Yesterday afternoon, we met our new contractors at the lot to look at the water and sewer situation. This, by far, has been our biggest hurdle with the city, so we were understandably wary. But the contractors actually greeted us with good news! It turns out that they found two sets of water, sewer, and gas connections and therefore determined that two homes once stood on our lot. This is great news because two sets give us twice the opportunity to be able to hook into the city lines easily and without extra expense! I swear, I haven’t stopped smiling since yesterday!
And that’s just the beginning…
You may have noticed that we have new contractors (again), but we feel like these are the guys who are going to build a home for us. Nuvo comes with years of experience, houses of note, and a well-formed team that is eager to build something unusual and of quality. Besides that, they are already invested in the project: they’ve visited and scoured the site, and they’ve been in regular contact and met with us and our designer several times. While their bid was slightly over our target, it was detailed and complete, and we were able to balance things because of the bank they’ve recommended.
The new bank–and I’ll just put it out there for you in case you are looking to build too: it’s BBVA Compass–only requires a 10% down payment for construction, and they were confident that our lot would more than pay for this. A 10% down payment is a humongous difference from the 20 to 25% requirements from other banks, and this gives us a little cushion in our budget. BBVA also builds a 10% contingency (just in case) line into the construction budget, and we can eliminate that line if we don’t end up using it…but it’s awesome to have it there in case something goes wrong.
I can’t figure out why it’s happening now, but things seem to be aligning for us. Maybe it’s the perfect storm of finally finding the right people + renewing our commitment to this house + owning our lot for two years and building equity while it increased in value + finally getting a break…whatever it is, we’re happy to finally get it.