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As of the 15th of October, my family and I are the proud “owners” of our very own rent-to-own home. Photos and recaps of various interesting design decisions that were uncovered during the renovations will be forthcoming. For now, feast on the simple joys of reading my description of the house and how we got here.

My thoughts regarding the whole rent-to-own thing versus the idea of a mortgage is fairly simple. I have no need for a mortgage. My current rent-to-own situation is similar to a mortgage in that we’ve factored in “interest” at a 10-year term. I do not want a mortgage because I know that having one would simply allow me to think I have “equity” which is like a virtual stake in my own home. I’m certain that I’d be tempted to use the equity in the home at some point. Since I don’t have my name on it at this point, I can’t actually do that. The situation keeps me from getting into the situation that many American mortgagees are in right now.

Mortgage Rant

I’ve heard the phrase over and over. “Do you owe more than your home is worth?” Well of course we all do. We agreed to purchase a home for a reasonable market price. Say… $150,000. (I know that may be low to some of you nuts out there that think a $150,000 home is “reasonable.”) Then, once you figure in the interest. Say… 6.75% (that is a good rate). Assume a 30-year term. Now we’re looking at monthly payments of about $973. For a sum total of $350,242.97 at the end of the 30 years. I do not think for one minute that the $150,000 home of today will be worth $350,242.97 by the time it is paid for.

Now in my hypothetical situation, I’ve agreed on a sum of about $77,500 for the home I will be renting-to-own. At a rate of say 7.75% for ten years. My monthly payment would be $930.08. That is slightly more affordable than the home in the example above. Yes, I’m sure the home in the example above probably needs only about $5,000 worth of work to make it the way you want it. But I’m perfectly comfortable with paying a sum total of $131,609.89 at the end of ten years. That sum includes $20,000 of renovations. I’m assuming that I’ll pour about that amount into this house within the first four years.

Our House

The house is over 150 years old. It has all the original flooring under some really nasty carpet. I have spent the last week removing said carpet after wasting $430.00 to have Stanley Steemer come in and “clean” the carpets. Granted, the carpet is likely in such bad shape that it is not possible for the carpets to be truly cleaned. However, it was still a waste of four hundred thirty dollars on carpets that I am now ripping out because the smell was so awful. The previous tenants kept two very large, hairy, and stinky pit bulls for best friends. These dogs ruined less than three year old carpet by the end of two and a half years. The smell of dog had infiltrated every last fiber of those carpets. To Stanley Steemer’s merit, they were able to make the house smell nothing of dog for about 48 hours. After that the smell came back with an added tinge of mold.

Flooring, the basis for everything

The floors beneath the carpet and, in some cases, beneath the synthetic wood flooring are made of an extinct variety of Pine. My friends who have lived in this area for some time – my wife included – tell me that the wood used for flooring and other building purposes in the Pocono Mountains was a variety of Pine native only to this area. The wood was used literally until it was driven to extinction. Therefore it was with absolutely no hesitation that Candice and I decided to make that wood shine. We opted to remove all the carpeting. Then, rather than continue on our previously decided course, sand, fill, stain, and buff the original floorboards. The previous decision had been to remove the carpeting and lay down renewable bamboo flooring. That option may be considered for the kitchen at a later date. I have no idea what was used in that area for flooring as it was added on some time after the original construction.

Exterior

The exterior of the house is a hodge podge of various materials including aluminum, vynil, and wood. The front porch was added on some time within the last two decades I imagine. Poured concrete provides the base for the porch. Wooden posts that have been lathed into a slightly decorative pattern provide support to the porch’s roof. Which – I might add – causes leaks into the master bedroom closet due to poor design considerations. The wall around the porch’s base is painted mint green and disgusts me. I have a feeling that behind the plywood that was tacked on around the posts there may be some classic style wooden posts that would look quite classy if finished correctly.

Back Yard

The back yard has a nicely sized porch that was taken from the previous tenant’s aunt’s pool. It is stained a dark red hue and looks like it will last a while. along the right side (facing away) of the back yard is a garden with a large pond. The garden is full of ripe peppers of many varieties and very large cucumbers. The pond is not currently home to any sort of wildlife as yet, but may become home to some Koi or other variety of Goldfish. I hear they can withstand a good freeze. I definiately want a Catfish to keep the pond clean.  Beyond the garden on the right is a thick concrete foundation which provides a level surface with the rear alley for the garage to be placed upon. The garage is in severe dis-repair and could probably use new walls, siding, a roof, and electrical wiring. Knob and tube wiring scares the crap out of me. Though I hear it was capable of taking much higher loads than modern wiring is. To the left of the garage is a carport that was built with pressure treated lumber and never coated with any sort of protectant. The roofing material is peeling and will need to be replaced. We foresee a use of the roof area as extra gardening space. A ladder will be necessary to access the gardening space above the carport. Stairs lead down into the yard from the carport. To the left side of the yard is more garden. This area of the garden is where the majority of the tomatoes were grown. To the right side of the house is a gravel and slate walkway. The slate path continues into the backyard leading all the way to the carport and garage.

Interior

Through the front door immediately to your right is the living room. Just beyond the living room is the dining area. And through a doorway is the kitchen and side entrance mud room. Directly in front of you as you enter the front of the home are the stairs leading to the second floor. As you reach the top of the staircase you are facing the bathroom. To the right of the bathroom is the rear bedroom. Proceeding down the hall that runs ajacent to the staircase towards the front of the house you will find the middle bedroom on the left. The master bedroom is directly ahead. To the right of the master bedroom is the door leading to the attic or third floor room.

The “Attic”

The third floor is large enough to be a bedroom, however the eaves provide for limited vertical space. So for a child’s bedroom or a room where you are sitting in the center of it at a desk, this would be fine. For now, it will likely be used for storage space. Some time within the next two years we’ll be making it into a bedroom for Sensai. When Sensai goes to college it can be Lily’s room. The center bedroom would then become a guest room.