Monday, September 5, 2022

The Pony Is Galloping Down the Road to Homeownership

I went to pick up The Pony's house payment yesterday. He forgot to bring it after getting up at 3:00 a.m. Friday to come pick up Hick and drive him to his medical procedure (where I'm pretty sure they knocked him out).
How time flies. Seems like only a year ago (plus a month and one day) that we put a contract on Pony House. The Pony moved in around the middle of April 2022. We didn't charge him for half a month, because Hick was still in and out working on last-minute things, even though the house was safe and livable. 
This was his 5th house payment on his rent-to-own deal. If you only count the purchase price of the house, The Pony now outright OWNS over 1/10 of Pony House! The renovations are another matter... Still, he's at about 5% ownership. Not bad for a first-time homeowner. At least he's not throwing away his money on rent like I did until buying my own $17,000 house at age 30.

Congrats, my little Pony. You are building equity in your abode. 
If he continues paying at the same rate, by this time next year, The Pony will have paid 4/10 of the purchase price, and own 17.6 % of the whole kit 'n' caboodle! AND, his monthly payment is still cheaper than what he would have paid for an apartment. In fact, it was while looking for an apartment that The Pony got the wild idea to just let Hick renovate a house for him like he did for HOS (Hick's Oldest Son).

I suppose sitting in the recliner with his broken ankle elevated, while not earning money or receiving his rightful Worker's Comp, made The Pony actually care about money... Or else he realized that apartments around here don't come with big triangle bathtubs having jets.


  1. If he's up to 4/10ths by next year then another year and a half will see him completely owning his house. Well done Pony!!
    "Our" first house was only $23,000, but the loan didn't even get approved because "he" already had a bad credit rating, so it never became "our" home at all.

    1. Yes, he would theoretically own the house itself, although I can't imagine he could have lived in it without the money we poured in for renovations! Still, it makes a statement about what he will have, rather than the money gone with the wind in rent.

      Sorry about your $23,000 house. I'm betting it was in much better shape than this one when we got it!