should i rent out my house and move back with parents?

swanster_2

Hello, I am new to this! I could really do with some advice...

For the past three years I have been married and owned my own home. Things "were" going well until recently I had my hours cut to a 4 day working week, and there is now possibility of having to go down to a 3 day week. If this is the case our finances will be VERY tight.

The thought of moving back in with my parents has crossed my mind (much to my husbands horror!). But to me this seems the most practical thing to do as we could rent our house out (avoid losing it) and more than likely be able to save some money up for when we moved back in, (which would either be when I have found myself a new job or work picks back up) but am I living in a dream world?!

How difficult is it to rent a property out in todays market? What costs would be involved?

Any advice would be much appreciated!

Meenu

Hi
its currently a liability for you and by renting you could make it into an asset.
I have friends who moved back home for a year and they found a managing agent. They found it a good move because the financial stress was getting too much. If you share an okay relationship with your parents it seems like a solution, remember its only temporary.

McKneff

Could you look for another job to fill in the 2 spare days, or a bar job at night.
I'm not surprised that your OH is horrified.

Can you get a lodger in to tide you over.

Have you spoken to your parents about this.

Much as i love them dearly I know what i would be telling my Son or Daughter if they came up with that idea and move their spouses in as well just so that they could save some money - no thanks dears, making your bed etc springs to mind.

I think you'd be as well putting yourself in your parents shoes and ask only as a last resort

Good luck to you both.

GracieP

What are the terms of your mortgage agreement? The odds are you will be breaking them if you let the house out.

swanster_2

Luckily I do have a good relationship with my parents, but it would be a last resort really as I don't particularly want to lose my independance, but besides borrowing money I can't see another way through this.

As much as I would like to have a lodger, i think it would be quite difficult as our spare room is quite small.

Friends and family have been kind to find me cleaning and odd jobs to do on my day off but I dont think there would be enough jobs to go around to keep me going for 2 days a week. I am searching for other work but have had no luck so far

Meenu

I think if your parents needed help you would assist and it is only temporary

GDB2222

GracieP wrote: »

What are the terms of your mortgage agreement? The odds are you will be breaking them if you let the house out.

That's overstating the position, but you will need to get agreement from your lender (which is likely to be given).

GracieP

GDB2222 wrote: »

That's overstating the position, but you will need to get agreement from your lender (which is likely to be given).

Unless the OP has a fixed term mortgage, in which case they may have to pay a penalty in order to change.

mlz1413

having had my mother move in with me for 6 months which turned into 2 years I can hand on heart say it is very hard. But it is much easier to move back to your own parents home, ie your husband's horror. (I gather moving in with his parents is not an option)

Have you signed on with any agencies? if not get yourself registered for temp and permanent work, just pay basic rate tax on any earnings whilst you still have your job.