The last month has been a whirlwind of waiting as our plans for renovating the house fall apart. We had hoped the construction loan would be finalized the first of February and builder, bank and ourselves had seemed quite certain that it was progressing smoothly. Our builders even began light demolition (removing every mechanical and appliance down to the hookups) and then it all fell apart. The bank sent their person to appraise the property and plan for which they use a comparables method i.e. using properties sold within the last year within a mile of ours to determine its value which, sadly, came up short….way short of our building costs. Apparently this is a common roadblock for people wanting to build. You’d think someone would have made a bigger deal about it when we started out. It is so Frustrating (yes, a capital F) that you must have a property to get a design. You must have a design to get quotes from builders. You must have a design and a building contract to get your loan or find out that you need heaps of Scrooge McDuck cash to make it happen. Everyone says building is hard. Ok we can deal, yes leading to one of our crappier, less productive years as we transition in a tiny, furnished apartment with our studio being 1/2 a dining room table which we must clear each day so little toddler hands don’t cut and mame themselves. Everyone says have extra money for the surprises. Check. However, nobody really said that many building projects get sidelined for this reason. It wasn’t until after we found out that the bank said they have someone else in our exact same situation and that our builder’s other clients are also dealing with this issue.
So, after many appraisal rebuttals, alternate plan charts and stripping piece after beautiful piece of our design away to see what we can do we are giving up. Ugh…so buyer/dreaming builders beware.