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(OT) What would You do given two situations

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9N'er

02-11-2003 14:46:17

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Some of you know that we are planning to build a house/home. In my small world financing a house and building it requires scraping money and financing together and planning on a long time to live with the payment. Even if I do it myself the costs for us are high no matter what.

Here are the two scenarios and please don't react but share your honest opinions based on your life experiences. I'm just in the information gathering mode:

Is it the right time to build a house and invest our hard work and hard earned money and sweat when the world is coming together? or scenario two: when the world (seems) to be breaking apart?

Would you be conservative and hang tight? or go full steam ahead?

I could provide more information...but this is the crux of what's been on my mind for a awhile now.

9N'er

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Mike

02-12-2003 20:44:52

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

9Ner,

The wife and I had managed to save enough for a down payment on the financing to build, drew up plans and applied to several banks, we were not elegible for a mortgage cause Fanny Mae (The big federal home loan approval agency) would not authorize a mortgage because we had 5 old parts cars down at the back end of our property. We can only thank the federalies for saving us a bunch of money.

We spent all the money we had saved on framing the house, getting heat and the roof on, then we went to another bank and got enough money to finish the house as a home improvement loan on a 5 year term.

That was 9 years ago, instead of having 21 more year to pay on a mortgage, the house is paid for (4 years ago) and we saved in the neighborhood of $180,000 in interest. THANK YOU FANNY MAE, and I always thought the fed was useless.

Good luck with your venture, I hope it comes out as well as ours did.

Mike

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Hal/WA

02-12-2003 13:07:41

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

I didn't build my house in the Carter years because the interest rates were about 15%, and I was too poor to pay that much. When we finally built, I got a loan at about 8%. Unfortunately, I could have built the same house for about half the money, due to inflation since then, if I had built in the late 70's. I wish I had.....

I have never seen interest rates as low as they are now. And I doubt that building will get any cheaper. If you can see your way clear to build now and not go broke doing it, I say go for it! Good luck, it is not a particularly fun process. I would hustle to get the financing, as I expect the rates to go up.

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soundguy

02-12-2003 10:59:22

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

Well, for one thing, interest rates are low low low right now.

That being said, a couple things to think about. The whole concept of terrorism, is that they want us to live in fear.. and in effect.. change how we live our lives, and their quality.

While we must be viligant and protect against a threat.. and perhaps even compromise and modify our lives a bit, we need to still keep thinking that there will be a tomorrow. When we stop thinking that.. the terrorists have won.

As someone else pointed out.. it is going to be alot of work to get your hous built, whether you get a contractor, subcontract it yourself.. or build it yourself... no easy way out. Might as well do it now, and then enjoy the rest of your life. I would go for it... oh and one thing.. plan to run over 5% on change orders... Nearly always happens...

good luck!

Soundguy

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Brian-2N

02-12-2003 10:48:04

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

Tom,
"For of all sad words of tongue or pen, the saddest are these, 'it might have been'".
Go for it. Building your own will be the biggest pain in the @#$%, but also the best experience of your life (once enough time has past and the troubles become memories of laughter.
Watch the movie "Mr. Blandings builds his dream house" with Cary Grant, Myrna Loy, and Melvyn Douglas. Douglas tells Grant (Blandings), "maybe there are some things you can build with your heart.
If there is a Granite Bank near you, check them out. When I built they offered a construction loan which rolled over into a mortgage when you were done building. They may still offer this.

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kraig WY

02-12-2003 07:36:56

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

Build or buy the house, worring about the world comming apart in such a decission is kind of like buying food at the market based on headline in the papers at the check out line. "I don't need this much bread cause the comet is gonna hit next week".

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Mike B IL

02-12-2003 06:58:18

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

I went with an international prime rate loan through Morgan Stanley (not connected with this company) @ 3.115%. The international prime has not gone above 5% in the last 20 years. Worth looking into.

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don t. - 9n180179

02-12-2003 05:40:29

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

As my grandfather told me a long time ago...
the only one making money on a rental is the owner. Unless you can actually invest/save the difference (rental vs. owning), owning a home is the best investment most people make.
Good luck....don t. ....

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E. Ray

02-12-2003 04:55:45

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

You ask for it so here is my thoughts. Anytime is the right time for whatever you are planning. How many times have you heard someone say "If only I had did this 5,10,or 15yrs ago". People who stand on the sands of hesitation, sink..... .Ray

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Dave in Mo

02-12-2003 04:36:02

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

Plan for the long haul. No doubt about it, the world is a LOT easier, better place now than 30 years ago. I'm not saying people are happier, just that in general, life is easier. It's been getting that way for the last thousands of years and I would expect it to continue.

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Mountainman

02-12-2003 09:30:28

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Re: Re: (OT) What would You do given two situations in reply to Dave in Mo, 02-12-2003 04:36:02

Dave,

"It's been getting that way for the last thousands of years "

Actually most of the things that have contributed to easier (and longer and healthier) lives have come about in the last two hundred years or so.

All but the poorest of the poor in this country live better than the kings and queens did just two hundred years ago.

fwiw

Mountainman...CA

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Dave in Mo

02-12-2003 09:32:54

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Re: Re: Re: (OT) What would You do given two situations in reply to Mountainman, 02-12-2003 09:30:28

Good point..... ....when we were young, we worried most about getting a date for Saturday night or not gettin' killed in Viet Nam..... ..... the "good ole days" is a lot of B.S.!

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swavo

02-12-2003 03:32:49

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

With interest rates at an all time low now is a very good time to build. It is important to differentiate between building your dream home and what you really need need or can afford. On the state of the wolrd view,if you don't build for fear of another terrorist atack or going to war, the terrorists have already won.
Mike

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NealTX

02-11-2003 22:09:25

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

You have already had lots of good advice, but here ia a little more. (You asked for it.) There has been lots of big termoil in this world over the past 65 years that I can remember.
I have two questions for you.
1. Five years from now how old will you be if you build the house?

2. Five years from now how old will you be if you DO NOT build the house?

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Upper Peninsula, Mich.

02-11-2003 20:19:58

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

Hi 9N'R. I did just exactly what you are planing to do, only in 1973 and have reaped the profits every year since. Go for it now, don't wait,unless you have some unspoken problems. I acted as a subcontractor. I asked and received bids on every individual big item, such as the flat work(concrete), framing, insulation, electrical, plumbing,drywall, painting, carpeting other types of flooring. I found that contractors could do some of the items as cheap or almost as cheap as I could all by myself, such as the framing, flat work, drywall and painting. (NEGOTIATE PRICES)I made my salary on the electrical, plumbing, finishing ,insulation, finish work, hanging doors, paneling & heat installation. Good planing will save you a lot and you will be surprised how much you can get done for you at not much more cost or even cheaper in some cases. Again, plan-plan and plan again. Go for it. Good Luck. Ron

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Paul Haas - Pine Island MN

02-11-2003 19:22:17

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

Tom: 8 years ago I sold my only tractor - a 2N - because I needed the money to build my house. When I built, I spent everything I had and built the most I could finance. I had to talk pretty fast to get the bank to believe I could afford it. The kids had to pay for some of their own schooling (can't say that hurt them any) but it was hard to decide that was the way it had to be. There have been some hard times in my line of work and I have been fortunate to survive the purges but the gamble was worth it. If I had waited until there was little risk, or if I had settled for less than I wanted I would still be kicking myself. I still may get cut in the 'cost savings' that all companies are doing, and it looks like our government is going to legalize the theft of my pension, but I'm pretty sure I could find a way to keep on keepin' on even at my age. I'm pretty sure you would find a way too. There will never be a perfect time and there actually may never be a better time. Take the plunge - everything really good comes with risk.

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Buckeye Fan

02-11-2003 18:59:32

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

I too have been trying to scrape up money to pay cash to build a log home, I'm probably about $20,000. short but after my 4th quarter earnings on Gov't bonds came in at 9% , I have decided to put my money in bonds and finance the build at around 6%. Remember it only takes 30 days to get evicted from rental property in most states for non-payment, but a bank will work with you for a long time as they really don't want a foreclosure. Hope this helps, Buckeye

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John IA

02-11-2003 18:10:44

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

9Ner, With rates being low I'd build now, but be coservitive. I've already got the house payment and new car/truck payments. And I'm going to build a new garage, but I'm going to get it up and finish it a little at a time. I realize your going to live in yours, but you could get it up finsh the main rooms and finish the rest as money and time allowed. But like someone else mentioned if they drop the big one it isn't going to matter who owes who. John

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Willy-N

02-11-2003 18:00:29

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

I would figure a way to pay to frame/siding and roof and do the insulation, pluming, electrical and sheet rock your self or sub out what you can't. Move in and do the rest your self as you live in it. That is how I did mine and now I only have to put up the trim boards 6 years later but it is paid for. Better than a 30 year morgage. Mark H.

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Jim(S.E. MI.)

02-11-2003 17:50:37

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

The interest rates will never be lower.
As soon as the economy heats up the interest rates are going to skyrocket due to the highest deficiets in history created by the present administration. In spite of the irresponsible, misguided tax cuts for the wealthy this will only slow down the recovery, not prevent it from happening.
I love Bush for his strong stand against terrorism but he is so bull headed that he won't even listen to his economic advisors and this means he will only serve one term.
Yes, the economy will recover but like Reagan who ran up record deficiets, it will cause very high interest rates in the future. Borrow Now!!!!! ! Not Later!!!!!
Jim

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Davebr

02-11-2003 17:29:06

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

Don't worry about things you can't control. You have to live somewhere, you either rent or buy. As a wise man once said, "Lead,follow, or get out of the way". There is risk in every thing we do. But if you never risk anything, you never get anywhere. Go for it. Like some of the other post say, "If the world gets blown up tomorrow, who cares"

Dave

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MikeC

02-11-2003 16:18:05

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

There is always going to be some sort of turmoil in the world. If it is not Iraq, then it's North Korea. If it is not North Korea, then it will be some other 3rd world country that is rattling their sabers. I would not for a minute let that deter you (unless you are a member of the National Guard or Reserve that may get called up).

The economic situation is always bad for someone. When one segment of the economy is good, another is bad and vise versa. Unless you are directly affected by the downturn (impending layoff, company on the edge of bankruptcy, etc.) then I would not let that stop you either. Interest rates are the lowest that I have ever seen and we recently refinanced our home at 6-1/8. That is really cheap money. There is no time like the present, and if you wait a few more years you will wish that you had done it now.

Good Luck!

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tlak

02-11-2003 16:07:49

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

Like everybody else, build. Check in on radon, solar, storm shelter, phone and cable in every room, etc.. and the hundreds of other things I havent thought of.

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JimNC

02-11-2003 15:32:24

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

If you need a house, build a house. You nor I can not stop whatever is going on in this world, good or bad. Like the others said waiting 1,2,4 years to build and then look back and say "darn shoulda built 3 years ago". I wish I had the last ten years back so I could start the remodeling of this old 825sq. ft. house I live in. For ten years I've been saying "maybe next year dear, I'll build those 2 or 3 rooms on". Well this year is ten years later. Got 3 children living in one room now. I'm going to do it this year, you watch. Build only what you need. If you need a 2500sq.ft. house build it. If you only need 900 sq.ft. build it. Look at what you need and go from there.

Sorry so long.

Jim

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BC Mike C

02-11-2003 15:30:17

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

This financial adviser ( my day job ) suggests you do it now. Part of planning is looking to the future and plan accordingly. There is nothing fundamentaly wrong with the current financial situation, it will improve but we cannot guarantee that, nobody can. If the world is as bad as some people tell us then we need automatic weapons, canned goods and a source of clean drinking water. I do not think for a moment that we need to do this. If you borrow money try and pay it back over 15 years rather than 20 or 25 it will save a heap in interest payments. I do not think the Fed will lower rates any more rather rates could go up once the economy starts to move. Some lending institutions may want to inspect your progress as they release the funds, try and find a user friendly outfit. Some do not like to lend money with land as collateral. Hope this helps. BC Mike C AKA Castle Retirement Planning

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02-11-2003 15:20:18

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

Build now. Interest rates are low. Once the war starts, they will rise. If the world ends tomorrow, it won't make any difference. If it doesn't, you'll be ahead of the game.

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flatfoot

02-11-2003 15:28:39

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Re: Re: (OT) What would You do given two situations in reply to bg, 02-11-2003 15:20:18

Next year at this time you will be asking the exact same question but will have lost a year. Act now-buy now.

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DON TX

02-11-2003 15:14:45

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

If your borrowing money, interest rates are low. Once this Iraq war gets going and settles down, interest rates and economy are probably going to rise. If I were in the market for building a house, I wouldn't wait too long. I went thru this 2 years ago with rates at @ 7.5%. Never thought they'd get as low as they are now. I bought the rate down to @ 6.5%. I'd build metal frame if the construction knowledge is available. I've talked to people lately that have and say the cost was lower. Can't tell the difference after it's done. Insect and fire resistant. Less movement and weight on the foundation. Steel siding and roof are recommended. HTH
DON TX

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Rob

02-11-2003 15:11:35

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

"Today is the best time to buy a house" is often what the financial advisers will tell you. Money is cheaper right now than it will be again for a long, long time. I would go for it. Hard to get anywhere sitting on your hands.

Rob

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Randy

02-11-2003 15:07:02

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

I always think going forward is the right thing. If the world doesn't fall apart and you start to build in a year or 4 or 8 you're mortgage also goes that much longer and none of us are getting younger. And you've missed out on the enjoyment of doing it because of a possible problem. Good luck and enjoy the day. It's a great one!

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Al in PA

02-11-2003 15:05:32

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Re: (OT) What would You do given two situations in reply to 9N'er, 02-11-2003 14:46:17

I wish conditions were like this when we bought our house back in the early 1980's. The country was dealing with the Iran hostage crisis and inflation was out of this world. My first mortgage was at 13.5%; refinanced each time the rate dropped 2% in order to cut years off the mortgage. Today, you have the lowest interest rates since the 1960's and you aren't earning anything on the money you have stashed away. Based upon my experience, I'd take all the money the bank was willing to loan and lock in at the lowest rate you may see in your lifetime. At the same time, hold onto as much of your cash as you can so you have something to invest when the market turns around. Just my $0.02 worth - you may see it differently.

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