We started off looking at houses that had already been built. In our price range, (we're on a modest budget, me being a teacher, and my husband being a programmer/consultant, ideally $250,000,) we couldn't find anything we liked. The layouts weren't what we wanted, the neighborhood wasn't what we pictured, the location wasn't ideal, not to mention we'd be looking at thousands of dollars in the next few years with new roofs, windows, etc. There had to be another option.
Next, we considered building in a development. Turns out with commission and covenants and you name it, this could end up being more expensive than just buying a piece of land not in a development.
We never thought we could afford to build our own home on our own piece of land, but we figured it couldn't hurt to check into it. We met and/or spoke with several builders. We toured many model homes, and we were surprised that Wayne homes offers exactly they layout we were looking for, a great quality product, and for a price we could afford!
So we set our budget. Melissa, from Wayne (love her because she is so conservative with a budget and very helpful/friendly!), told us based on our budget, what we could afford in a house and what we could afford in land. They also allow for a decent sized cushion so that there is some wiggle room for overages. We want to play it safe and be smart with what we're spending, and Melissa is completely on board! The land we found has access to sewage, but we'll have to dig a well, so we have to allow for the cost of that in our budget, too.
Next step was to shop around for lenders and get pre-approved. Wayne homes recommended several in our area, (although we really can choose whoever we want,) and we checked into one or two based on recommendations from friends. Turns out, we were able to get the best deal from one of the lenders on Wayne's list- Equity Lending Group based out of Zelienople, PA.
Wayne offers a complimentary home site evaluation (after you've put $500 down to let them know you mean business- which is actually completely refundable should you change your mind.) Their sales manager, Scott, came out and pointed out any potential concerns (things that could cost us more money.) He was a little worried about the water table level, due to a small creek and some dampness toward the back of the property. So, we had an excavator come out and dig a 9 foot hole $250.
Turns out, no issue! Sure, it cost a little, but piece of mind is worth it when you're making what is one of the biggest financial decisions you'll ever make in your life. Scott has been great about my many phone calls and questions, and he doesn't seem a bit concerned that he'll likely be hearing from me- a lot- in the future.
So we drew up an agreement, shook hands with the land owner, and even met another neighbor who stopped by. We LOVE our neighbors-to-be! Everyone has been so friendly and welcoming! For now, we've put down the hand money, and tomorrow we'll be getting in touch with our lender.
Now the question is when to put the townhouse on the market...
