Pride comes before the 'Fall'

Davesnave

We had a Life Plan, which went off the rails when we decided to move in 2002. We needed a very specific type of property and location for our business, so it was 'lucky' that we found the perfect place almost immediately. Unfortunately, the whole thing fell apart when the vendors decided to go to counselling rather than split up and lose their lifestyle!

Another place came along, but it was riskier than the first, so we dithered and lost it. Never mind there'd be another. Wrong. Suddenly, we were being priced out, an elderly parent we were responsible for began to go doolally and the whole moving/business thing began to look very wobbly. One last attempt in 2004 was scuppered by a failure to sell inside 6 weeks. Knowing what happened next regarding the elderly parent + a few other things, we were really fortunate to fail that time. Hindsight is a wonderful thing!

We were finally free to do what we liked in September 2007, but by then health issues had made the original plans unwise and, anyway, we were still totally priced out of the areas we'd planned to move to. That remains the case, so we're now intending to go somewhere much cheaper, where business opportunities will be totally different. Mind you, as I'm now in receipt of a pension, the prospect of our original 60 hour weeks is less appealing!

Our problem is still shifting the house. We have been SSTC three times. Each time we've lost a sale we've dropped the price, so at least we still have a string of keen 'buyers,' none of whom is sold. The same thing happened in last year's more buoyant market with another less saleable property we owned; four potential buyers and none of them able to proceed for months.

Anyway, we don't have a Plan now, nor have we looked at any properties recently. Best guess is that we'll hole up in a rental place and check out a new area/see what the economy does.

I don't feel anger. We have student BTL creeping into our area and, knowing what it's done to some of our friends' roads, we won't knowingly sell to anyone who's into that. Frustration? Perhaps, but we come from a generation where planning & waiting for things was part of life. We also have a friend who's spent the last few years working for free in African villages, so what have we 'sacrificed' by comparison?

neverdespairgirl

fc123 wrote: »

NDG, you are too young for The Life Plan...you are currently 'Going With the Flow' (I did too at 30).
Life plans kick in @ 45 when kids big etc.

I did have some plans, just not life plans - very long-term ones as well. For example, at 18 I planned to spend 4 years at Uni (LLB plus LLM) then do bar school and pupillage. 6 years' worth of education seemed a pretty long-term plan at the time!

Everyone around me seems to have the same plans. My father, boyfriend and I are all barristers. My brother has just finished bar school. My sisters escaped and are nothing to do with the law at all (-:

silvercar

We have student BTL creeping into our area and, knowing what it's done to some of our friends' roads, we won't knowingly sell to anyone who's into that.

Good on you for sticking to your principles.

We acquired a BTL as a result of following our life-plan (not sure its glorified enough for that title) and decided it would only be rented to someone who wasn't in a position to buy as opposed to a STR.

Similar story to yours but different ending. Wanted to move in 2005, got messed around in one chain. Found a better house in 2006, chain in place, then our buyers' buyer had lied-to-buy and couldn't get a mortgage. Rather than start all over again we bought our dream house and our buyers' buyers' house.

In two years I've not been interested in what the house is worth, though apparently its still worth more than we paid. I can afford my mortgage, I've been living in the house I want to. We don't plan to sell this one for 10 years plus and will probably keep the BTL for the long term.

As for the BTL, rented out immediately to a young Mum with 2 kids. She pays the rent, sometimes on time. Keeps the house beautifully and deserves a stable home to bring up her kids. Considering the deposit on it, we are probably losing money over all, but it may be a long term investment for our pension, it may be a home for one of our kids in the future.

I'm just happy that we are living where I want to live in a house I can call my own, without any pressure to watch the markets and look for a house to buy. The thought of being turfed out aof a rental and try to find another home at short notice would fill me with dread.

lostinrates

:rolleyes:

fc123 wrote: »

NDG, you are too young for The Life Plan...you are currently 'Going With the Flow' (I did too at 30).
Life plans kick in @ 45 when kids big etc.

Crikey....I'm 29...I'm just learning to accept the alterations to life plan so far, you're implying this is going to happen again?:eek: :rolleyes:

Davesnave

If you look at somewhere like Selly Oak in Birmingham, you can see where student BTL goes if taken to its logical conclusion. In a sense, that's not so bad, because everyone else has moved out......but I doubt if someone born & raised there would feel cheerful about it!

Dithering_Dad

My life plan was merely to earn enough money to be able retire comfortably. As time goes on this is transforming into plan to allow me to retire comfortably, earlier.

I hate working, always have, always will.

neverdespairgirl

Dithering_Dad wrote: »

I hate working, always have, always will.

That's a shame, when it's something you spend so much time doing.

Have you thought of changing careers to something you would enjoy more?

Dithering_Dad

neverdespairgirl wrote: »

That's a shame, when it's something you spend so much time doing.

Have you thought of changing careers to something you would enjoy more?

Not unless I can get a job that involves just generally lazing about. Perhaps something in the civil service then?

silvercar

Dithering_Dad wrote: »

Not unless I can get a job that involves just generally lazing about. Perhaps something in the civil service then?

Its a bit demoralising spending 8 hours a day with people who think working is more an attendance allowance.

fc123

lostinrates wrote: »

:rolleyes:

Crikey....I'm 29...I'm just learning to accept the alterations to life plan so far, you're implying this is going to happen again?:eek: :rolleyes:

Absolutely....I am on LifePlan G at the moment.
LifePlan A commenced in 2004.

I have a feeling that, after being trashed by the downturn, LifePlan R is the only true LifePlan to follow.

I forgot, LifePlans 1 - 99 ran from 1990 to 2003. After that, I figured letters were easier to use than numbers.