Saturday Eric and I met with our builder to discuss alternative solutions since the appraisal of our dream home floor plans came in low. I think we came to some conclusions, although I still have some hesitation.
Our builder offered us a unique opportunity… Eric and I, well, let’s be honest, Eric decided, as I was still all for building my dream home 😉 Anyway, yes, we decided to wait to move forward with building until we have a lot more cash on hand, enough to cover the unexpected should the final appraisal come in low and thus financing is compromised. We’re not sure exactly how long it will take us to save enough cash though, I’m estimating at least a year, but pushing it out to two years just to make sure. Where to live in the meantime though…
Our builder offered to build us a ‘for now’ house. It’s technically a floor plan he’s built before, so not custom in that sense, but he’s willing to allow us to pick out the specifics inside, to still make it feel like ours. He’ll cut his profit and finance the build, and thus we’ll purchase it in July/August as if it was an existing house on the market. Then, in two years when he finishes constructing our dream home, he’ll purchase back this ‘for now’ house at the same price we paid. Sounds like a win win, I think.
We kind of randomly picked a floor plan he designed and has built before. Actually, he currently has it on the market, pictures here. We’ll still be able to customize almost everything inside, so it may turn out very different from the pictures at that link, but the layout should be similar. I was concerned with having enough space, so the basement will be finished, adding a bedroom, bathroom, and family room. On Saturday we did view the finished home on the market, and it’s appealing, but gosh, we decided so quickly, I don’t even remember half the features. Again though, I’m trying to remember this is a ‘for now’ home and it obviously doesn’t have to be perfect and meet all our expectations.
We also randomly picked a lot. And really, the location of one’s home is kind of a big deal, right??? Well, being the builder is going to finance the build, he is also financing the lot for now, and thus it made the most sense to pick a lot he already owns rather than starting over in our search. We really only had a few choices, and since neither Eric nor I know the new development areas well, how do you really pick? We looked at the lots and picked one. I hope we aren’t disappointed… Again though, this isn’t forever.
There is a large part of me that feels some relief. We have a plan in place that should move forward smoothly. Yes, hesitations, but a plan none the less. And since our builder is familiar with the floor plans, and this house is much less impressive than what we were originally planning, it can be finished by July when we need to move. I’m still struggling with the idea in my head of this house not being good enough, or pretty enough, but I realize I need to get over that. This house will be beautiful, just perhaps not on the same level as what I originally had in mind. And my dream home is still in my future.
After our meeting with the builder, Eric and I stopped at Home Interiors, a design and furniture distributer highly recommended by our builder. We spent hours there and it really got me more excited for this move. I’m hoping we’re able to pick some items to furnish this ‘for now’ house that will also work with our next build. I’ve already found a few items I love. When I have a few minutes I’ll find web links as I’d love some opinions and help deciding!