Discussion
Not sure why I made this post other than to get some perspective and perhaps wonder what others would do.
At the ripe old age of 46 I find myself having to start again so bought a house in a nice location in a sought after village, I'm going to be paying the 50% mortgage until I'm 68 unless I over pay.
I quite like my own company but coming from a city I'm having difficulty adjusting to the 6 mile drive for a pint of milk and the quiet although I'm sure I'll get used to it.
My Step mother has recently passed away and my dad has pointed out he's rattling around in his house and has suggested I move in with him and rent out my house which I could do for about 1k a month. I'd then be about to invest enough from my salary to buy the house outright in 5-6 years being mortgage free at 51-52 at which point I move back in or sell it and buy one closer to civilisation.
Am I mad to even think it?
At the ripe old age of 46 I find myself having to start again so bought a house in a nice location in a sought after village, I'm going to be paying the 50% mortgage until I'm 68 unless I over pay.
I quite like my own company but coming from a city I'm having difficulty adjusting to the 6 mile drive for a pint of milk and the quiet although I'm sure I'll get used to it.
My Step mother has recently passed away and my dad has pointed out he's rattling around in his house and has suggested I move in with him and rent out my house which I could do for about 1k a month. I'd then be about to invest enough from my salary to buy the house outright in 5-6 years being mortgage free at 51-52 at which point I move back in or sell it and buy one closer to civilisation.
Am I mad to even think it?
often I think people overlook the value of renting out a house that is a better investment location and use the rent income to fund a house somewhere else where it may not be smarter to buy.
Sounds like a decent plan if you actually want to live were the old man is and it's big enough?
I guess with the additional 5-8% (probably) Stamp duty robbery it means this sort of option is possibly more attractive rather than buying a second place to live in etc.
Sounds like a good plan.
Sounds like a decent plan if you actually want to live were the old man is and it's big enough?
I guess with the additional 5-8% (probably) Stamp duty robbery it means this sort of option is possibly more attractive rather than buying a second place to live in etc.
Sounds like a good plan.
I suppose it depends on how well you get on with your father. There's no way I could do it and if Mrs Toon and the kids left me, I'd be looking forward to living on my own again rather than having someone else in the house full time.
That said, moving in would give you some freedoms that you can enjoy earlier in life. I started again at 30 and it set me back years in terms of the mortgage. I'm 44 next month and I could have had the original one paid off now. Having no mortgage gives you options for early retirement or taking a less stressful job. That's very important to me. I'm overpaying my mortgage now but I'll still not have that paid off until I'm 59.
That said, moving in would give you some freedoms that you can enjoy earlier in life. I started again at 30 and it set me back years in terms of the mortgage. I'm 44 next month and I could have had the original one paid off now. Having no mortgage gives you options for early retirement or taking a less stressful job. That's very important to me. I'm overpaying my mortgage now but I'll still not have that paid off until I'm 59.
Impossible to answer without knowing your relationship with your dad and what sort of place he's got. Then there's who does what housework and the fact that no matter how old you are, you always seem to somehow end up back in a parent/child relationship if you spend too long with your folks.
If it's a grudging rerlationship and he lives in a small flat with one bathroom where you'd be sat on the toilet with him rattling the door desperate to use the loo, probably a bad idea.
If he's like your best mate and lives in a forty bedroom mansion with full staff, happy days maybe it would be great!
The truth is probably somewhere in between, in which case you're going to need to work this one out yourself.
If it's a grudging rerlationship and he lives in a small flat with one bathroom where you'd be sat on the toilet with him rattling the door desperate to use the loo, probably a bad idea.
If he's like your best mate and lives in a forty bedroom mansion with full staff, happy days maybe it would be great!
The truth is probably somewhere in between, in which case you're going to need to work this one out yourself.
I get on great with him, he comes to see me most days since his wife died although he does encourage me a little too much to go for a pint, he lives in a 4 bed on his own.
But you know living with my dad and all that at 46, very Timothy Lumsden, not going to impress anyone is it however on the upside mortgage free in 5 years.
I'm probably having a crisis being a city lad living miles from the nearest shop
But you know living with my dad and all that at 46, very Timothy Lumsden, not going to impress anyone is it however on the upside mortgage free in 5 years.
I'm probably having a crisis being a city lad living miles from the nearest shop
sagarich said:
Paddy_N_Murphy said:
If you intend to live on your jack jones for ever and w
k in a sock, well, thats different.
Socks come in pairs so one for you. one for your dad.
k in a sock, well, thats different.Socks come in pairs so one for you. one for your dad.
In reality it's probably my dad trying to convince me as he's always pointing out I'll be mortgage free and I can travel the world, many places make people redundant in their 50s and you wouldn't want to lose your house when your 60 would you........ the git.
I'll see how I feel in a few months.
Paddy_N_Murphy said:
You need to start getting on the dating scene. Firstly being balls deep will remind you there is more to life that living with your dad to pay off your mortgage.
(as will the weirdness of taking your new lady back to dads house for a rogering)
You may also find that Two houses become one after a few years anyway
If you intend to live on your jack jones for ever and wk in a sock, well, thats different.
Socks come in pairs so one for you. one for your dad.
Whilst you have created quite a colourful image, I have to say, that is quite good advice. (as will the weirdness of taking your new lady back to dads house for a rogering)
You may also find that Two houses become one after a few years anyway
If you intend to live on your jack jones for ever and w
k in a sock, well, thats different.Socks come in pairs so one for you. one for your dad.
Why do you need a house? (anchor)
Makes you tax resident most of the time. Also requires maintenance, management, insurance etc.
If you want to travel the world why not do it without any encumbrances!?
You can always rent as and when you like..
Too much conventional thinking in regards to houses imo. Its very limiting. But the taxman loves them.
https://seekingalpha.com/article/4101909-stocks-vs...
Makes you tax resident most of the time. Also requires maintenance, management, insurance etc.
If you want to travel the world why not do it without any encumbrances!?
You can always rent as and when you like..
Too much conventional thinking in regards to houses imo. Its very limiting. But the taxman loves them.
https://seekingalpha.com/article/4101909-stocks-vs...
Sheets Tabuer said:
I get on great with him, he comes to see me most days since his wife died although he does encourage me a little too much to go for a pint, he lives in a 4 bed on his own.
But you know living with my dad and all that at 46, very Timothy Lumsden, not going to impress anyone is it however on the upside mortgage free in 5 years.
I'm probably having a crisis being a city lad living miles from the nearest shop
thinks like Marlin Apartments are your friend. Do both. Live with your dad..........if you pull some extra curricula activity just drop 100 quid for a hotel or Marlin at the end of the night.But you know living with my dad and all that at 46, very Timothy Lumsden, not going to impress anyone is it however on the upside mortgage free in 5 years.
I'm probably having a crisis being a city lad living miles from the nearest shop
If the 'lady' in question doesn't take the bait - you still have a nice big bed on your own and a big TV to chill out and sleep in near work.
It never has to be one or the other!
I've used Marlin Apartments extensively and if you pick the right building they're excellent. A number of other companies do serviced apartments.
Gassing Station | Finance | Top of Page | What's New | My Stuff