Sunday, September 14, 2008

Financing in Today's Market

In an earlier post, I discussed the house design and noted we were planning 2 bedrooms and 2 bathrooms. That's in-line with the concepts put forth by Sarah Susanka and other followers of the "Not So Big House" philosophy. However, the banks probably don't subscribe to that philosophy and we've been advised by our mortgage broker to finish the 3rd bedroom on the lower level so the house will be a 3 bedroom/2 bath house. That's a little extra money and more work for us up front, but should help significantly in the valuation of the house so we can get the necessary bank financing to make this project a reality!

Are We There Yet?

Whenever folks ask when we'll be in the new house, my standard response is, "hopefully this time next year." I've been saying that for about 6 months now. This process reminds me of the many family vacations where I sat in the back of the car asking, "are we there yet?" for hundreds of miles, driving my parents crazy. The patience that was required on my part was always worth the reward of the vacation destination. I'm sure the same will be true of the house construction project. (Of course another benefit of the house project, unlike the vacation, is there's no tortuous drive home - once the house is built, we'll already be home!)

And there are signs we might be getting closer to the construction phase. The fine folks in the City of Falls Church had some questions about the tree preservation plan and the grading plan. The companies that developed those plans finished their work in response to the City's questions/concerns at the end of last week, so the revised plans can be submitted to the City at the start of this week. Hopefully our vendors did their work properly and the City will soon issue the building permit. Once we have that, we'll schedule the closing for the land and line up the tree removal company, excavator, and concrete company for the footers and foundation prep. Hopefully, we'll be able to break ground by early November before it gets too cold and the ground freezes!