Contract A-Go-Go

Note:  Through this blog I hope to detail everything we go through in building our home.  In hopes that other first time home builders will have a better idea of what to expect and can learn from our mistakes.

 

Yesterday, we got a call from Pat at the design center.  She wanted to set up our first of two appointments in which we will pick out the colors and design elements for our home.  Huh, does that mean our contract was approved?!  Since we had not received word from our sales manager, we assumed that since we were beginning the design process that our contract had been approved, but we make a quick call to her, just to be sure.  Sure enough, our contract has been approved and we are one step closer to owning our home.

We have set up our first appointment with the design studio for February 5, 2010.  Pat sent us a packet of information detailing what we will need to accomplish in these meetings.  First off, we must have all the exterior selections made during our first visit.  Crap. 

During the negotiation process we had to select the elevation of the house.  In plain language, we had to select what the exterior of the house is going to look like.  We had 4 elevations  for our layout to choose from.  We went with an elevation that has both brick and stone. 

But now, we having to make a decision that will be very hard to change in the future.  We must choose the color of the stone, brick, trim, and roof.  These seem like huge decisions to me, as they define the overall look of the house and are so difficult to change in the future.

We have frantically beginning looking for photos of different color combinations.  We know we want something light, but beyond that we are not sure. 

Cost is a major factor in picking the brick and stone.  Our builder breaks things down into different levels.  Level 1 choices are cheaper than level 2, level 3, level 4, etc.  So, if we want something in a higher level, we are going to have to shell out more cash.  Something we do not want to do.  So, we have scheduled a "browse day" before our first meeting to go through the design studio to see what the options are.  Our browse day is set for tomorrow, so hopefully we will have a better idea of what options we have.

Until then, we will focus our efforts on financing.

Getting Our Ducks in a Row

Today is a big day.  We expect to find out whether or not Meritage (the builders) ratified our contract  On Sunday when we signed the contract (all 30 pages give or take) we were making an offer that the sales person has agreed to.  Now, it is up to someone higher up in the chain of command to review the contract and accept it.  Then, we will be one step closer to having our new home.

We are also beginning the financing process today too.  Of course, if we cannot get financing for the house, then that is a deal breaker as well.  While we have already crunched the numbers and anticipate getting financing, but nothing is guaranteed.

Finally, unrelated to the house, we are meeting with a potential partner for the husband's law firm.  I will not go into details here, but we are optimistic that great deal is in the works.

I will leave you today with a picture of the model home.

Building a Home

The past couple of weeks we have been looking into purchasing a home.  While the timing is not ideal, the combination of decreased housing prices, low interest rates, and the $8,000 tax credit makes now an excellent time to buy.

We have decided that we want to be in the west/west lake hills area of Austin.  Now, as you may know, there is a major problem as first time home buyers with this location.  All the homes are outrageously expensive.  So, we have been looking at communities off of Southwest Parkway.

Yesterday we went to looking into the (highly unlikely) prospect of buying a new home in the community of Ridge at Lantana.   This community is four miles west of Mopac on Southwest Parkway, off of William Canyon.  Man, were we surprised that we might be able to get a new home!

We picked out a floor plan and then looked at some lots.  After having settled on those two options, we started talking about the extras (granite, 3rd car garage, patio, extra bathroom, etc.).  Still unable to visualize what our home may look like, we headed up to Round Rock to see the model home for our floor plan.

Then, we spent the rest of the day talking about pricing, locations, pros, cons, and mortgages.  Having come up with a game plan, we set up a second meeting to discuss the details.  At the end of the day, we signed a contract for a new home!

I plan to blog about the process of building our first home.  We are still waiting for the final approval by the builder and of course financing.   But for now, here is a picture of where it all begins, our lot.