Friday, September 21, 2007

Lots of Lots

In our infinite wisdom we decided to try to get ahead of the game and purchase a lot before we had a houseplan. We found a great corner lot (because we wanted a "side-load" garage) in the Millard Park South subdivision. We purchased it in April 2007 and figured we would start dumping money into it because every dime we put into it now could be used as part of the down payment on the mortgage. We purchased the lot for $30,950 which was a pretty good price for the lot, which is a little over a 1/4 acre in size.
Fast-forward to September, after we have made all the big money decisions on the house, the bank tells us that the subdivision won't support the house so they won't be able to loan us the money for the full amount.
Crud!
We have two options: 1. Change the plan for the house to decrease the amount it will cost or 2. Sell this lot and buy another.
We decided to go with option 2 because we really like the layout of the new house. This of course is not as easy as it sounds. We still want a corner lot that allows us to have a side-load garage, we want the driveway to face at least partially South-West and we want the back of the house to face as much East as possible. Tall order.
Fortunately, with the assistance of our builder Dave, we were able to locate a new lot. This one is even further West than the other lot which means an even longer drive to work for Jill. She has said that she'll cope and says it adds about 10 minutes each way to her drive.
We have put an earnest deposit on the lot and have signed a purchase agreement so once we close on the contstruction loan, the lot will be ours.
The new lot is in West Bay Springs, a lovely subdivision with several beautiful ponds scattered throughout it. The new lot was $39,000. Just a little more than the old lot but not too much.
Of course, we still have the old lot in Millard Park South that we need to sell...
If you know anyone who's looking to build, let me know we have a lot "priced to sell".

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