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Posted to Kanak-ICF--Virginia by Lisa in Fredericksburg, VA
on 3/26/2008 10:49:42 AM
The Appraisal company is reviewing their file (along with all of the documentation I sent them), to correct the land/home valuation. As long as we hit the magic $550 number, I'm happy, and so is the bank.
Meanwhile, my site plan is complete, next task is to get my septic/well design completed and into the health department. So at least a few things are moving forward more-or-less on schedule!
I'm looking forward to posting my first photos of our land -- just haven't yet because it's not "officially" ours yet (maybe I'm a little superstitious).
Friday, we're heading to a home show -- plans in hand -- and without the kiddos. I can't wait.
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Posted to Kanak-ICF--Virginia by Lisa in Fredericksburg, VA
on 3/24/2008 11:59:47 AM
We received an appraisal for our home plans/lot on Friday. Needless to say, you could "knock me over with a feather" afterwards. It was about $100k LOWER than we expected.
I've questioned it with the bank, and with the appraisal company -- and am right now waiting to hear back.
The problem comes down to two issues:
1) Land Value. They valued our land at $111k (what we paid for it). The county values our land (according to the 2008 tax assessment) at $210k.
2) No credits for energy-efficient build. We should have seen at least a 5% increase in value of the home because it is being build with ICF. No credits for that.
I'm not sure what they used as comps. But I can pretty much guarantee the didn't use any of our future neighbors -- unless they expect me to believe that those houses dropped $100k or more in value in less than 2 months.
All new homes of equivalent home size and lot in our area have a starting price of at least $540 or greater. So, not sure what's going on, other than this has messed up our closing date and our loan.
In the meantime, I'm dropping off plans for take-offs -- finishing any minor adjustments, and moving forward with site plans, septic design and getting the building permits.
I just hope the appraisal doesn't completely halt this program.
What a pain.
On the bright side, just purchased our GE Monogram 36" Gast Cooktop for 1/3 list price... and have my other appliances on-hold at 40% off list (all new).
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Posted to Kanak-ICF--Virginia by Lisa in Fredericksburg, VA
on 3/3/2008 6:22:40 PM
I found an awesome ICF guy -- he actually builds all of the local Habitat Homes with ICF. And, he understands what cost+ means.
In essence, we're building about 6,000sf under roof (includes garage, bonus room over garage, 4 bedrooms 3 1/2 baths, full basement) for $400K (including land at $111, permits, fees, insurance, interest, closing costs, etc). This is an ICF house, with spray-in foam in the roof -- and enough bells and whistles to keep me happy for awhile!
I've left some of my estimates high (electrical, plumbing, kitchen... front porch) to give me some wiggle room. But frankly, I'm happy with the $400K price tag. Everything else around here for $400K is about 2/3 the size on about 1/4 acre -- versus my 3. Plus, mine will cost less to heat, cool and maintain.
Today has been a good day. And, tomorrow -- looks like we can finalize those plans! Looking forward to a quick closing on the lot, and a groundbreaking in May. We're getting a house for Thanksgiving!
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Posted to Kanak-ICF--Virginia by Lisa in Fredericksburg, VA
on 2/26/2008 5:44:03 PM
We have our closing date on the cons-perm loan (3/28). In the meantime I've been working OT on budget, budget, budget. A lot of tedious shopping, deciding where to make compromises -- and where to hold firm.
I've been told by two separate ICF builders that prices on ICF in our area are now about on-par with wood! (I suppose that's the GOOD side of a housing market sliding down a cliff). So, it looks like we're going to get our ICF house from basement to roof. We will also be adding foam insulation in the basement (between the basement and 1st floor), and the attic.
Plans -- Hopefully the final verson on Friday a.m. At the bare minimum, I should be able to get a copy of the footprint to submit to the surveyor and finish the site plan so that I can get my septic design, propane tank, and well placement/bids in -- and start the process to get our health certificate approved. Worst case, we don't have the final plans for another week.
Assuming I have the final plans by next Friday, I can start my mad-e-mailing for bids, finalize our budget and materials list, get the initial appraisal, and drop off everything to get the building permit done by March 17. From that point, we should be set to "break ground" by May 5th (no later).
In the meantime, it's all about picking tile, colors, cabinetry -- and finding the best deals! So far, my best deal is on my granite countertops. 2" thick granite in saphire brown, with the waterfall edge for $7994 installed (I have a LOT of countertop in this kitchen). Other prices I've gotten for this range from $10k and up -- without the edging.
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Posted to Kanak-ICF--Virginia by Lisa in Fredericksburg, VA
on 1/29/2008 11:14:54 AM
The list of things to do continues to grow, but at least the financing poriton is pretty much done. We're set to close in 45 days (less, if I can manage it).
In process now: septic design & health certificate, plans for approval by HOA and county, and loan appraisal, plus estimates for well and propane tank.
Hopefully, we'll be able to close on the lot and begin building fairly quickly thereafter. We're currently getting our lists of subs together, so we can get pricing on *everything.*
Our goal is to finish in 6 months (from close) or less, and with money to spare. Of course, my husband keeps looking at the ways we're going to save that money and justifying spending it on something else that's really expensive (for example, saving $15,000 on HVAC budget... so let's add the $20,000 Geothermal -- my take? saving $15,000 on HVAC budget -- don't spend it -- we may need it for something later!).
I understand his desire to be as "green" as possible. I just wish he'd understand my not wanting to invest in something that will take 200+ months to pay for itself, because we're tripling our insulation costs.
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Posted to Kanak-ICF--Virginia by Lisa in Fredericksburg, VA
on 1/25/2008
We head to the draftsman to get our plans drawn... I'm posting .pdf files of our floorplan (basement, main and second floor). Happy viewing!
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Posted to Kanak-ICF--Virginia by Lisa in Fredericksburg, VA
on 1/22/2008 6:14:22 PM
If we weren't building in Stafford County, we'd be seeking our building permit and getting ready to close on the construction-permanent loan. Darn soft market! Bank now requiring about $50,000 down at closing. Not something we were counting on (some money, yes... but not $50k).
In the meantime, I'm having a drafting company look at our plans and give me an estimate to draw them. I should have that back soon, along with our pre-qual letter. I'm hoping to post a photo in about 4 weeks -- of our lot -- once it's actually ours!
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Posted to Kanak-ICF--Virginia by Lisa in Fredericksburg, VA
on 12/24/2007 1:08:47 PM
I have the contracts in hand for a 3 acre lot (already cleared, perked, and basic excavation done too). It calls for an alternate septic, but the price reflects the difference. It's about 2/3 treed, with enough open space for the house and a good sized yard. No drainage problems either.
We're attempting to finalize the house plan, but have some final cost estimates to do prior to moving forward. We have a 60-day close on the lot, which gives us some time, plus we have a 14 day study period (to make sure the lot and the house work together.
All things considered, I'm nervously optimistic about beginning the house in mid- to late March.
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Posted to Kanak-ICF--Virginia by Lisa in Fredericksburg, VA
on 11/28/2007 7:12:51 PM
Headed out on Monday to look at several lots with a land broker. Most likely, we'll be getting a 3+ acre lot close to where we currently live in Stafford County. I'm nervous about this process -- but with the books and articles I've been reading here, less than I was before.
We've decided to build an all ICF home (about 4,000 square feet, 6 bedrooms 4 and 2 half baths). We are also contemplating using the Lite Deck under the garage to give us more square footage in the basement. Since we plan to live in this home for 20-40 years, energy efficiency is very important. We don't want to skimp on quality. We're still trying to decide on the final floorplan -- but have it down to two we like.
It's a great time to owner-build in Stafford County. The declining market has given us a ton of labor all fighting for work, and the cost of materials has come down sharply as well. The house(s) we are planning to build currently are on the market for about $500,000, on a lot less land. If the estimates I have received are good, we should be able to build the same home for about $150k less. That just astounds me.
We plan to do a lot of the finish work ourselves (paint, trim, tile, hardwood, cabinets, bathrooms, shelving, fixtures, landscaping, deck/patio), which may take us a bit longer, but will save us tremendously in the long-run.
Now, I can't wait to get started.
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