My husband and I got a bit carried away with our plans to build a home.
We overpaid for a piece of property with a view of the St.
Johns River in Jacksonville, Florida. We hired an architect to help design a floorplan and took his recommendation for a luxury home contractor, electrician, plumber, HVAC company and roofing specialists. We had floor tiles shipped in from overseas and ordered custom hardwood for moldings. We found a local craftsman to build our kitchen cupboards and invested into a geothermal heat pump. From light fixtures and plumbing fixtures to solar panels, we focused on modern amenities, energy efficiency and aesthetics. Our home design included a gym, tanning beds, hot tub, workshop, office, wine cellar, theater, atrium and swimming pool. Every feature was top-of-the line. Unfortunately, we ran out of funds quite early in the project. With little more than the studs, floors, roof and windows in place, we realized we couldn’t afford to complete the home. Most of the appliances, building materials and products we ordered needed to be returned. The house was not livable and therefore not all that saleable. A buyer would have had some major trouble securing a bank loan. We had an electrical panel but no wiring. We had the ground loop but not a heat pump. We had a septic but no water pipes or water heater. The house was a long way from being finished. We weren’t quite sure what to do with it. One of our contractors suggested selling the home for cash. Cash home buyers purchase properties in any condition. Although it was painful to give up on our dream home, it was a relief to sell it for cash and walk away from the investment.