How to use £160K to support me for the next 30 years?

bendix

Ally1205 wrote: »

Good point about working part-time. Yes, that's an option I'll consider. I can easily make enough to cover food, working just one day a week. If I sell the house, I'll have to pay rent though, and that would be between £70 and £100 a week if I stay in my current vicinity.

The only overseas relatives I have are in Canada. I have friends in the US. N.America isn't as cheap as China, of course, but perhaps cheaper than the UK. I don't think I'd want to live in China. India would appeal more. But realistically, I'd rather be in an English-speaking country, where the climate is tolerable all year round.

Thanks,
A

Retire to India or China? LOL . . seriously, mate, you haven't really thought this through properly, have you?

bigbigmamamoo

are there ways you could make money from your house?

a lodger
rent it out for a year, while you travel to Canada or India and see if you could live there
grow vegetables and fruit
provide holiday homes for pets

Ally1205

bigbigmamamoo wrote: »

are there ways you could make money from your house?

a lodger
rent it out for a year, while you travel to Canada or India and see if you could live there
grow vegetables and fruit
provide holiday homes for pets

Thanks for the suggestion. You've got a very good point there. Actually the house is located in a beautiful spot with a sea view in Dorset, so I could get about £1500 a month rent for it during the holiday season. I think I may have to do that, as I'm currently £7,000 in debt and struggling to meet the monthly payments, as I'm on a low income. Just one summer of letting could go a long way to paying off that debt, if I manage it successfully. (House needs licking into shape a bit first.) I donl't mind living in my camper van throughout the summer; in fact, I'd enjoy that.

A

Vaila

Ally1205 wrote: »

Thanks for the suggestion. You've got a very good point there. Actually the house is located in a beautiful spot with a sea view in Dorset, so I could get about £1500 a month rent for it during the holiday season. I think I may have to do that, as I'm currently £7,000 in debt and struggling to meet the monthly payments, as I'm on a low income. Just one summer of letting could go a long way to paying off that debt, if I manage it successfully. (House needs licking into shape a bit first.) I donl't mind living in my camper van throughout the summer; in fact, I'd enjoy that.

A

ive been to loads of self catering holidays where the owner (if the garden is large enough) lives in their caravan at the end of the garden. im not sure if this could be an option, but would ev en downsizing give you some money to pay of debts

ninjaryder

bendix wrote: »

Retire to India or China? LOL . . seriously, mate, you haven't really thought this through properly, have you?

I have heard the health care is very good in India and China,not that the likelyhood of needing these increase as you get older !

getmore4less

Ally1205 wrote: »

I'm fairly used to living at subsistence level.

Thats handy.......

Ally1205 wrote: »

as I'm currently £7,000 in debt and struggling to meet the monthly payments

woops, not that good then

I think your dream of early retirement on the proceeds of your house is a non starter.

bendix

getmore4less wrote: »

Thats handy.......




woops, not that good then

I think your dream of early retirement on the proceeds of your house is a non starter.

Finally a much needed dose of realism.

It seems to me the OP has negative liquid assets - he's in debt, has no savings and no pension and his only asset is a house.

Sorry, mate, but early retirement is not a prospect. You talk about living in a cheap place like India, but you're 57 and - sorry to say this - it doesnt sound as if you're particularly worldly or well-travelled. Living in a third world country - particularly for an old guy - would be a nightmare.

What about your increasing healthcare needs, for example? They don't have the NHS for you over there, you know.

Ally1205

arran_m wrote: »

ive been to loads of self catering holidays where the owner (if the garden is large enough) lives in their caravan at the end of the garden. im not sure if this could be an option, but would ev en downsizing give you some money to pay of debts

Hi Arran, Yes, that is an option, probably. I happen to have a very long garden, too, so me and the tenants wouldn't be getting in each other's hair. Downsizing: Yes, also an option, but perhaps a last resort, as I have moved twice in the last couple of years, and don't know if I could handly the stress of going through it yet again, so soon. I only bought this house 6 months ago, and still haven't finished unpacking...

A

joeblack066

bendix wrote: »

You're 57 and your only asset is a house? Didn't it occur to you to save a bit at the same time, or put some money into a pension?

By the way, if you think cheap living in other countries is the answer to all your issues, forget it. Most of the Brits i see who head overseas to live cheaply spend all the time in English pubs paying inflated prices, buying English newspapers and eating English breakfasts in English cafes.

They usually spend their money quickly - thinking wrongly that they are !!!!-of-the-hoop over the locals - and come home penniless after a few years living like a King.

Tad judgemental, this? I would LOVE to have a fully paid up house by the time I'm 57, but doubt that this will happen. At 47, I have spent my wages raising my kids to fully working adults, after their scumbag father did a runner, haven't claimed benefits, and have never been able to save much at all. So many congrats from me to the OP with a paid up house!!

Hemichromis

Indeed, Untill very recently putting all your money in our house seemed like a sound investment.