Quick Savings Update
A very exciting thing happened over the weekend concerning our savings account.
When we came up with our goals, our savings was about 75% down payment for a new house, 25% emergency fund savings. Instead of having lots of things to keep track of, we wrapped it all up into one ball.
In June, 2011 we had funded our House Account up to 70%. I am very excited to say, Hubby initiated a transfer over the weekend that will fund our savings up to the 75% mark. We have the 20% down for our construction loan!
I am SUPER excited about this, but it doesn’t mean we can start building tomorrow. We are both very dedicated to having the remaining 25% in the account before we start building and hopefully have a little more job security in place.
What does this mean? Well, hopefully with school over Hubby and I can focus on that Cost Estimate Sheet so we can be ready with a final price on the house and know more exactly the amount we need to build!
In the interim, this is a very exciting small goal for us.
Awesome! When you do the cost estimates, you may want to add 20 to 25% to your goal. I worked in the home mortgage/construction part of a bank for years, and you’d be shocked how often contruction estimates were off by this amount. Usually because of unforseen weather stuff
Good luck and congrats!!
Christa- Thanks for dropping by and great idea on the adding a cushion to our cost estimate. I know Hubby thinks he is going to do a lot of work, but we will need to make adjustments for the in case he isn’t able to or has to hire more help than he thinks he will.