WE are having a really hard time right now deciding what to do. Let me explain...We are pre-approved for a loan for a house and have found a couple places that we like. We even have an offer that has been accepted at one. Meanwhile, Adam still looking for other places found a Salon for sale right by where we live right now. Seriously, across the street and down a few feet. It is a great deal. It just needs a bigger clientele.
So we need to choose what we want to do with our money right now.
The salon is very much in our budget, to buy. But if we don't get more clientele coming in fast then we won't make rent (like the owner right now). With Adams accounting skills and me being a hair stylist...we think we could make it work. It has always been a dream of mine to own a salon, I was just putting it off until our kids were in school. Adams dream has also been to own a business and has wanted to help me with a salon. It is in a great location, on two busy streets and freeway exit and entrance. If we could get it back up and running (like it used to), we would have an entire extra income. We love Bountiful and friends have already offered to help with the girls. But what if we can't get the clientele we need and what if I end up having to be there so much that I miss out on my girls...I really only want to work from 9-12 with an hour break to take lunch with the girls and back to work while they take there naps and then home after that. Will it be too stressful or with mine and Adams skills put together would we make a great team and create an amazing business??
One of the houses we are looking at is in Layton. It has 3 bedrooms and a huge fenced in back yard. Adam called the Bishop of the ward we will be in and it seems like it would fit us well. A mix of every age. A huge park just around the corner with a playground, a walking path, a duck pond, and huge play area. I have great ideas for decorating it and making it our own. I could really see us staying there for a while and even adding on to it to make it bigger and nicer. The other one is a condo in Bountiful just up the street a little ways from where we are right now. In Bountiful that is really all we can afford, is a condo. It is also a 3 bedroom. It is remodeled and really nice on the inside. It doesn't have a very big yard...but the location is great. It would be easy to rent out after we moved to a bigger place (when we had the budget in a few years). The government is also offering an $8,000 housing tax credit when you buy your first home. So come next year when we get our taxes...just add $8,000!!!! How could we miss out on that if we can afford it. But we aren't even 30 yet and we would have a 30 year mortgage already. If we chose the Layton house we would be leaving our friends that we have here and have to start over again. We do also have to take in account hope repairs and other expenses that are unknown.
What do WE do??? What would be best for us and our family right now?? WE have been praying every day about it and I still feel 50/50! I have great ideas for a new house and great ideas for owning a salon and getting it back in business. I am constantly thinking of both and not ever leaning either way more than the other. We even considered buying the condo in Bountiful and the Salon...but the risk just seems too high! So we have to choose. What do you think?? Please help!
Meatloaf Casserole
1 day ago
8 comments:
That's a tough decision! The salon would be great income wise and because it's something you've always wanted and an opportunity has presented itself...but at the same time, the economy is horrible right now!
The house in Layton sounds wonderful, just make sure that's a location that will make you happy. You'll be leaving friends behind, but you're so great at making new ones.
Hmmmmmmmmmmmmm....
I don't know what to tell you! Just keep praying about it and I'm sure the right answer will come to you.
Good luck!
My decision is nothing compared to yours! I've never owned a business and honestly think we are the wrong types for doing that but I'd guess at the beginning until you had enough clients and good stylists that you would be working there a lot and Adam would be putting in a lot of time too. I know he's good at accounting stuff but what about marketing?
And yes, buying a home is a hard choice with loads of unexpected home repairs. We've done some major stuff to our house that was unexpected along with the usual yard and basic home repairs. But it is a fantastic feeling to be a homeowner! For us, we didn't want a condo...guess it's because we both grew up wanting a house. But Bountiful is an awesome spot and I'd cry if dinner group ended.
Apparently I have no advice either. If you want to be home right now, maybe not getting the salon is the way to go. It's only when I feel peaceful and almost forget about one decision that I know it's right.
Come by and chat anytime to get your mind of it or if you and Adam need some quiet time to think bring Brielle by...Pearl would love it!
well.....I know I have been pressuring you to stay :) but its only cause I luv you guys so much!!! But you need to do what is right for your family, the best advise that I have gotten from the parentals or other people is to live within your means. Opportunities will always come up! And maybe later in your life when they do then you will be more ready for it. Buying a house is a huge deal I wouldn't do it just because you are going to get a chunk of cash cause that money won't last long (just think if you bought a house and the furnace broke or something like that, there goes all the mula) anyways I am just rambling on, keep praying, the lord won't lead you astray!! but if you do stay we would not complain!! love ya
Well I have a lot to say on these matters. You should give me a call. 801-866-2420. Tyler (my hubby) is a loan officer and we have had a super close friend buy (and sell) a salon in the past year. I have way too much to write and it would better be explained over the phone or in person! :) Give me a call and we can chat! xoxoxo good luck!
in my uninspired, can't receive revelation on the matter opinion, get the house in layton.
homes = equity. especially with the market as low as it is. it's the time to buy. rates are low. prices are low. obama's paying you to buy a house, for heaven's sake...
condos don't resell well. even during the housing boom they were struggling. the "rent it later" idea is nice, but what if you don't find renters?? then you're stuck with 2 mortgages in the future.
as for the business, i think it's an AWESOME idea ... for the future. i honestly think you would regret the time you had to spend away from home. i regret the little time i spent at school during addi's first 14 mos. of life. i would seriously do it differently if i had it to do over. i think a woman's place really is in the home, and somewhere inside us, we know that, and when we leave the home, that place inside is a little empty feeling and guilt nags at our edges. again, i DO think you should pursue your dream of owning a salon, but when there is less responsibility for you at home. i plan on getting my PhD, without a doubt ... later.
that's my 2 cents. :)
Here is my two sense. A business is a 24-7 deal. To rebuild an old business and try and get the clients is going to be very hard. From my experience you want to build a client base from home, and then branch out into a retail space when you have cash flow coming in...unless you have a lot of capitol to hold the expenses. Also, a business is very stressful on a marriage, i have two! and all i can say is i can't believe Mary is still around. Business are great, but in this economy it's hard to find people with extra money. I would look for a house that could have a room converted into a salon, you can work part time and build a name for yourself. Then when you've been in business for awhile you can bring in a equity partner and find that retail location and grow. One has to wonder why the current owner want's to sell, and why she can't pay the rent? Also, ask her if you can look at her books, and see how much revenue she brings in. Sorry I'm totally rambling, but i want people to succeed in business. Hope this helps. Good luck and i wish you guys the best.
Hey there,
Being the self employed people that we are if you want to stay home then it's probably not the best option right now. I can you see owning your own salon sometime but it will take work and lots of it. We always thought we would have a manager but that doesn't work all the time either. We have ended up in a very different spot then we were two years ago and Jon has had to work a lot more. You never know where the self employment will take you. Just my two cents though.
Wow you have a lot on your plate! It's really hard making decisions like this. We are going through the same thing in a sense right now. Trying to decide to purchase our first home...or an investment property right now. How do you decide these matters? I guess with lots and lots of prayer and listening to the spirit. Don't second guess yourself either. Once you make a decision move forward and don't look back. You both are capable of making the best decision for your family. Good Luck! Miss you guys!
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