We had our meeting yesterday. Not so good news. We got the quotes and final budget number back. It was about $15,000 higher than what we were hoping. That's a lot of money. If someone could just give us $15,000, that would be great.
We have reviewed the numbers and can shave some off that cost. But what is wise for us to do? Should we streeeeeeeeeeeeeeetch our budget because it's a good investment? Or should we try to build a different house, again? Or should we scrap it, sell the land, and buy an existing house? (What I'd like to hear is #1, but be honest.)
Another thing to mention is that there will be about 25% equity in the house once it's done. That's not bad.
Okay, give us your opinions. We're ready.
-{lkr}
P.S. On another note, my mom, sisters, and nephew were here today. I loved seeing them! Kade is getting SO big! What a cutie! I'll get to see them again this weekend, at my cousin's baby shower in Cadillac. Fun fun!
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9 comments:
Hey guys! Back from vacation, which was a good time, lots of relaxing.
My advice...like I know what I'm talkin' about when it comes to houses...go for your dreams! God will take care of the rest.
I know, I know, there is all that stuff about wise decisions blahblahblah, but I am not wise yet. So do it. How exciting!
Hope to see you all before I go back to college. I have a picture of Grace in a wooden frame here...she is SO adorable! I will put her up on my shelf in my dorm room. Ok, adios guys!
My opinion: "You asked" from "Ira Sleeps Over". Anyway - is there anyway you can get the house you wanted and cheapen the insides? Someday down the road, you can always replace cabinets, doors, carpet, tile, etc. I don't think you want to put yourselves in a situation where you are maxed out on your budget every month. That gets old QUICK! I wish our lottery ticket would come in - we would love to help you come up with the extra $15,000. But alas, since we don't buy tickets, we will never win. However, we heard a great sermon this morning about not out giving God. It was a good one (we went to 1st of Portage instead of FEBC). So, that is my two cents worth (wish I could cash it in, two cents is more than you have now). Love you three! MOM
I do not have any advice in this area, but I know you will make a decision that will bring your family blessings. I went to a wedding yesterday and the couple reminds me of you two... they are such awesome people and love the Lord and it was great to be able to see them get married. When do you have to decide on things?? I will be praying for you. Love you! Have a great day ~Michelle
Hey Guys! That's a bummer to hear the quotes were more than you were hoping, stay encouraged though!! I guess my opinion (I'm not sure how umm, qualified it is, so feel free to immediately delete:) is this: I agree with your mom about cheapening the inside of the house and then replacing them with nicer, more expensive items down the road when you have more income. You have a wise mom. :)
If that doesn't work, I would really pray and think about what you want your money to go towards. I would hate to see you so stretched in this house that you can't "give to others with a cheerful heart." Ohh, so hard! I Will definitely keep ya'll in pray.
Ohh, sorry, that last post was from me, Chaeli. I forgot to leave my name!!
Honestly, I understand how a stressed budget can lead to hardships, but part of investments involve a risk. I honestly think that you should go for what you want/ need at this point in life. Once your home is built and you have had the opprotunity to see your life unfold around it, perhaps you will find it is more or less than you need. At that point, your home will have only gained in value and the return will be much greater for a future investment. Plus at that time your needs and wants may be different.
Well, that's how I feel - I'm not sure it's right.
So far, I liked Erin and Trina's house comments the best. But I'm still waiting for someone to offer their $15,000.
: - ),
lkr
I don't know you, came across your site by chance but this subject is very near and dear to my heart. Anytime you spend money I would say to spend the least amount possible. Make sure you have the 3-6 months worth of expenses in savings, that you're covered well with insurance and that you're tithing. I can see that your a Christian (me too) and it is easy to be of this world and over extend ourselves just trying to keep up. But "things" even a thing as wonderful as a house will not ulimately bring us the happiness we crave. If that is your hope, don't do it (get into this house) for sure. As far as downgrading on the inside stuff, we've been in our house for 4 years and maybe have been able to do about 1/2 of what we consider- must do upgrades. So if you downgrade, be willing to live with what you have- life has a way of getting in the way of good plans (esp concerning $). Also allow the budget monthly to give you plenty of cushion for those extras- you don't stop spending money because you buy your dream house. And in fact most people I know spend more- you're buying into a higher standard lifestyle and it is easy to be indulgent in the things that you can't afford. Better to have that comfort of wiggle room and keep you from being a slave to your job(s). Money makes us compromise our values too often and often how we spend it is an indication of how we really value the things/people in our lives.
Oh yeah, investments are only great when you sell them. So that equity is cool but if this is the house you want to stay in and you're too poor to enjoy life... plus you'll be paying taxes on the worth- so equity in the long run will cost you.
Good luck, God bless and know that lots of people will encourage you to spend when you shouldn't because that is often what we want others to do when we ask the same ?s. But that doesn't help you in the long run. Peace of mind is priceless.
You are correct, I did not like your blogs, but the curiosity got me. I will post the text of your post here so that people can read it, but not be linked to your profile or your blogs.
I am sorry to hear you have turned from the truth, and from God.
-Luke
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Original Comment:
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I'm an atheist, came across your blog by random chance, but I was a Southern Baptist for nineteen years, and I can't EVER pass up an opportunity to give this kind of advice when it's called for.
Keep in mind a couple of things: while I'm no longer "a believer," I think I can give advice that fits your convictions. Also, I'm a big fan of Dave Ramsey's. If you don't know who Dave Ramsey is, you should seek him out.
Also, I've spent five years or so as a legal assistant to bankruptcy attorneys. So I have come up close and personal with the downside of these types of risks.
The previous "advisor" said make sure you have at least 3-6 months worth monthly bills in savings. I would make 6 months the minimum. And that's before spending anything else. Also, what kind of loan are you going to get for this house? Do you have to make a down payment? If you do, and if you can't pay the down payment without dipping into your six month's savings, I would wait before doing anything.
From what I know about Christian stewardship, you should never take any kind of unnecessary risk with your family budget. AND you should ALWAYS forgo ANYTHING that is not a necessity.
So think about all of the things in your house that are to be installed, how much they cost, and whether you need them. Think about the floorplans, the square foot-age. How big does the house REALLY need to be?
But I think you would know if this is the right thing to do. The fact that you are looking for advice about it on your blog is an indication to me that part of you knows that this is the wrong move. I would wait.
Dave Ramsey has a website, books, and a radio program. He is a Christian financial advisor. As I said before, seek him out.
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