Thursday, February 2, 2017

Final Decision on RV

Yesterday we heard that it would take 10.5 months to build the house once the construction loan was approved.  WOW!  Not that I thought it would take a couple of months, but we were told by the loan officers, it takes 60 days to approve the construction loan.

So here is the time line as of today.

1. Put offer on land 2/1/17 - no word yet.
2. Must get survey "in benefit of" us before we can start planning the build
3. Once survey is done (no clue on that time frame yet), then we can plan the build - hopefully during the month of February.
4.  Close on land early March (if it is accepted)
5. Once land closes and plans are done, then we can start the construction loan process - 60 days
6.  Put home on market sometime in April
7. Once construction loan is approved (sometime in May), start building - and the start of 10.5 months.

This means we might not have the house completely built until March or April of next year. 

Well, this changes the outlook on the RV situation.

Yes, we will still live in the RV!  That is not going to change.  For us to start this off right - debt free, 20% down and an emergency fund, we need to do this and we are extremely motivated in this area.

However, living on the property is not an option for that long.  We found a lovely RV park close to where we are building (5 miles) that is full of trees, a pond, large lots with a 10' x 10' pad as well as water, electricity, sewer and wifi included for $600 a month.   It gives me easy access to get to the property if I need to as well as gets used to living up there. 

Plan B if this fails miserably - RV falls apart, we are fighting too much, I get overly depressed, etc.
We will find a place to rent - whether it be a short term apartment or house. 

Honestly, I would rather rent a cabin for a week to get a break and give the kids some breathing room before ditching the scenario and getting a rental. 

I will go into detail about how we are RVing for 8-10 months with teenagers as we get closer to time. 

Right now, I need to buy land, replace a roof, plan a house, get a loan, get my house ready to sell and homeschool.  Those are before this.  It is just nice to have that decided and be able to move my brain onto the more pressing matters.


  1. Jennifer, we built in 2012 and did a construction loan. We've also had several friends do them. I think you should get another quote on building. 10.5 months is a very long time for building and this is from somebody who lives in the frigid north where they cannot do a lot of things in the winter here. The only house I know that took that long was a million plus mansion of about 6000 square feet. Also, it was explained to me that if you buy the land first in a separate transaction that you end up paying two closing fees. Can you just buy it at the same time you start the construction loan? As long as you have a purchase agreement, that should be okay.

    1. Possibly not, but I will check into it. They probably say 10.5 months to cover their ass! It could be because of their load or it includes the construction loan time - no idea yet.

  2. 10.5 months seems like a long time too. We were quoted 3-6 months by the builders we talked to. The builder we chose built our friends house in 6 months, but that was slowed down because the home owner's were doing a lot of the work themselves and taking longer.

  3. I have no experience on the building side, but that does sound like a super long time. I'm super excited for you - it sounds like everything is coming together! Can't wait to hear details as it gets closer.

  4. This sounds like an adventure! I hope everything runs smoothly for you. Any plans to update the Finances tab?