Many people dream about a log home in their future but never get around to making their dream come true. Here's how to get past the hurdles and start living your dream.
Finances are one of the most common reasons many people never live their log home dreams. The reasons may only be perceived or they may be real. But even if real, it may be possible to overcome the obstacles.
First, you'll have to decide on a basic floorplan and house size. Selecting one of the standard plans from a log home company's portfolio simplifies this process. The company can tell you the price of the log "kit" and may be able to give you a "turn-key" estimate for the finished house. If not, you can make a very rough estimate by assuming that the final turn-key cost will be between two and three times the cost of the kit. This estimate does not account for the cost of land.
Understand that this is simply a crude way of approximating the cost of the home of your dreams. The objective is to determine if you are even in the ballpark of a cost that you can afford.
Consider the home that you now live in and what price it might bring if you sell. Subtract the amount you still owe on your mortgage plus real estate commissions to determine your equity. This equity can be applied to the purchase of your log home as a down payment, or used to purchase land. Also consider any savings, investments, or inheritance funds you have that might be applied.
Use an online calculator or visit a bank to determine how much you might be able to borrow. This will depend on your current income and debt load. Most lenders use a formula that limits your future mortgage payment, plus taxes and insurance, plus your existing debt load (credit cards, car payments, etc.) to 36% of your gross income. This determines your maximum mortgage amount. Add your down payment and you'll get the amount you can afford to spend on your dream home.
If you find that your dream home is affordable, great. If not, you might be able to scale back on your home plans or find additional funds, or both. Sometimes, simply waiting a few years solves the problem. Often, when you have a dream and are committed to it, you will be able to find solutions through sheer determination.
Al Hearn is owner and operator of Log Home Advisor (http://www.LogHomeAdvisor.com) where log home enthusiasts can find helpful information, advice, cost calculators, and affordability calculators.
Spring has sprung! Even more important than buds, birds, and... Read More
The roof is a very essential element of the house,... Read More
Basements are the most common location for dehumidifiers. Because of... Read More
When the wife comes to you one fine day and... Read More
After years of use, your floor will need to be... Read More
Because colors have tremendous emotional impact, understanding how color affects... Read More
Power tools are some of the most useful devices ever... Read More
In addition to causing destruction, water damage also has an... Read More
Most of us enjoy daydreaming about our perfect home. Do... Read More
If you like to cook, or even if you just... Read More
A larger air conditioner will not always provide more cooling.... Read More
Pre-drawn house plans are those that are drawn by architects... Read More
When you read a great inspirational book, prayer, or article,... Read More
As we become more of a home-based society, many more... Read More
Are you ready to starting building your dream home. House... Read More
A honed finish is a satin surface with relatively little... Read More
A miter saw, also known as a "chop saw," is... Read More
So you've finally decided to get your favorite music throughout... Read More
What are the Benefits of Radiant Heating and how do... Read More
Patios and terraces have always been popular outdoor spaces. Whether... Read More
How to Collect Physical Mold Growth Samples for Low-Cost Mold... Read More
What will your next home improvement project be? Will it... Read More
What's in a name? Whirlpool baths have been around forever,... Read More
Wallpaper is often overlooked as a key part of an... Read More
My husband and I just completed our first remodel. It... Read More
A drill press, also known as a pillar drill, is... Read More
These days shower doors come in a wide variety of... Read More
Picnic tables are the perfect solution for an afternoon or... Read More
Almost everyone knows about FHA mortgages. They are tailor-made for... Read More
The trend for enhancing your patio is to create an... Read More
A table saw is one of the most popular pieces... Read More
Let's suppose you still have those old aluminum single pane... Read More
Bathtubs have become an important necessity of our daily life... Read More
Research & Development I began designing audio and video interconnect... Read More
Throughout the ages, colors have been used to evoke certain... Read More
Windows are the eyes of a home. From inside, you... Read More
If you are looking to warm your floors with a... Read More
You'll be amazed at how much free money you can... Read More
"Steam" and "Steam Bath" Health Benefits:"Steam" and "Steam baths" in... Read More
Motion detectors are in use all around us in both... Read More
When most people think about an air conditioner filter, it... Read More
Last week, I explained how to remove your old steel... Read More
Jack Frost is nipping at our nose and Santa Clause... Read More
"Beverly Hills. Swimming pools. Movie stars."That line from the theme... Read More
PLACEMENT?Ladders should be placed so each side rail is on... Read More
You may own a remarkably constructed, attractive house that is... Read More
The trend for enhancing your patio is to create an... Read More
What exactly is mold? There are over 100,000 different kinds... Read More
Colors contain underlying psychological meanings and evoke particular feelings when... Read More
A clock is simply a device that measures time. Typical... Read More
Are your beautiful hardwood floors not so beautiful anymore? Maybe... Read More
After spending hundreds of dollars on your favorite Picasso print,... Read More
The average household freezer is a silent slave. It operates... Read More
When trying to decide if Interior Design is right for... Read More
Interior design for children is one of the most fun,... Read More
You have found the perfect lot on which to build... Read More
One of the first things you learn as a homeowner... Read More
Your house doesn't have enough storage space, bathrooms, or counter... Read More
For the past several years I have seen the emergence... Read More
It's hard to damage and easy to care for laminate... Read More
You have finally found the perfect lot, in the neighborhood... Read More
Learn How to Select a House Plan That Will Result... Read More
The proper lighting in a room can make or break... Read More
If you are concerned about asbestos exposure you are not... Read More
Hydronic, or hot water, heating has been standard for years... Read More
For Paint Manufacturers worldwide, there has come a radical new... Read More
Home Improvement |