We have hit a bit of a snag in our dream it seems. One of the reasons for doing this blog is to show the trials and tribulations of doing this, so that others will learn from our mistakes and perhaps we can learn from others as well, since this is all new to us. When we went for a loan on the property we couldn’t get a bank to give us a loan because in the banks eyes they viewed our property as land only, since the cabin wasn’t hooked up to running water, nor did it have an alternate heat source. We ended up going through a private loan which basically financially raped us at 8.99% when the going rate for the year was around 3.5%. But we figured we would take this loan for one year and in the meantime talk to other banks and find out what the cabin would need in order for them to view the cabin as part of the property and therefore worth more.
What was decided is first and foremost, we definitely need a well. Running water is a plus… besides I can’t take running back and forth to the creek and filtering the water every time I want to make a tea, or do the dishes. I live in a country where running water from faucets is everywhere and here I am considering it a luxury. Since we live on a solid granite rock, they would have to drill down quite a ways to get to any water at all. And because of this, we can add even more $$$ to the total cost. So far we have been quoted at about 10,500 for a guarantee drill. What that means is that if they don’t find water (which they should) I don’t have to pay. I think its worth the money, besides, we are so far up, the amount would be pretty close to that anyways, so its no great loss.
The other thing that we have to do is have an alternate heat source. As of right now we are using a wood stove and the wood that has fallen around our acreage, which leaves us nice and toasty warm. But since we have to comply with the bank’s wishes, we are installing base boards. Now personally I can’t stand the look of baseboards, they are huge and ugly and not to mention, they are a huge drain on energy. But not anymore. Now you can get them in small sizes that look just like a panel on your wall and they use just pennies an hour. Our cabin is hooked up to a generator right now so we can have it hooked up to both generator and solar/wind later on down the road, we’ll just have them on different circuits. Its always nice to have the generator as a back up, just in case.
They are pretty clean looking, although I have read both good and bad comments on them, we are going to buy one to see how it works for us. http://www.econo-heat.ca/product_packaging.html