Bigger, Stronger, and a Lift!
- Thread starter don_w
- Start date
don_w
Dyno Numbers - Who Cares?
Almost $750K (not counting personal property).
bigwilly43729
I do stupid shit, a lot
Lol. Don't feel bad Don in NY that would probably net you a house 1/4 the size. NY taxes FTL
don_w
Dyno Numbers - Who Cares?
I couldn't deal with this two times...That's all? Should have got two!
I don't feel bad at all. I know what others in my neighborhood have paid per square foot, and we did pretty well. The house itself (excluding exterior stuff and personal property), ran us about $183/SF, and that included flooring, countertops, window shades, etc., not too mention a lot of options and upgrades we had done too. Hell, I have almost $10K worth electrical upgrades alone. haha. I know a lot of people who paid upwards of $225 - $250/SF and their houses aren't any nicer that what we have. So, yea it is a lot of money, but in the end we are quite happy. That's really the important part!Lol. Don't feel bad Don in NY that would probably net you a house 1/4 the size. NY taxes FTL
I couldn't imagine figuring out a way to pay a $750k mortgage. I felt we got the high hard one when we built our house. 2875 sqft not counting a 3 car garage on a 3rd of an acre and we got stiffed for $185k.
What part of TX?
don_w
Dyno Numbers - Who Cares?
$750K is what we spent. The mortgage is actually higher than that. We had two previous mortgages that never went away (just because the house burns doesn't get rid of the mortgages), plus we added another $200K from a disaster relief loan program from the SBA (to make up for the underinsurance).
My only way to rationalize all that in my brain is to keep asking myself if this new house is worth $200K more to me than my old house. And I'm not really talking about market value... I'm thinking more about it's personal value to us. If somehow I could have magically traded our 30-year old previous house, plus 200 grand, for this house... would I have done it? In a heartbeat. We love the new place.
Little bit north east of Dallas.
$750K is what we spent. The mortgage is actually higher than that. We had two previous mortgages that never went away (just because the house burns doesn't get rid of the mortgages), plus we added another $200K from a disaster relief loan program from the SBA (to make up for the underinsurance).
I have always wondered how all that worked. Only known one other person who's house was destroyed and never asked him. I just assumed it was like car insurance. The insurance company pays to have it rebuilt back to market value of what it was, and if you want extra, you spend extra.
So you are saying you spent an additional $750k on top of what the insurance paid and the $200k from the disaster relief? I mean obviously it is none of my business and feel free to tell me so at any time. And I am not trying to air your business out on the internet. I am just trying to get an understanding of how something like this works.
don_w
Dyno Numbers - Who Cares?
Here is the short version (it's fairly complex in reality, and I could probably write a book about it).
Basically, the insurance pays the amount of your "loss" (which you have to prove... another long and painful story). But, that payment is subject to policy limits. So, if your loss exceeds those policy limits, you are on the hook for anything above that.
In the meantime, you still owe the mortgage company as if the house was still there. We continued making payments on a non-existent house for two years (and still do).
So, when all was said and done, our loss exceeded our policy limits, so all we got was the policy limit amounts. All the money from the insurance went into the rebuild, but it wasn't enough to cover the whole thing. That's why we needed the SBA loan... to make up the difference.
On a side note, my new insurance policy provides for more coverage than it cost to rebuild. I made sure the policy limits were much higer now. To keep the premium costs about the same, I raised the deductible from $500 to $2500. So I now have 2 or 3 times the coverage for about the same monthly cost.
Basically, the insurance pays the amount of your "loss" (which you have to prove... another long and painful story). But, that payment is subject to policy limits. So, if your loss exceeds those policy limits, you are on the hook for anything above that.
In the meantime, you still owe the mortgage company as if the house was still there. We continued making payments on a non-existent house for two years (and still do).
So, when all was said and done, our loss exceeded our policy limits, so all we got was the policy limit amounts. All the money from the insurance went into the rebuild, but it wasn't enough to cover the whole thing. That's why we needed the SBA loan... to make up the difference.
On a side note, my new insurance policy provides for more coverage than it cost to rebuild. I made sure the policy limits were much higer now. To keep the premium costs about the same, I raised the deductible from $500 to $2500. So I now have 2 or 3 times the coverage for about the same monthly cost.
Yeah Don, I think many people learn the hard way they had insufficient coverage after a total loss occurs like yours. I just built a new place in '06 and after a freak winter tornado came through early last year and missed me by a 1/4 mile, I made a couple changes to my policy to ensure it covered full replacement costs (not value) and then some. The minimal extra annual cost is well worth the piece of mind knowing you are fully covered.
don_w
Dyno Numbers - Who Cares?
One thing to be careful about... many policies (mine included) use the words "full replacement costs". But, in reality, they cover their ass with limits. Its a scam for sure...
2k05gt
Senior Member
Don.
It's Bigger and it looks Stonger but where's the Lift ????
Total Thread Fail....
J/K Love the House, Great Job. I iwill have to post my Year Long Home Construction project sometime.
It's Bigger and it looks Stonger but where's the Lift ????
Total Thread Fail....
J/K Love the House, Great Job. I iwill have to post my Year Long Home Construction project sometime.
don_w
Dyno Numbers - Who Cares?
LOL... I will keep this thread alive until the lift is in.
don_w
Dyno Numbers - Who Cares?
A few weeks ago, the owner of my company asked us if we would host the company Christmas Party at our new house. After talking it over, we agreed to do it, and we had the party on Saturday, 12/12. My wife, Donna, went all out decorating the house for the party and it turned out awesome. She did a great job! Some persistent rain had a teeny impact, but all in all it turned out pretty nice. There were more than 80 people there, so it was quite a full house. Here are a few photos of the event.
Here is a shot of some family members that attended. Donna and I are on the left, three of our kids (and their spouses) are on the stairs, and our oldest daughter's in-laws are on the right.
Here is a shot of some family members that attended. Donna and I are on the left, three of our kids (and their spouses) are on the stairs, and our oldest daughter's in-laws are on the right.
don_w
Dyno Numbers - Who Cares?
The covered part of the patio is about 400 SF (20 x 20).
And yea, we had a great time. I didn't get to bed until almost 3:00am. hahaha
Enitalp
The lost guy.
Great party.
But not a good idea to invite your boss at your house. Now he could think you're paid too much ;p
But not a good idea to invite your boss at your house. Now he could think you're paid too much ;p
don_w
Dyno Numbers - Who Cares?
It was his idea to hold the party there!
Oh yea, he bought a blackjack table and a couple propane "umbrella" heaters (you can see them in the patio pics) for the party. After the party, he gave the table and heaters to us as "gifts".
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