Wish: To finish my new home!

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Wish: To finish my new home!

Postby Kwooda » Tue Feb 19, 2008 10:39 pm

Wish: I started building a new home as an owner/builder in October 2007 and have had an unexpected personal hiccup that has now pushed the project out of budget, and I desperately want to finish the house in my target time frame before I run into serious financial hardship or animosity among family. Obstacle: I'm running about $40,000-$50,000 short! My wife and I have had to borrow money from family, but it's not enough. If we had the money to finish the house, it would take us about two months before getting our final inspection! WE'RE SO CLOSE! Then we can re-finance and pay off our family loans (which will make them VERY happy) and a small portion we have reluctantly put on a credit card. We have a loan on the piece of land that we purchased on which we are building, and it is a 5-year interest-only loan. We want to find some creative way(s) to obtain the money we need to finish the home, without getting tied up in yet another "commercial" loan (we've tapped the family end of things), as it would only be three months or less before we could pay it back since we will roll it into our re-financing as originally planned. Ideally, it would be nice to find a $50,000 gift, but I know that's quite another dream for another time (or a stroke of luck with the lotto - haha). I also want to re-finance while the rates are low... Any ideas welcome. We have faith and hope that all will work out in the end, but >shudder< I just want out from under this. Know what I mean, Vern?
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Re: Wish: To finish my new home!

Postby ebrazley » Wed Feb 20, 2008 12:47 pm

This may be way out in left field - but could the "unexpected personal hiccup" be something that the show "Extreme Home Makeover" sympathize with? Hey, you never know - right?
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Re: Wish: To finish my new home!

Postby Kwooda » Wed Feb 20, 2008 11:54 pm

No, it was nothing like that. But it is a good idea - the thought actually crossed my mind that maybe we could get one of those shows to pick us up. But we're probably not located anywhere near their production range and it would probably take way too long to get something like that arranged. But like you said, who knows? Maybe I'll do a little research. :)
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Re: Wish: To finish my new home!

Postby gudrun_g » Thu Feb 21, 2008 2:57 pm

Hello! Im honest,I probably cant really help you in this field but I wanted to ask you how far you have come with the buidling? And also give you a story to reassure you a little bit: My father is an architect.When he was very young he had the glorious idea to plan and build his own house- without the budget that he would have needed.He had only the money for the bare brickwork and the electricity,the windows and doors.That was basically it.But my father was married and already had us three kids.My mum was a nurse and nobody of our relatives was wealthy at all, my father was the first one to study in the family after World War 2.He grew up with only my grandma who was a haircutter,since my grandfather died very young soon after the end of the war. So,my father was on his own with a family to support and the rent for a flat to pay. But he took the risk and build as far as he could. Then we moved into this house, even though a small part of it was finised, the rest was brickwork. During the next years both my parents worked a whole lot and kept building (supported by relatives in the first years). I grew up in an unfinished house- but I was able to live on the country side inside my own domain (which I will thank my parents forever for). My father progressed very well,didnt have to pay a rent and put everything into the house. Also, a friend of him, a young preacher moved in for a year - that he had felt like taking off- and lived with our family and worked a lot with my father on the house- and they got done together the major part- which didnt have to be done by a company. I dont know if any detail of this story helped you.Maybe it can just show you that your struggle is very normal- and that you can find a way. It doesnt have to be moving into an unfinished home of course!!:)) Often its just nice to see that others have suffered worse ;)) Im very thankfull vor my beautiful childhood and think my father is a fantastic, visionary man.He even managed to open his own office.And he started out with NO MONEY and a big family. YOU CAN DO IT! Good Luck! /Gudrun
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Re: Wish: To finish my new home!

Postby Unity » Thu Feb 21, 2008 4:51 pm

Hello, Just wanted to wish you luck. Reading Gudrun's post reminded of a family I once knew that did something similar. Is that possible for you? Although you did mention something about an inspection. Do you need that before you can live there? Any construction colleges/students that could use some experience and willing to work for expenses? When I was young and we moved into a house that needed a lot doing - the local scouts got more than they bargained for when they asked if there was any work that needed doing :D If it's materials that you need - you could ask a business if they would trade in return of using your house on their brochures. I've seen adverts for that sort of thing.
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Re: Wish: To finish my new home!

Postby Indy_AL » Fri Feb 22, 2008 5:12 am

Just another related idea. Don't know from your post which parts of the house are unfinished, but you might think about them in terms of the trade work that there is left (framing, electrical, roofing, etc.) then find the local group that does the training for that trade. In my area, there are a lot of trade unions and anyone who wants to be, let's say an electrician would have to go through an apprenticeship program to learn their skills. I'm thinking that they might be willing to take on a job to train their apprenticeships up if they run out of paid work. It can't hurt to ask, right? Other than that, ask around, plan a barn-raising day with your friends around to finish up. Talk to local churches to ask about helping in their community by assisting on your project. There is a way. Just keep looking until you find it. BTW - I have a family story where the parents and their six kids lived in a basement of a house that had no house above it for a number of years. Started the house, some tragedy occurred and couldn't finish it. Not a great position to be in, but you can live with it if you have to. Good luck. - AL in Indy
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Re: Wish: To finish my new home!

Postby DreamThief » Mon Feb 25, 2008 10:58 am

Hi Kwooda, My husband has the ability to borrow against his retirement plan. He has to pay it back on a regular schedule and there are penalties if he doesn't, but he "owes" the interest to himself so everything he pays on the loan will eventually come back to him at retirement. Have you looked into anything like this? Tricia / DreamThief
:D I'll treat your dream like my own until it's fulfilled.
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Re: Wish: To finish my new home!

Postby Kwooda » Sun Apr 27, 2008 5:30 pm

Thank you all for your feedback. We managed to finish our house with loans and gifts from family, as well as a loan from my 401(k) retirement plan (thanks for the suggestion!). We're now waiting for the re-financing to go through, after which I can pay off all my loans, plus have a little money left over to finish the interior. The great stories of days past of people building their own homes, living in them when little more than a hole in the ground, putting it together piece by piece, are a thing of the past. The construction industry is a screwy one, and you can't legally live in the structure (at least not in California) until receiving an occupancy permit which is awarded after the final inspection (of a series of inspections that occur along the way). But, we did it, and this weekend we began moving in!!!
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