As many of you know, for the past couple of years Jared and I have been subdividing an acre off my parents' property so we can build a house on it. It's been a very lengthy, frustrating, and expensive process. One of the last steps in the subdivision process was to buy water for the property. The company handling our property subdivision told us it would be about $20,000. Ouch!
We went over to the water company to see if there was any way we could buy water later so we could include it in our construction loan. After looking over the property map, the water company manager told us there was no way we could link into the water line my parents use. We would need to hook into the main line, which meant drilling under both the highway and the railroad tracks. His rough estimate of the cost-$150,000!
I spent the rest of the day crying. All that time and money down the drain! There are no loans available for property divisions, so we were advised to put in on our credit card and that we could later put it into our construction loan. So now we are stuck with about $11,000 on our credit card. We aren't people who normally carry around credit card debt, so it just makes me sick to my stomach! I try to console myself with the fact that if we had bought a house a couple of years ago it would certainly have depreciated more that $11,000. Still......
I am trying to look on the bright side of the situation. Our new game plan is to buy a house this fall. The great news is that it's a fabulous time to buy and we should be able to get an amazing deal. And no I'm not completely giving up on my dream of a house on the property we were subdividing. I'm still hoping that a way will open up...eventually... But for now we are looking forward to buying a house. Let me know if you know of a great house at a good price!