Building a house

[LOL_Man]

This thread is gold for making me feel great about my own life. There's something deeply moving about watching Ron's life crumble to pieces while I draft behind in his wake unblemished and completely comfortable in my 3500 sq ft brick home. As if all my decisions to get where I am have been affirmed by his sacrifice. Maybe he'll have a garage sale in desperation and we'll all go over there and pick him clean?

 

[CrittendenWildcat]

This thread is gold for making me feel great about my own life. There's something deeply moving about watching Ron's life crumble to pieces while I draft behind in his wake unblemished and completely comfortable in my 3500 sq ft brick home. As if all my decisions to get where I am have been affirmed by his sacrifice. Maybe he'll have a garage sale in desperation and we'll all go over there and pick him clean?

Ron hasn't crumbled. I'm sure the process has not been enjoyable with all the price increases, but he's ridden the lightning so to speak and has a brand new house that's very close to completed.

By comparison, I myself would have b!tched a lot louder and longer and probably end up curled up into a fetal position at some point if I was building house and had all those cost increases. I did sell my home and buy a home in Feb/March 2022, and that was plenty enough drama for me. My original top bid buyer pulled out causing us to scramble on a Sunday to re-open bidding among the prior bidders and get a new buyer on the hook that night with a small haircut in the price. Also had a title defect on the house I was selling that I luckily had title insurance to cover so it didn't kill our sale/purchase.

More power to you, Ron. Enjoy your new digs.

 

[LOL_Man]

My original top bid buyer pulled out causing us to scramble on a Sunday to re-open bidding among the prior bidders and get a new buyer on the hook that night with a small haircut in the price.

I'm starting to think that is a tactic of some kind because I know so many people here in KY that the same thing happened to. Like they want to break you so you'll lower your price or something.

 

[Hank Camacho]

I'm starting to think that is a tactic of some kind because I know so many people here in KY that the same thing happened to. Like they want to break you so you'll lower your price or something.

To be fair, you're an idiot.

 

[LOL_Man]

To be fair, you're an idiot.

That's a relative thing. Compared to say a kelp pod you're actually fairly smart. You'd be the king of flotsam, if you will.

So am I an idiot compared to say a super computer or some distant conquering alien time travelling being? Possible but doubtful. All available evidence points towards you being wrong in your assumption, yet you may cling to it still if it brings you comfort.

 

[CrittendenWildcat]

I'm starting to think that is a tactic of some kind because I know so many people here in KY that the same thing happened to. Like they want to break you so you'll lower your price or something.

It's buyer's remorse. When you find out you are the highest bidder in a price war, it's almost instinctive that your mind will panic and believe you paid too much.

I'm pretty sure our first buyer listed stupid stuff to fix after the inspection (like putting down that the hot water heater on the bottom floor didn't have a tray underneath, which is ONLY a requirement if you don't have the water heater on the bottom floor) with the intent of getting out of it. Also, they were approved for ~$100K more than they bid for my house, so I think something opened up more near their limit that was more to their liking.

The substitute buyer plucked from the remaining bidders in a bidding war is usually much more easy-going, as they wanted the house and were disappointed they didn't get it, and are thrilled when they get a second chance.

 

[ukalumni00]

Could not imagine trying to build right now. In a tough spot with our house. Love it and in a great location. Realtor called me the other day and said she could still sell it for an astronomical price due to the shortage in inventory and cash only buyers. We could walk away with a ton of equity that we could basically pay cash on the next home and have no mortgage. See the impending market crash sooner or later and feel like we are on borrowed time now to sell high but the wife loves this place and the thought of having to move yet again plus if we did move it would have to be a rental and wait until there are some great buys in the market but who knows when that will happen.

 

[krazykats]

Right now is a fantastic time to start a build.

About to be warm so ground work is going to be quick and easy. Then head into summer daylight so all the trades have plenty of time to complete work quickly.

With the right schedule and crews this is the time of year you honestly could be 6 months best case, but 7-8 months in a bad situation.

 

[Hank Camacho]

Could not imagine trying to build right now. In a tough spot with our house. Love it and in a great location. Realtor called me the other day and said she could still sell it for an astronomical price due to the shortage in inventory and cash only buyers. We could walk away with a ton of equity that we could basically pay cash on the next home and have no mortgage. See the impending market crash sooner or later and feel like we are on borrowed time now to sell high but the wife loves this place and the thought of having to move yet again plus if we did move it would have to be a rental and wait until there are some great buys in the market but who knows when that will happen.

We are in a somewhat similar situation. We have a beautiful house that we payed off at the end of the year. However, the house doesn't really work for my wife working from home and we aren't thrilled with the location.

We've built up what should be a ton of equity in the seven years that we've owned it but we can't find anything else that we'd really love to buy, either. We also don't love our house enough to sink a ton of cash into renovations that would overbuild the neighborhood.

So we've leased a townhouse in a new apartment complex that is in a much better location and plan to put our house on the market this summer. If all goes well, our house will sell quickly and we will clear a substantial sum. Then we plan to save aggressively and see what else is on the market when the lease is up next spring. If we haven't found anything we love, we will just renew the lease and keep looking.

This plan could be absolutely disastrous if we experience hyperinflation right after we sell and I'm stuck renting and just sold a paid for house that I could not hope to replace for the same cash. YOLO, I guess.

 

[80 Proof]

We are in a somewhat similar situation. We have a beautiful house that we payed off at the end of the year. However, the house doesn't really work for my wife working from home and we aren't thrilled with the location.

We've built up what should be a ton of equity in the seven years that we've owned it but we can't find anything else that we'd really love to buy, either. We also don't love our house enough to sink a ton of cash into renovations that would overbuild the neighborhood.

So we've leased a townhouse in a new apartment complex that is in a much better location and plan to put our house on the market this summer. If all goes well, our house will sell quickly and we will clear a substantial sum. Then we plan to save aggressively and see what else is on the market when the lease is up next spring. If we haven't found anything we love, we will just renew the lease and keep looking.

This plan could be absolutely disastrous if we experience hyperinflation right after we sell and I'm stuck renting and just sold a paid for house that I could not hope to replace for the same cash. YOLO, I guess.

I'd list asap. April is one of the hottest months for home sales in our market.

 

[HagginHall1999]

This thread is gold for making me feel great about my own life. There's something deeply moving about watching Ron's life crumble to pieces while I draft behind in his wake unblemished and completely comfortable in my 3500 sq ft brick home. As if all my decisions to get where I am have been affirmed by his sacrifice. Maybe he'll have a garage sale in desperation and we'll all go over there and pick him clean?

Lol, I can assure you his life isn't crumbling. Trust me.

 

[Ron Mehico]

Also, since we’re on the subject, I was going to make a full on post about how the finances shook out when it was all done and still will since this is my own personal house building diary, but I did want to share an anecdote about my interest rate for building this thing with regards to timing.

I used the bank I use for my businesses and current mortgage, which is based in the city I live in, so I have a good relationship. The builder had a preferred bank he used and I talked to them and he offered me a 2.78% 30 year ARM construction to perm loan. Basically, while building the house I pay interest on the construction of the house and then when it’s done it rolls over to a mortgage. So if it takes 2 years to build the first 2 years are interest only and then it rolls over to a 28 year mortgage. He offered me 2.78% for 15 years and then after 15 years it would be whatever the average interest rate is at the time.

I lied and went back to my bank and told him they offered me a 30 year fixed (no adjusted rate) as I really wanted a fixed with the historic interest rates. They came back and told me 3.5% for 30 year and I was really happy with that - budgeted everything based on that rate.

After signing with my builder we were waiting on the bank to approve starting in September of 21. After a lot of frustration in November we received a letter saying our loan request was denied. Apparently the bank was so short staffed that the overworked underwriter didn’t realize our credit check expired. I called angry and threatened to go with the first bank so my banker scrambled and re-issues the loan in like a week - but he messed up. Somehow he re-wrote the wrong interest rate for 1.95% fixed for 30 years. Me and my wife don’t say a word in fear that they’ll realize the mistake.

In December I sign the 30 year FIXED construction to permanent loan at 1.95% 😂

So, to put it mildly, the timing worked out just fine for me.

 

[Bill Cosby]

Are the large home builders weathering the labor issues better than the smaller builders? Getting shit built quicker than 2 years?

And what’s everyone experience building with a large home builder (assuming location is highest priority over all other considerations) as opposed to the horror story chronicled in this thread.

 

[JumperJack]

Also, since we’re on the subject, I was going to make a full on post about how the finances shook out when it was all done and still will since this is my own personal house building diary, but I did want to share an anecdote about my interest rate for building this thing with regards to timing.

I used the bank I use for my businesses and current mortgage, which is based on the city I live in, so I have a good relationship. The builder had a preferred bank he used and I talked to them and he offered me a 2.78% 30 year ARM construction to perm loan. Basically, while building the house I pay interest on the construction of the house and then when it’s done it rolls over to a mortgage. So if it takes 2 years to build the first 2 years are interest only and then it rolls over to a 28 year mortgage. He offered me 2.78% for 15 years and then after 15 years it would be whatever the average interest rate is at the time.

I lied and went back to my bank and told him they offered me a 30 year fixed (no adjusted rate) as I really wanted a fixed with the historic interest rates. They came back and told me 3.5% for 30 year and I was really happy with that - budgeted everything based on that rate.

After signing with my builder we were waiting on the bank to approve starting in September of 21. After a lot of frustration in November we received a letter saying our loan request was denied. Apparently the bank was so short staffed that the overworked underwriter didn’t realize our credit check expired. I called angry and threatened to go with the first bank so my banker scrambled and re-issues the loan in like a week - but he messed up. Somehow he re-wrote the wrong interest rate for 1.95% fixed for 30 years. Me and my wife don’t say a word in fear that they’ll realize the mistake.

In December I sign the 30 year FIXED construction to permanent loan at 1.95% 😂

So, to put it mildly, the timing worked out just fine for me.

Where’s this bank again?

 

[Ron Mehico]

Where’s this bank again?

Central Ohio, I figured it was my reward for living near a bunch of annoying buckeyes!

 

[LOL_Man]

Lol, I can assure you his life isn't crumbling. Trust me.

For thread purposes it is crumbling. The more his posts make it seem as though he's on the verge of bankrupt homelessness wandering the streets looking for a warm place to sleep then the more entertaining the thread will be. Nothing will ruin this thread faster than success no matter how slight.

 

[HagginHall1999]

For thread purposes it is crumbling. The more his posts make it seem as though he's on the verge of bankrupt homelessness wandering the streets looking for a warm place to sleep then the more entertaining the thread will be. Nothing will ruin this thread faster than success no matter how slight.

I mean he is a drama queen . . .

 

[LOL_Man]

Excellent point. He didn't have much of a life to crumble. He's not falling from height. More like a melting turd kind of oozing outwards glacially.

Still entertaining, though. These exploits of the poors no matter how petty.

 

[LineSkiCat14]

Using this as a general "Housing" thread.. we just put an offer in on a house that was pretty fairly priced (probabably 30-50k lower than what it should).

On the market for maybe 3-4 days to give people a chance to see it. 5pm was the deadline for offers yesterday, and they had 20 offers already by 2pm when we saw the house. We aren't even close to getting our hopes up on this one because I'm sure someone with cash threw down an extra 50k for it.

But that kind of tells us where we are at. There's still just so much housing demand pent up from the last few years, that the second the market gets a breath of fresh air the last few months, everyone pounces. I can't see this letting up for at LEAST a year, but maybe a few more years. I see that builders are ramping up quickly, so maybe in 8-12 months there will be some availability as people move into those.. but it's still gonna be a long time.

 

[justa]

listed my house last night. 2nd showing today offered 25k over list. Literally went under contract after 2 showings.
Got the house we wanted on private lake outside Raleigh.

 

[LineSkiCat14]

Got an offer accepted after missing out on a few homes. This is how crazy the market has become, at least by me in Albany NY. 4br/3ba Colonial

$395,000 asking price
$440,000 offered
We did a $10,000 down payment, waived the inspection (I hate even typing this..), waived any appraisal contingencies, AND we were 100% flexible with a month later closing date. A dollar less and someone else would have beaten us.

We're happy, because with a baby set to arrive by July 1st, we had to get into something. But man, I feel like I just sold my soul. The house sold for $220,000 in 2004. But thats the times were living in now.

 

[Joey Rupption]

They totally misread the grade or some shit.

This is your architect’s fault:

my wife literally found blueprints of a house we really liked on Pinterest and sent it to architect. He tweaked it to fit our lot and all that jazz and we’ve already paid him his price for that.

(Lots of architects out there… until buildings need to meet the ground!)

 

[DanCat17]

Updated about the place my wife and I are building.

Our staircase is finally built minus the wood treads. Metal workers came a couple weeks ago and fabricated the stairs on site. Was pretty cool to see actually and I was surprised they did it at the house. But, once it was done, I understand why they did. Much easier it would seem as measurements have be so precise.

We also have about 180 lineal feet of hand railing they are fabricating as well. None of that is installed, but that has to be mounted on top of the floors and stair treads. So can’t do that until flooring in installed.

Our tile is about 99.9% done, interior doors are in and hung, flooring for main floor and upstairs common areas is at the house, cabinets are set to be installed on Thursday, and then flooring will be installed very soon after, recessed lighting has been installed.

It’s looking like a house. Our builder is saying June, which is about what we were expecting. Starting to get anxiously excited to get moved in.

 

[krazykats]

We also have about 180 lineal feet of hand railing they are fabricating as well. None of that is installed, but that has to be mounted on top of the floors and stair treads. So can’t do that until flooring in installed.

Say what? Your handrail should be installed first. It connects to the landing tread which your floors should butt to.

Is this a new account for Ron?

 

[DanCat17]

Say what? Your handrail should be installed first. It connects to the landing tread which your floors should butt to.

Is this a new account for Ron?

We’re doing a floating stair system.

 

[Ron Mehico]

Got an offer accepted after missing out on a few homes. This is how crazy the market has become, at least by me in Albany NY. 4br/3ba Colonial

$395,000 asking price
$440,000 offered
We did a $10,000 down payment, waived the inspection (I hate even typing this..), waived any appraisal contingencies, AND we were 100% flexible with a month later closing date. A dollar less and someone else would have beaten us.

We're happy, because with a baby set to arrive by July 1st, we had to get into something. But man, I feel like I just sold my soul. The house sold for $220,000 in 2004. But thats the times were living in now.

No need to compare to 2004 man that was 20 years ago! Congrats on the house, I know people have been predicting a crash for like 3 years now but the inventory is ridiculously low. Was reading an article about how lots of people that would sell or downsize or sell and move aren’t because their current mortgage rate is so low so they are waiting for interest to drop to sell - which means home prices will probably stay steady or increase with reduced rates so who knows. Also all of this is meaningless if you want to live there for 10/20 years - it really only matters if you want to flip and sell in next 3 years if you’re in a growing area it’ll go up long term. I would definitely feel good about it if I was you!

 

[Ron Mehico]

Updated about the place my wife and I are building.

Our staircase is finally built minus the wood treads. Metal workers came a couple weeks ago and fabricated the stairs on site. Was pretty cool to see actually and I was surprised they did it at the house. But, once it was done, I understand why they did. Much easier it would seem as measurements have be so precise.

We also have about 180 lineal feet of hand railing they are fabricating as well. None of that is installed, but that has to be mounted on top of the floors and stair treads. So can’t do that until flooring in installed.

Our tile is about 99.9% done, interior doors are in and hung, flooring for main floor and upstairs common areas is at the house, cabinets are set to be installed on Thursday, and then flooring will be installed very soon after, recessed lighting has been installed.

It’s looking like a house. Our builder is saying June, which is about what we were expecting. Starting to get anxiously excited to get moved in.

Sounds awesome! We are currently doing interior trim, hoping to get in by August. I agree - it’s awesome when it starts looking like a house! No flooring or anything for us yet but doors are on their way (they have temporary doors in right now so they can frame) and they were setting cabinets yesterday. Every week I go there it’s crazy how different it looks, pretty anxious to get in as well!

 

[Chuckinden]

Our house 25 yrs old and my wife wants to build a house on the lot we own in our neighborhood. We have met with two builders, but I am hesitant for several reasons. I keep telling her "there is no perfect house", but it's hard explaining things to a woman.

The only reason I would consider it is the probability of getting maybe twice what we payed for the house 8 yrs ago and make a big dent on a mortgage. However, interest rates are high and that would make me want to use current cash in hand to not finance it.

We don't need a new house, but she wants to take advantage of the current situation of high market prices on homes.

IMO, the benefits don't outweigh the concerns.

 

[BigBlueDave]

Sounds awesome! We are currently doing interior trim, hoping to get in by August. I agree - it’s awesome when it starts looking like a house! No flooring or anything for us yet but doors are on their way (they have temporary doors in right now so they can frame) and they were setting cabinets yesterday. Every week I go there it’s crazy how different it looks, pretty anxious to get in as well!

Would you mind posting some pics? This thread will be two years old shortly and I've followed since the beginning. I'm really curious about your staircase, as well as DanCats.

 

[krazykats]

Our house 25 yrs old and my wife wants to build a house on the lot we own in our neighborhood. We have met with two builders, but I am hesitant for several reasons. I keep telling her "there is no perfect house", but it's hard explaining things to a woman.

The only reason I would consider it is the probability of getting maybe twice what we payed for the house 8 yrs ago and make a big dent on a mortgage. However, interest rates are high and that would make me want to use current cash in hand to not finance it.

We don't need a new house, but she wants to take advantage of the current situation of high market prices on homes.

IMO, the benefits don't outweigh the concerns.

Where are you located?

 

[Ron Mehico]

Would you mind posting some pics? This thread will be two years old shortly and I've followed since the beginning. I'm really curious about your staircase, as well as DanCats.

My builder already asked me if they can do a video of the house for their website. I’ve toyed with the idea that I would post it here when done but then I thought about someone seeing it - somehow figuring out where I lived and worked, subsequently murdering me or getting me fired, and then resulting in me having to sell the house so I’m conflicted.

 

[DanCat17]

My builder already asked me if they can do a video of the house for their website. I’ve toyed with the idea that I would post it here when done but then I thought about someone seeing it - somehow figuring out where I lived and worked, subsequently murdering me or getting me fired, and then resulting in me having to sell the house so I’m conflicted.

Why is this my first thought as well about posting pictures 😂

I will post a link to a picture of a staircase that looks very similar to ours. I have zero idea how to post pictures here or else I probably would post a few.

Anyhow, this link shows two staircases pictures at the very top of the page. The one that doesn’t have glass and instead has the horizontally ran metal tubes on the railing is essentially exactly what we are doing. Ours features a double steel stringer with 60” wide treads.

Double Stringer Floating Stairs

Have a Set of Bulky Stairs in Your Home? Double Stringer Floating Stairs Maximize Lines of Sight. Check Out Which Inset Double Stringer Stairs Work for You.

glmetalfab.com

 

[80 Proof]

No need to compare to 2004 man that was 20 years ago! Congrats on the house, I know people have been predicting a crash for like 3 years now but the inventory is ridiculously low. Was reading an article about how lots of people that would sell or downsize or sell and move aren’t because their current mortgage rate is so low so they are waiting for interest to drop to sell - which means home prices will probably stay steady or increase with reduced rates so who knows. Also all of this is meaningless if you want to live there for 10/20 years - it really only matters if you want to flip and sell in next 3 years if you’re in a growing area it’ll go up long term. I would definitely feel good about it if I was you!

Some people may be forced to sell.

Credit card debt is at an all-time high, putting households near 'breaking point,' study shows

Credit card debt hit a record $930.6 billion at the end of 2022, putting households' finances near a projected breaking point, a new report finds.

www.cnbc.com

 

[Hank Camacho]

My builder already asked me if they can do a video of the house for their website. I’ve toyed with the idea that I would post it here when done but then I thought about someone seeing it - somehow figuring out where I lived and worked, subsequently murdering me or getting me fired, and then resulting in me having to sell the house so I’m conflicted.

This was a beautiful speech that has absolutely nothing to do with your post. Nothing at all.

 

[Ron Mehico]

Some people may be forced to sell.

Credit card debt is at an all-time high, putting households near 'breaking point,' study shows

Credit card debt hit a record $930.6 billion at the end of 2022, putting households' finances near a projected breaking point, a new report finds.

www.cnbc.com

It’s absolutely fascinating and amazing how god awful the average person is with money.

 

[BigBlueDave]

My builder already asked me if they can do a video of the house for their website. I’ve toyed with the idea that I would post it here when done but then I thought about someone seeing it - somehow figuring out where I lived and worked, subsequently murdering me or getting me fired, and then resulting in me having to sell the house so I’m conflicted.

I wasn't being facetious. I really enjoy the before/during/after remodel pics or new build process pics.


Just don't show a land mark visible through a window.


If coming to a UK offtopic board isn't weird to you, let me suggest Texas AM offtopic boards. They have so much more traffic than we do. Texags can support the off-off topics.



This one is Home Improvement. It moves about as fast as the whole paddock. It takes about three weeks for a topic to drop off the front page. It's mostly lawn topics right now.

https://texags.com/forums/61/2/


This is an involved remodel from the above page:

https://texags.com/forums/61/topics/3249467


Involved backyard fence with 37' rolling gate off alley:

https://texags.com/forums/61/topics/3198203


Kitchen/Bath/FamilyRoom remodel.

https://texags.com/forums/61/topics/2633847

 

[Hank Camacho]

It’s absolutely fascinating and amazing how god awful the average person is with money.

Dave Ramsey claims to be worth almost $800 million dollars -- for telling people to pay off credit cards and invest in their retirement account.

And he's probably earned it, too.

 

[hmt5000]

My builder already asked me if they can do a video of the house for their website. I’ve toyed with the idea that I would post it here when done but then I thought about someone seeing it - somehow figuring out where I lived and worked, subsequently murdering me or getting me fired, and then resulting in me having to sell the house so I’m conflicted.

 

[hmt5000]

It’s absolutely fascinating and amazing how god awful the average person is with money.

Just saw a Dave Ramsey segment where 2 ivy league educated people that live in DC are in debt over $1million and don't understand how they got there. They just assumed that making over $250k/year would result in less debt over a 10 year period... nope.

 

[Chuckinden]

Where are you located?

Kentucky