Friday, September 12, 2008

Today's the day...

...that we close on the construction loan. It's a pretty significant milestone. 

It was a bit hectic getting all the quotes that the bank wanted.  Unlike a "normal" construction loan, for an owner-builder loan, the bank wants a quote for everything. The rationale is that if I die, they want to be sure they can build the house for the same price. The problem with that logic is that I plan to do a lot of the finish work myself--saving about 10% of the cost of the project. So no, they won't be able to build it for the same price.  Regardless, the bank wanted the quotes. So we had to choose things earlier than expected: door & cabinet hardware, closets, etc. 

Anyway, I was able to get all the quotes pulled together in time to get approval. That meant I had to get going on accepting quotes and writing contracts. We've chosen contractors for most of the early phases of construction: excavation, foundation, framing, plumbing & hvac. Still have to pick an electrician.  I have quotes on everything, but I might want to do some more shopping on later activities. 

I did apply for the building permit on Wednesday. They are supposed to be ready for me today, but I haven't heard from the building inspector yet. Since I have the excavator scheduled to install the silt fence and clear topsoil next Wednesday, I guess I better check with him soon.