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Northern Ontario (Canada). 15 years ago, before my kids were born, my husband and I had saved up some money over 2 years and bought a rural property for $120,000, 3.5 acres. Fully paid as we had money. We love the place and the town had 200 people at that time. This is purely a recreational property, not the main residence.
Over time, we started noticing health issues whenever we go there. Experts told us, its the mould. The property is quite old (70 years old) and it was falling apart. we went to the local hardware company who told us that a "Turn-key" house what we wanted to going to cost $150 K. The only extra cost they said would be the excavation cost. we thought...ok, thats not bad for a 1400 Sq ft home. we applied for 250K loan (against out primary residency as thats work close to 800 K and we only have 200K left to pay off).
anyway...this morning, we went in to the contractors and they gave us a shock that when they say "turn-key" it includes pretty much nothing other than the design specs. Not even the labor cost...when we do the math, the home would not cost us 450K.
I am not sure if I am more angry at myself for believing them when they said "turn-key" includes everything or at the contractors for deliberately misleading us....
It seems like we will need extra 200K MORE than what we budgeted for. I am soooo angry and sad.
So how exactly is the existing home "falling apart"? Where and how bad is the mold? Perhaps concentrate on remediation of the mold and fixing your house rather than rebuilding.
So how exactly is the existing home "falling apart"? Where and how bad is the mold? Perhaps concentrate on remediation of the mold and fixing your house rather than rebuilding.
The ceiling has already fell down in the dining room. The entire house walls are filled with mold. It is not livable anymore.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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I have built several cottages myself because contractors came back with ridiculous quotes. We had our homeschool kids design and build their own homes (cottages) while grades 9-10.
Find an alternative you can afford. (there are many) Canada has by far the most and best options in NA.
Start with a new contractor and 'package home' (i.e. COMPLETE).
I am quoting a cottage to add to property one today. It will be under $70 SF. (complete)
Build something smaller and cheaper.The less drywall you have the less mold problems you will have in a property that is unoccupied and unheated a lot of the time.You could build a pretty nice log 'cottage' for a lot less than $450k with log or plank wood interior walls which would minimize mold issues in the future.
Northern Ontario (Canada). 15 years ago, before my kids were born, my husband and I had saved up some money over 2 years and bought a rural property for $120,000, 3.5 acres. Fully paid as we had money. We love the place and the town had 200 people at that time. This is purely a recreational property, not the main residence.
Over time, we started noticing health issues whenever we go there. Experts told us, its the mould. The property is quite old (70 years old) and it was falling apart. we went to the local hardware company who told us that a "Turn-key" house what we wanted to going to cost $150 K. The only extra cost they said would be the excavation cost. we thought...ok, thats not bad for a 1400 Sq ft home. we applied for 250K loan (against out primary residency as thats work close to 800 K and we only have 200K left to pay off).
anyway...this morning, we went in to the contractors and they gave us a shock that when they say "turn-key" it includes pretty much nothing other than the design specs. Not even the labor cost...when we do the math, the home would not cost us 450K.
I am not sure if I am more angry at myself for believing them when they said "turn-key" includes everything or at the contractors for deliberately misleading us....
It seems like we will need extra 200K MORE than what we budgeted for. I am soooo angry and sad.
Maila, fire the contractors. They are scamming you. If you pick up one of the "Log and Timber Homes" magazines, or go online, you can find a package with a nice little cabin for about $50K (materials only), and then look for a local builder who can put it together. Or buy a modular, yes. There are some really nice log modulars available.
I feel for you--we bought our retirement/vacation property in North Idaho 12 years ago, and we have been building as we had money. Our place is almost done, and we love it. I know the emotional value of having such a place. Your property is still there, and now you need to "regroup" and think about alternative possibilities. Be angry for a few days, and then get back to your dream. Good luck!
PS You may want to look up the old Cary Grant movie "Mr. Blanding Builds His Dream House" online. It will give you a laugh, which is what you guys probably need!
QUOTE FROM ABOVE LINK, my italics: "Generally, turnkey should mean that everything in the house is new, rehabbed, or otherwise excellent condition with no visible signs of wear, Shwetz says. The reality, however, can extend to a house that is generally clean but needs substantial updating." [end quote]
Second, as far as building, our 1875 s.f. one-story, very simple design, custom home with two-car garage in the Midwest, which will (hopefully) be completed this summer, has a firm quote* from a reputable builder of just slightly less than $400k. (Open concept living/dining/kitchen, two bedrooms, 2.75 baths, a sunroom, and a laundry/utility room with the only upgrades being an open hearth wood burning fireplace, upgraded bath and kitchen fixtures, quartz countertops, and SmartSide siding instead of vinyl.) Of course, I have no idea what the going rate is in Canada!
*The only thing that might add to the cost is if WE add anything to the detailed specs (20 pages worth), which we won't, or if the excavation for the well costs more than estimated cost, but the builder assured us that it would not be more than $2.000 extra, at the most.
P.S. On Edit: However, the price does not include a patio or payed driveway, which we will add next year. (However, the price does include a 60' long gravel driveway.)
Last edited by katharsis; 02-15-2020 at 08:07 AM..
Northern Ontario (Canada). 15 years ago, before my kids were born, my husband and I had saved up some money over 2 years and bought a rural property for $120,000, 3.5 acres.
$34,285 per acre, wow.
We paid $350/acre for our homestead.
Quote:
... we went to the local hardware company who told us that a "Turn-key" house what we wanted to going to cost $150 K.
...this morning, we went in to the contractors and they gave us a shock that when they say "turn-key" it includes pretty much nothing other than the design specs. Not even the labor cost...when we do the math, the home would not cost us 450K.
I am not sure if I am more angry at myself for believing them when they said "turn-key" includes everything or at the contractors for deliberately misleading us....
It seems like we will need extra 200K MORE than what we budgeted for. I am soooo angry and sad.
Ouch,
so sorry to hear this happened.
We are in a 2400 sq ft house, we have lived in it since 2007. Construction [including the off-grid solar power system] came in at just under $100k.
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Good luck!
