cents.... won't go far!
Cheers,

[BK911]

I understand there isn’t a lot of foo-foo, it’s kinda plain. Personally I like it plain. But as potential future buyers your points are well taken. I am in shock about the too big garage comments. I thought if anybody understood the need for a GARAGE it would be you guys!

This kinda reminds me of line dancing. I am the only one doing it right, but everybody else is doing the same wrong thing. Weird.

[dmcummins]

I had no trouble getting a construction loan, but that was back in 2001. I also used my existing house for collateral along with the new house. I also had to pay 1% to a title company that basically would only release money as the new home was being built. I had to list all the supplier's and how much they were going to be paid.

I also would say you have to think about what future buyer's might want. It would cost alittle more but maybe a 3 car garage attached to the house with a unattached shop in the back might be a easier sell.

[Zeke]

Any feature can be out of scale. Make sure the rooms are adequate, the kitchen and baths are generous and that there's no shortage of inside storage, and it will market.

Currently, the plan is weak. You heard it here. If you had all the money, you wouldn't have to worry. Build a big barn and a big doghouse and take your pick.

[onewhippedpuppy]

Any car guy will love the garage. Car guys are what, 0.1% of the population? Seriously, that won't be a selling point in the future. If you want to live there forever, then go for it.

[911Rob]

Here is a sample of a two storey, 3250 sqft home.....
This will give you an idea of what 'should' fit into a space that size!
Also the exterior elevations are much more presentable.

Not rocket science here, you need the assistance of a designer.
The six car garage is sweet, no trouble there.

[911Rob]

This one is 3281 sqft.....
Go to www.jenish.com to find a great plan; they sell them on line cheap!
Cheers!

[jyl]

Remember most house-buying men are married, and most women are looking for something other than an aircraft carrier garage . . .