Building on a budget
July 10, 2013 in Design Dilemma
We decided to build a house and after talking to our banker decided we didn't want a "jumbo" loan. Too much hassle. That means we only take out the max conventional which is 417, plus whatever we put down. Right now thats look like no more than 90k. putting us a 507k

To stay within this budget, my fiancee and I decided we would only "finish" the first floor which is 2900sqft. This means every piece that we want and the master bathroom an half bathroom would be as we wish.

And since we don't have kids, we would paint, put up trim and add little touches to the second floor later throughout the first year or so using cash. Basically keep it as a livable "whiteboard" when its built. Minimum to make it livable (with the correct flooring) its 1400 sqft.
Is this feasible? on a 500k budget? I'm in Michigan.

This budget doesn't include the land or stuff. Just the actual build. I know they say its cheaper to do it all at once, but we really don't want to go into jumbo loans and we are in no rush.
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Prices are different in different parts of the country. Find or have drawn up, a set of house plans you like, find a lot and then get prices from a builder. Most will work with you to put in as much or as little as you want in a house, but some may depend on what code in your area requires for a CO.
July 15, 2013 at 3:35AM   
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Sounds like a doable task. And as mentioned you can adjust the building cost somewhat with the quality of finishes.
July 15, 2013 at 5:29AM   
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