Comments on: Movin’ On Up

By: Jeremy Bell

Jeremy Bell — Wed, 18 Feb 2009 04:30:08 +0000

Regarding financing, you typically have to secure a construction loan from the bank. This is quite costly because you really don’t have any collateral to secure the loan… you’re essentially tearing down all of your equity and are only left with the value of the land. As a result, the bank charges high interest rates to lower the risk.

In our case, we (luckily) weren’t forced to secure a construction loan as we had a family member who was willing to lend us the money at a lower interest rate.

By: Sam Sacco

Sam Sacco — Wed, 28 Jan 2009 19:31:43 +0000

Hi Jeremy,

I am a real novice so can you explain in general how you approach a bank about financing the demolition of your old home and the buildingoof your new more efficient home?

Without being too nosy home much did you budget for the whole process and was that secured entirely by the lending institution?

Thank you and I look forward to the book being published. I know it the one thing I will by this year!! Or next?

Sam Sacco

By: Jeremy Bell

Jeremy Bell — Mon, 08 Sep 2008 15:14:33 +0000

I’m not too worried about being able to sell it – the question is balancing the investment vs the future sale price. I don’t want to invest too much into “future payback” features (ie geothermal) because I’d hate to be saddled with those costs should we need/want to sell it.

However, I must admit that this site was also created to help the future resale. I figured if I put everything online and could get enough attention to the project, I could create a brand for the house. You know? It would no longer be “that modern house on Winnett”, but rather “360 Winnett”. That, plus all of the construction details, should help the future resale. Or so I hope.

By: Eric

Eric — Mon, 08 Sep 2008 14:57:58 +0000

You’ll likely move again. Don’t ever think you’ll sit still forever. Things change. As such, always keep in mind that one day, you may have to unload the place. So always ensure that whatever you design for yourself will also appeal to others. So far, your plans are normal and unextreme, so you’re on the right track. But if you think of adding a special “feature”, just keep in mind its resalability—if you ever need to unload it, you’ll want it to be EASY to unload.

By: Claire

Claire — Mon, 04 Aug 2008 23:14:48 +0000

Thanks for the reply. Too bad the old house isn’t portable or we’d take it off your hands :-)

By: Jeremy Bell

Jeremy Bell — Mon, 04 Aug 2008 15:25:18 +0000

Thanks Claire – we definitely loved that little house too! We had actually looked for another house for quite awhile before making this decision, but our search was unsuccessful. There really aren’t that many houses in the area that are in tear-down condition… and those are that might fit the bill certainly weren’t coming on the market very often. I suppose one can only wait so long before you have to bite the bullet.

By: Claire

Claire — Sun, 03 Aug 2008 23:09:03 +0000

I loved the little yellow brick bungalow the way it was! I’m wondering why you didn’t buy a lot with a tear-down condition house on it, rather than tear down a house that is really nice as is? We live nearby in an even smaller bungalow and would love a house like yours!

By: moe

moe — Thu, 31 Jul 2008 07:07:00 +0000

dude – you swing like a girl

By: Jeremy Bell

Jeremy Bell — Wed, 23 Jul 2008 16:13:08 +0000

I didn’t really plan this out… I mean, I had brought the sledgehammer inside, but I hadn’t mentioned to Jess what I was going to do. I just walked in, took the tour, handed her the camera, and went to town.

I just can’t believe the sledgehammer busted so quickly. Sigh.

By: Leigh

Leigh — Wed, 23 Jul 2008 00:33:35 +0000

love how Jess is pretty much ignoring you the whole time…(my funny husband and his funny digital camera).

Nice hammering. I’m going to forward this to Alec fer sure.