We have started the process of seeking counsel, and one stop on that road is my Mom. Yesterday we had the opportunity to visit with her about this, and her concerns gave us food for thought. She wondered:
1. Whether, in this uncertain economy, it was wise to assume a large debt.
2. Whether, at our phase of life (kids gone, no need to homeschool ourselves, and aging issues ahead in the not-so-distant future) it was wise/necessary to take on a large property that needed energy (heat/light, but also physical care) to maintain.
3. Whether a smaller, cheaper home from which we could sally forth to do ministry, rather than hosting others in order to interact, might not be wisest.
All of these were valid questions that we'll need to explore. Our initial thoughts in return are these:
1. We do want to be prudent in the economy, but we do need some place to live and to house the business. Shouldering this debt would amount to less than the sum of the payments we now make in two places (i.e. our rented townhouse and our rented warehouse space).
2. Certainly, God has not yet ever called us to manage a substantial landed estate. We've had large houses that we've filled with God's people and events that glorified Him, but never maintained land or done farming. Also, the economy is uncertain, and this unique property would be more difficult than some to resell.
3. This is a good point, and has much wisdom to offer. Without children of our own, and laying aside combining the business with our home, do we NEED to be the hosts for whatever God has for us to do in Frederick? We're not sure.
As we said, the slowdown in our forward progress gives us time to process and ask advice, and we're grateful for it. :D
Subscribe to:
Post Comments (Atom)
My interim thoughts on these three questions:
ReplyDelete(1) One problem with an "uncertain" economy is that it can be better than expected as well as worse. If our business goes according to our current conservative plan, we're going to be paying a lot of taxes. A big mortgage is the normal American way to build equity and shelter income. The plan we've got now depends on bank approval for financing--and I, for one, thank God that banks have gone back to being "conservative" in lending money. A good conservative loan officer will help us determine whether we're making a prudent decision or not.
(2) Marcia and I are discussing the issue of maintenance in depth. Our plans recognize a probable need for a lot of manual labor at first. (We'd like to heat with wood for at least one year, for example.) There are several ways to handle this: (1) use our business income to pay people to work our "hobby farm," (2) involve coop students in running a "model farm" that generates enough food to pay for itself, or (3) involve students in an "experimental farm" that is tied into my upcoming science curriculum. (If we go with the experimental farm at first, it will have to turn into a model or hobby farm six to ten years from now, when the science curriculum is complete.)
(3) A small house for the two of us is one model. A combined business/residence is another. If we're going to be running a business for the next twenty years, I'm personally more comfortable with "living over the store," as so many other "Mom and Pop shops" have done.