What changes can we make to our lives to deal with the economic and energy crises ahead? Have you already started making preparations? Got tips to share?
vtsnowedin wrote: I'd go for it TB. If things go into the dustbin there will be a lot of people in trouble at the same time. If you buy the house and then lose your job it will take much longer for them to foreclose on you and put you into the street then a landlord needs to put you out if you can't pay the rent.
We are going through with it, my view is that what we are doing is a bit of a gamble, but then I think the next 6-7 years will be a period of economic stagnation rather than total meltdown. We may get another 2008 style crash in this period, but then I kept my job during the last one and the company I worked for actually started to do better!
If I do lose my job - I can always downsize and have the buffer of circa 6 months redundancy to tie us over whilst we sold up.
If I cannot sell it - then I will move the parents and in laws! in!
In the new house - we will have a spare double room, I was thinking about getting a lodger, which would return circa 320 quid a month, which would help pay off the mortgage capital a lot quicker.
TB You could try Helpx.net for some short term help to find out how you like having some-one else in the house? (Admittedly, no money contribution.)
Having others in your house is something that takes a bit of getting used to, and doing a couple of short stay Helpx type hostings might give you an idea of what sort of problems you might encounter....
And then you can take a fresh start with the "rules" (for want of a better word) in place when you take on a lodger...
Just a thought. Might get your garden work started too....
Totally_Baffled wrote:Hi Guys/Gals
In the new house - we will have a spare double room, I was thinking about getting a lodger, which would return circa 320 quid a month, which would help pay off the mortgage capital a lot quicker.
Has anyone any experience/tips in this area?
Guidance appreciated!
Seems a lot for a lodger....
Maybe doable, but probably not SHTF.
Totally_Baffled wrote:Hi Guys/Gals
In the new house - we will have a spare double room, I was thinking about getting a lodger, which would return circa 320 quid a month, which would help pay off the mortgage capital a lot quicker.
Has anyone any experience/tips in this area?
Guidance appreciated!
Seems a lot for a lodger....
Maybe doable, but probably not SHTF.
lol yeah I know - I did check out prices for my area though. Might have to lower if the economical goes balls up
I've had a lodger when I was living alone. Good experience - nice chap, Indian programmer, we're still in touch. If you can get the right one, go for it.
I also let my former neighbour stay for a few days when he got back from the USA, but had to ask him to leave after I realised he'd a) spunked EVERYTHING he had made from the sale of his house, b) spunked the fifty quid float I'd given him, and c) was robbing my £2 coins. Difficult few days that.
Think about a Monday-Friday (or Mon-Thurs) lodger. There are often blokes around who are working away from their home during the week, on contracts. It means you have some holiday from the lodger every week, and the rates are not much different.
woodpecker wrote:Think about a Monday-Friday (or Mon-Thurs) lodger. There are often blokes around who are working away from their home during the week, on contracts. It means you have some holiday from the lodger every week, and the rates are not much different.
featherstick wrote:I've had a lodger when I was living alone. Good experience - nice chap, Indian programmer, we're still in touch. If you can get the right one, go for it.
I also let my former neighbour stay for a few days when he got back from the USA, but had to ask him to leave after I realised he'd a) spunked EVERYTHING he had made from the sale of his house, b) spunked the fifty quid float I'd given him, and c) was robbing my £2 coins. Difficult few days that.
Sorry to hear that, that must have been a nightmare.
This is my one fear is getting a bad one. I have found a website with some good advice on protecting yourself against certain risks (eg set up standing orders for payment, deposits, maybe a contract with a solicitor etc) Funnily enough the webby is www.lodgers.com
Is it wrong for me to only consider lodgers that would not be a physical threat? In other words if I get a 6'5 male lodger built like a tank who turns out to be a nightmare - I wouldnt be able to physically throw him out!?
Female lodgers are best, they're cleaner mostly and sometimes end up helping out around the house. Of course some of them drink like fish and bring random dudes home on the weekends.
I'd go for it TB. If things go into the dustbin there will be a lot of people in trouble at the same time. If you buy the house and then lose your job it will take much longer for them to foreclose on you and put you into the street then a landlord needs to put you out if you can't pay the rent.
