Someone wanted to "lease with the option to buy." They wanted to put $5,000 non-refundable down and pay $1,450/month to lease until they receive an inheritance. They're already renting here in HS. We thought this was a real possibility - until we sat down last night and really looked at how this would impact us. We would lose our homeowner's exemption so our taxes would go up, we would still be responsible for the homeowners association dues and sewer up here, and we would have to find a place to rent that would cost us at least the same as they wanted to pay.
In other words, we wouldn't have been making a dime on the house, plus we'd still have the mortgage until they purchased outright. Plus, if something else came on the market they liked better between now and then what would keep them from moving on?
It just wasn't the right thing to do. Much as we desperately wanted to take the deal, it just wasn't right. Had they wanted to put $15,000 down that would have been different, but $5,000 just wasn't enough to ensure our safety in the whole deal.
So, we wait. I want to get horses sooooooo bad. Every nice day I think how much I'd love to be out riding in these beautiful foothills. I know the right thing will come along - hopefully soon!
In other news, Adam got home from the Envirothon in Challis yesterday. He had a wonderful time and their team did the best of the 5 that went from Boise - and they were all first year students! He had been so nervous thinking about giving a 5-minute presentation to a bunch of adults about the environment that wildlife depends on and how it's changed over the eons of time, but he did fine.
Good call on the lease to buy. A buddy of mine was dealing with a guy here in town who wanted to do the same, but was going to put $15k down. Every time they were *this close* to signing papers, the guy had to push back the date by another month or two. It was all just too hinky, so they told him, "Thanks, but go away."
ReplyDeleteYay, Adam!
That was a difficult but WISE decision. Good for you.
ReplyDeleteI'm going to pretend I didn't hear the rest. But -----yeaaaaaaaa
You made the right choice.
ReplyDeleteI still don't understand why you can't put up a corral and buy a horse or two now. You COULD be out riding every day.
Too bad about the offer (I think you made the right decision).
ReplyDeleteAnd wonderful news about Adam!
No comment on the horses because I want one, too...