Progress on our modern home is slow going and here’s why. The house is currently in such terrible shape that no bank will lend on this property unless we either A) put 20% down and then pay for the addition and any and all repairs out of pocket B) with seller’s permission arrange and pay for all repairs to be made prior to closing then pay for the addition out of pocket or C) choose a 203k loan and jump through hoop after hoop. (Ding! Ding! Ding!)
Our only feasible option was C. The 203k loan will be good in the long run. The loan works for any property no matter how bad it is and the costs for all the repairs are included in the loan. (Woo hoo!) But with the good you must take the bad. Aside from lots of additional fees for the loan there are the aforementioned hoops (red tape coming out the wazoo). We need to have all costs listed for the lender to review before we can close. We can’t get official quotes until we have plans. We can’t get plans until we get a survey. We can’t get a survey until… oh, wait… that’s actually the first step and that’s where we are. (As you can see, we haven’t made it very far.) We just got the survey back from Surveying Consultants. They were wonderful to work with. Prompt, courteous, and great pricing to boot. I give them two thumbs up. Now we are on to the fun part: designing a super awesome modern house with our architect!
This sounds like a very fun project. Good luck to you, I look forward to seeing the progress.