Wednesday, October 22, 2008

Dream a little debt free dream

Three years after we moved here, we purchased an additional 20 acres directly behind our property. We were able to purchase it with the equity in our home so we own it free and clear and have the deed in hand. It always felt good to have that piece of land. We baled hay on it for 4 years and have rented it to a local farmer since. There are about 6 acres of woods on one side along the dry run and a 3 acre spot that we call the balloonport where we launch the hot air balloons. This spot is mowed and groomed and perfect for a building site.

We decided to put it up for sale in this crazy real estate market. Who knows if it will sell. It's a beautiful, private spot on a quiet road so it has it's advantages. And then there's the awesome neighbors they'd have ;). If it does sell, we plan on using the proceeds to pay off our mortgage. A little be debt free. In these unsettling economic times, it makes a lot of sense to us.

Hubby is 53 and has been with the same company for 24 years. His company is directly involved with the construction industry so things are slowing down. What would we do if he was laid off or let go? It's unfortunately not unheard of for companies to think of their bottom line and let the older, higher paid employees go. My sister is a prime example of this having been let go for a minor infraction after 30+ years at the same employer. We need to be prepared for the worst.

I have a friend that has been unemployed since February. A talented sales person who has an average of 2 interviews a week and hasn't been hired. Finding work right now is not an easy task. The unemployment percentages are hugely inaccurate. They don't count the people that are still unemployed after their unemployment benefits run out. I wouldn't doubt that the numbers are double what you hear on the news.

So the thought of not having that mortgage payment looming overhead is occupying our minds right now. Send us some good "real estate selling vibes" and let's hope someone out there is ready to buy.

(Note: This is the 200th post on born a girl. Who knew I had all these words inside of me?)


Jeanne said...

GOOD LUCK!! Truely, hope your dream comes true!
Love ya!!

Mike said...

First congrats on the 200 posts. That is a feat in itself.

Second good luck with the payoff. I think you and your husband are thinking in the right terms. I'm in the banking industry and know what your husband is going through. Just waiting for the other shoe to drop and be another one of those banks going under....

(Not a) Rodeo Mom said...

Adding to the unemployment figures not reported - the independent contractors who are seasonally employed. When the ground freezes and they can't work it, they have only their hopeful savings - they aren't eligible to file for unemployment benefits. We. too, are waiting for the other shoe to drop.

"What are the contingency plans for a launch field?" the pirate child asked.

Balou said...

Jeanne - Thanks sis!

Mike - I hope things hang in for you too. Thanks for the good wishes.

Rodeo - So true about the addition to the unemployed independents. Then there's the homeless. Tell pirate child the back yard is large enough to launch a couple of balloons.

Jocelyn said...

Congrats on the 200th!

I hope, for your peace of mind, that it sells. You're being very pragmatic about letting go of land that has clearly meant a lot to you. But that's the time we're in: sentimentality has to take a back seat to practicality.

KFarmer said...

Oh hon, I know what you're feeling. The hubby recently lost his "retirement" in 401K. This will be the THIRD time our savings went up in smoke. I'm VERY thankful that on September 1st, I made the last payment on the Farm. With me not working and his job (as with any of them now-a-days) iffy, it was quite a relief. I wish the same for you~

Good luck with the sell and congrats on the 200th post~ Above all, keep that chin chopper up and hold happy thoughts :)I will too.