This house made sense to us for a bunch of reasons. first being, financial. there were only a few places in the richmond city that were with in our budget. Most places we looked at were places taht were on the market for the total amount we had to spend and they all needed a little work. We love to cook and our big focus was the kitchen. we knew it was the one room we wanted to redo and make our own. when we came upon this house, all the demo, for the most part had already been done. all we had to do was come up with a plan. well maybe it wasnt as easy as that. when we got our original approval from the bank, we had to find a home where we could move into. well this wasnt the case for st. james. so that leaves us with the option of a construction loan. this ended up being the best suited option for us. what happens is, we come up drawings, we pick a contract, the house gets appraised, the drawings and contract gets approved and we're ready for closing, all within a few weeks time.

so we buy the house, and then submit to the bank the amount of money we will need to renovate the house. whatever is submitted at closing is all we get. so while the house is under renovations, we're only required to pay the interest on the amount of money that is dispersed into our construction account. when construction is complete, all the money is rolled into our mortgage.