I haven’t posted here in quite some time, mostly because there hasn’t been much to post. While anyone else could have gotten a building permit in a week’s time, for us it was a lengthy process spanning many months. Go figure. Anyway, the good news is that we are supposed to start clearing for house tomorrow or the next day, if all goes as planned. We finally have all of our permits in hand again, with the revised and much smaller workshop house we ended up with.
We are not home free yet, though. Our original plan to use loans from our 401Ks to fund the construction is out the window due to the terrible economy. Our 401Ks fell in value by at least 50% so there is not enough to borrow from. Also it would be a bad idea to borrow from them when they are valued so low because if the market rebounded we would not feel the benefits.
So our current plan is to get as far as we can on our savings, and then re-evaluate at that point. We are hoping that we have enough cash to complete the site work and perhaps the slab. Then we will have to stop until we can come up with enough money to get the whole thing framed, dried in, roof on, etc. because we can’t just leave it open to the elements for a long period of time. Maybe we can borrow from a relative or something, or get a signature loan. We’ll have to see when we get to that point.
Regardless, we will be thrilled to see something finally happen on the property when the clearing begins. We both want to be there to see the first bit of it since we have been working towards this goal for three and a quarter years now.