Money Worries

Paul and I went to the bank today to get pre-approved for a construction loan. It was a pretty stressful experience for me. They approved us for slightly more than I expected and explained how much money we would need to come up with (for the contingency fee, closing costs, appraisal fees,...) before we could get the loan. I am afraid of using all of our savings. I 'm also freaked out about the possibility of having to spend alot more than our estimate (which we are still waiting for).

We met with a senior manager at Scotiabank and he told us that alot of houses never get finished because many contractors low ball their estimates and the homebuilder/owners don't end up having enough money to complete the house. Then he asked us if we've seen all of the unfinished houses around the island. Paul and I looked at each other because just the other day we were talking about all the unfinished houses on the island. I don't want to be the owner of an unfinished house, especially one that drains my bank account. The bank officer said that he would try to get some info on our contractor for us.

When I got home went on the MLS and started looking for houses. Finished houses. I figured that if I'm going to drain my bank account it should be for a finished house. Don't get me wrong, I haven't given up on building a house, but I am exploring my options, at least while I wait or our estimate and for a review of our potential contractor.