Alternative owner builder financing.
swblevins94
5 years ago
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dan1888
5 years agolast modified: 5 years agoB Carey
5 years agoRelated Discussions
Owner/builder, advice, a few questions
Comments (26)First thanks every one for their advice it is very helpful to hear the naysayers as well as the yay sayers. If I can't come up with a solution to the problem you present, then I have a problem. vhehn- time will be somewhat short but as long as we get a loan money shouldn't be too short. I do know it will take us a long time to build and we are prepared for that and OK with it. A lot of people express concerns with SB I am OK with that too. Please don't feel like I am dismissing your comments out of hand. Some of them I have heard many times before and some of them I am keeping in mind as I go along. We are working on deciding how we will deal with the long build time. The whole financing situation is something we are just starting to address and well aware that financing for a SB house is difficult to get. So if we can't get it, then we can't and we will decide on a different building envelope. frog - I personally have not investigated logging however we are building next door to the ILs who are timber farmers with 60 years of experience and a mill. The lumber would be stored where they can keep an eye on it so I am not too worried. It is a lovely area and property prices or sky high so 20 acres for the cost of power/water/septic is a steal. ajpl - thanks for you thoughts, I sent you an message via flickr. We are doing a timber frame rather than structural SB so there will be a roof up before the bales ever arrive on site so there isn't the usual worries about getting them up super quick and finished off before it rains. You posted your house plan on another thread I started and I really liked them except that there wasn't a bedroom on the ground floor for when we get old :). Otherwise it was just what we were looking for. flgargoyle - I will look into the grading of lumber requirements. We plan on being careful about permitting and such as well. The ILs weren't and haven't had a problem but we don't want to take the risk. We do have concerns about living in an RV with two small children. Our first choice would be a habitable workshop but we are not sure what the zoning permitting situation would be for that. Terry_t - We will only have two kids when we are building, one that is 2-3 and another that is 5-6. But two small children isn't really much better than 3, we are banking on babysitting help from the ILs. Thanks for your suggestions on advance prep work we have been wondering what we can do before we get the ball really rolling. Luckily our site is flat and pretty clear for a large area. A log home is actually something we would consider if a SB became impossible. FIL has already built two log houses so we have some one with experience handy to help. We are aware of the YDKWYDK principle and have plans to get consultants when possible. We have one recommendation already from some one who has already built a TF SB house in the area. We also have close family members with various construction experience (electric installation, plumbing, framing, roofing, finish carpentry). We are also working on making the most of the years leading up the build, learning all we can. This will all take a lot more planning and thought so if you think of hurdles please post them so I can figure out how to jump over them :)....See MoreQuestion about Owner-Builder financing
Comments (9)We ARE building ourselves at a significant savings. We did the wiring ourselves with an electrician only to put the panels together. We could've done that, but the $720 we spent on labor to have him look over everything and set up the panels so nicely was worth it. Just for electrical, based on his estimate of what labor would have been for the whole job, we saved over $12K. Savings for doing the framing ourselves: $25K I've saved hundreds into thousands of dollars doing the finishing on our interior doors myself. I could go on, but there certainly are possible major savings, if you have the knowledge and skills. Of course, some people define 'owner-builder' as someone who GCs, but doesn't do any of the work. I can't speak to the savings, or lack of them, in that case. As far as banks, we ended up finding 2 (both small and local) that would lend to us as owner-builders. One had the most nit-picky cost breakdown listing of any...Thank goodness! It made us make decisions and really research prices and bids. The lack of financial surprises along the way has been a tremendous blessing. The one bank did have a dollar/sq ft minimum and required a line item for contingency for labor if dh got hurt or sick and was unable to finish. The 2nd bank (the one we used) didn't require it, but we put it in for our own safety, although not as much as the first bank wanted. Best wishes on your project....See MoreGeorgia Owner Builder Loan/ Finance
Comments (6)We just started the process with a local credit union. I'm in Louisiana though, and it is very common in my area for people to act as OB. We haven't had to provide anything special. They did want us to have a bid for turnkey construction from a GC to turn in along with all of the individual bids we obtained ourselves for each part of the project. Have you checked with local banks/credit unions and not just big banks?...See MoreLooking for Owner builder loan in Illinois
Comments (1)Are you referring to financing house that is self generaled?...See MoreUser
5 years agoJAN MOYER
5 years agolast modified: 5 years agorrah
5 years agoJAN MOYER
5 years agolast modified: 5 years agojust_janni
5 years agopartim
5 years agoB Carey
5 years agojust_janni
5 years agocorwinswan
5 years agoswblevins94
5 years agoUser
5 years agobry911
5 years agolast modified: 5 years agokatinparadise
5 years agoB Carey
5 years agoUser
5 years agolast modified: 5 years ago
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