So What Do I Do Now ?
Discussion
I know, no one can provide an answer but hoping someone might give me a nudge in the right direction, or even to websites that might.
So 49, Degree educated, fit and healthy, been self employed for 20 yrs in building and buying / selling.
I made most of my money from buying a house, extending, renovating and selling on and I enjoy all of it, finding the house, working out the best layout, doing the physical work and organising the materials. Built a couple of new ones and was employed in the Building Industry for 10yrs (Site Agent, Buyer & Land Buyer)
However 3yrs ago I bought a keeper - it's great but it has tied up all my money - approx £1m
So I find myself asking what now, I don't want to sell it, my wife really doesn't want to sell it, it's not the house so much as it's location and grounds, if I could buy a smaller place with comparable grounds I would but they don't exist - also it's a great place for my kids 10, 12, 14 (yes I started a bit late)
So what now ?
I'm unsure I could put up with a boss and fixed hours, 5 days a week although paid holidays and sick day would be nice - fairly sure I could walk into a £50k Site Agent's job but maybe I couldn't.
The obvious answer would be building work but I'm aware I'm getting older, aches and pains are creeping in so I'm looking to manage more and physically work, less.
I don't want to work in people's homes / extensions but have considered building home offices / garden rooms / oak garages / tree houses or try something else I have experience in general management & buying / selling cars
If I could get a mortgage I would but I have negligible earnings for the last 3yrs and not huge ones before that as the money was made income tax free by living in the houses.
I'm loathe to take a commercial loan against my home as when the last crisis hit I saw plenty of viable businesses collapse due to unreasonable lending terms that wouldn't exist with a domestic mortgage.
I have £40k available in liquid assets, some land and some buildings I could operate from (tied to the house)
I have no borrowing but no pension either, always assumed I'd die before now with the back up plan being to downsize but realised (a bit late) that realistically I need to earn a fair amount in the next 16 years.
So other than dying, hindsight or selling the house - what would you do / suggest ?
Other than frozen sausages, Redbull and custard
So 49, Degree educated, fit and healthy, been self employed for 20 yrs in building and buying / selling.
I made most of my money from buying a house, extending, renovating and selling on and I enjoy all of it, finding the house, working out the best layout, doing the physical work and organising the materials. Built a couple of new ones and was employed in the Building Industry for 10yrs (Site Agent, Buyer & Land Buyer)
However 3yrs ago I bought a keeper - it's great but it has tied up all my money - approx £1m
So I find myself asking what now, I don't want to sell it, my wife really doesn't want to sell it, it's not the house so much as it's location and grounds, if I could buy a smaller place with comparable grounds I would but they don't exist - also it's a great place for my kids 10, 12, 14 (yes I started a bit late)
So what now ?
I'm unsure I could put up with a boss and fixed hours, 5 days a week although paid holidays and sick day would be nice - fairly sure I could walk into a £50k Site Agent's job but maybe I couldn't.
The obvious answer would be building work but I'm aware I'm getting older, aches and pains are creeping in so I'm looking to manage more and physically work, less.
I don't want to work in people's homes / extensions but have considered building home offices / garden rooms / oak garages / tree houses or try something else I have experience in general management & buying / selling cars
If I could get a mortgage I would but I have negligible earnings for the last 3yrs and not huge ones before that as the money was made income tax free by living in the houses.
I'm loathe to take a commercial loan against my home as when the last crisis hit I saw plenty of viable businesses collapse due to unreasonable lending terms that wouldn't exist with a domestic mortgage.
I have £40k available in liquid assets, some land and some buildings I could operate from (tied to the house)
I have no borrowing but no pension either, always assumed I'd die before now with the back up plan being to downsize but realised (a bit late) that realistically I need to earn a fair amount in the next 16 years.
So other than dying, hindsight or selling the house - what would you do / suggest ?
Other than frozen sausages, Redbull and custard
Tyre Smoke said:
I get the question, but it can't be answered without the OP answering this "What do you want to happen now?"
Good question - I want to keep what I have The next question - how do you want to do that
The answer - to keep doing what I have been but I can't as I haven't got the money as I've tied it up in this house !
k off you whining twunt if you cant figure out what to do now other than brag on a forum you need to go and turn off the gas in a Filth style approachBuy me a Lotus?
Sensible suggestion. Do you have skills in any niche areas of building? I know a family who have a company specialising on working on listed buildings. They make a fortune for doing (comparitively) quite a small amount of work.
Sensible suggestion. Do you have skills in any niche areas of building? I know a family who have a company specialising on working on listed buildings. They make a fortune for doing (comparitively) quite a small amount of work.
Edited by vtecyo on Tuesday 3rd December 14:44
My Dad is a contractor in the building trade.
He's a site manager/contract manager overseeing large commercial jobs
Warehouse builds/fit-outs
High end property re-fits
Retail builds/fit outs
He's currently on a 6 month gig at Heathrow, overseeing the fit out of a new lounge.
It pays OK, he works when he wants to/needs to and it uses his skills without him being physically hands-on (He's 65)
Might work for you.
He's a site manager/contract manager overseeing large commercial jobs
Warehouse builds/fit-outs
High end property re-fits
Retail builds/fit outs
He's currently on a 6 month gig at Heathrow, overseeing the fit out of a new lounge.
It pays OK, he works when he wants to/needs to and it uses his skills without him being physically hands-on (He's 65)
Might work for you.
Donotgogentle said:
I made most of my money from buying a house, extending, renovating and selling on and I enjoy all of it, finding the house, working out the best layout, doing the physical work and organising the materials. Built a couple of new ones and was employed in the Building Industry for 10yrs (Site Agent, Buyer & Land Buyer)
However 3yrs ago I bought a keeper - it's great but it has tied up all my money - approx £1m
"So" Simples, find some investors who will front up some capital and don't have the skills you do. buy the house, develop, sell. Rinse, Repeat. Job jobbed. However 3yrs ago I bought a keeper - it's great but it has tied up all my money - approx £1m
There is an excellent and sobering book called "The hundred year life" that is worth a look.
I am amazed that a great number of people believe that they do not need substantial retirement assets. Many have nothing more than a home, but if they sell it they then have to rent.
I would sit down with a good financial planner and do a very realistic financial review , set some real goals for the future for you and your OH. This at least puts a floor on your expectations.
Starting to work for someone else is of course an option, but with short service ( say 20 years) you are likely to have a much reduced pension so there will be a need to have additional investments to fund retirement. At that stage you will have calculated how much you are going to need to set aside in the coming years.
I know many people prefer to work for themselves and it is a very valid option if you enjoy it and can meet your financial goals- I have always preferred big companies, but purely a personal bias.
I have no idea on a specific career but set the financial goals first. Best of luck.
I am amazed that a great number of people believe that they do not need substantial retirement assets. Many have nothing more than a home, but if they sell it they then have to rent.
I would sit down with a good financial planner and do a very realistic financial review , set some real goals for the future for you and your OH. This at least puts a floor on your expectations.
Starting to work for someone else is of course an option, but with short service ( say 20 years) you are likely to have a much reduced pension so there will be a need to have additional investments to fund retirement. At that stage you will have calculated how much you are going to need to set aside in the coming years.
I know many people prefer to work for themselves and it is a very valid option if you enjoy it and can meet your financial goals- I have always preferred big companies, but purely a personal bias.
I have no idea on a specific career but set the financial goals first. Best of luck.
I am in a very similar position.
I gave up my building business due to Brexit uncertainty, economic uncertainty and hating working for the general public.
Just like you all my money is tied up in my home and holiday cottage.
It was too much of a risk borrowing money against my families home to invest in a new project at the moment.
So (Just to annoy the grammar Nazis) I applied for hundreds of construction Site managers jobs without a sniff, I'm a Bricklayer by trade, 25+ years management experience, SMSTS, CSCS and NEBOSH qualified. Not a sniff. 1 Interview in 4 months. Applied for 1 job as a CDM/HSE manager and walked it.
Now in Europe on Hyper scale data center builds as a H&S manager on the clever stuff.
Lets see how Brexit goes and the general economy but its nice not worrying about VAT, pensions and employees.
Eventual plan is to build 1 house a year or renovate 2-3 houses for resale.
I gave up my building business due to Brexit uncertainty, economic uncertainty and hating working for the general public.
Just like you all my money is tied up in my home and holiday cottage.
It was too much of a risk borrowing money against my families home to invest in a new project at the moment.
So (Just to annoy the grammar Nazis) I applied for hundreds of construction Site managers jobs without a sniff, I'm a Bricklayer by trade, 25+ years management experience, SMSTS, CSCS and NEBOSH qualified. Not a sniff. 1 Interview in 4 months. Applied for 1 job as a CDM/HSE manager and walked it.
Now in Europe on Hyper scale data center builds as a H&S manager on the clever stuff.
Lets see how Brexit goes and the general economy but its nice not worrying about VAT, pensions and employees.
Eventual plan is to build 1 house a year or renovate 2-3 houses for resale.
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