Gap Year ...?!

rustie

Oldernotwiser wrote: »

My friend's just come back from a round the world gap year to celebrate her 60th birthday; amongst other things, she worked for a couple of months on a sheep farm in Australia and rode a Harley Davidson in the bush country for a week. All of this was done on her own.

Go for it!

Thanks Oldernotwiser! you sound like my kinda guy!!

Yup...whether it's the doom and gloom here, or the fact that suddenly life seems to short to waste on the daily grind, we both feel that as we are lucky enough to be able to do this - we should!

rustie

ausanglier wrote: »

Yes I agree go for it.
But I don't like the sound of those two mortgages you have.
It's difficult to offer advice, although everybody's jumping in and saying go for it, without knowing how much you owe on the two mortgaged properties. Also we would need to know the true value of all three properties in these bad times. Also at your age, how's your pension provision, you may come back from your adventure and never be able to get another job.

Thanks Ausanglier - a voice of caution - thankyou..! Hubbie would agree with you as the mortgages are the things he worries about...
The flat has 115k owing - the rent (long term) currently covers this + contignency - and the house has 490k - rental in the area would cover this (we are on a tracker) + give us approx 1k income after paying mortgage...
The house which is paid for gives us 700.00 per month ...

Pension = property + small personal ones...

Work - hubbie is a carpenter / builder and I have teaching + IT + Special Needs IT/teaching...

What do you think...?

I am so grateful for all the replies on here ...

rustie

Eliza wrote: »

why not rent one for a couple of weeks now and see how you get on. I have a tiny campervan and while obviously you have to adapt, the freedom is wonderful and you get used to it. I wouldn't use it to full time in,but I have been seriously thinking of getting a bigger one and full timing in that.

Eliza

Thanks Eliza - we will more than likely rent one as you say - have to try it first! Our daughter & boyfriend have a campervan which they love - but it is small and I need a few creature comforts...a good nights sleep for one - living minimally does appeal and combined with the open road - what's not to like!
Thanks again...

rustie

missile wrote: »

We retired early rented our house and moved to sunny spain and throroughly enjoyed it. We are now back in UK, both working part time and enjoying that too. Next we shall ... ?

Fine for a short vacation, but I would not like to live in a motorhome for a year. You can afford it and if that is your dream, then go for it.

Thanks Missile - interesting to hear about your experiences...how come you returned to UK..? I guess you're back in your old home..?

Who knows whats next...?! That's what's so exciting!!

rustie

cavework wrote: »

OH Please GO FOR IT!!
Hopefully we wiil follow you in a couple of years
x

Hey Cavework! Now that's the kind of reply I like!

Am setting up a blog to document progress / thoughts and feelings / decisions - who knows what tomorrow may bring..?!

getmore4less

http://www.theworldisourlobster.com/The_World_Is_Our_Lobster/HOME.html

these people have done it

Savvy_Sue

rustie wrote: »

Work - hubbie is a carpenter / builder

This is a thought related to the renting out: presumably atm if anything needs doing, DH does it. When you are no longer 'on the spot', costs will rise if you need to pay someone else to do it, or pay a letting agent, etc etc etc. Plus you may have longer 'gaps' in the tenancies, or more frequent changes, because you won't be on hand to 'check out' new tenants.

So estimate cautiously on that side of the income, don't assume that you'll get anything like as much 'profit' as you do at present.

missile

rustie wrote: »

Thanks Missile - interesting to hear about your experiences...how come you returned to UK..? I guess you're back in your old home..?

Who knows whats next...?! That's what's so exciting!!

Hope our experience is of interest.

We bought a villa in spain in 2002, rented our home in the UK. First tenant was OK, second was a pain in the .... We employed an agent and had a call out service for maintenance but they still phoned us about every little problem. On a bank holiday weekend, it is no joke arranging an electrician from a foreign country to carry out emergency repairs to central heating. Turned out all he had to do was reset the time clock!

I expect you may have had similar tenants and know that being a LL can be hard work.

After a few years we were spending more and more time in the UK. We bought a flat in the UK 2006 and have recently sold our house in the sun. We enjoyed our time in spain, but after nine years it is time to try something else.

ausanglier

rustie wrote: »

Thanks Ausanglier - a voice of caution - thankyou..! Hubbie would agree with you as the mortgages are the things he worries about...
The flat has 115k owing - the rent (long term) currently covers this + contignency - and the house has 490k - rental in the area would cover this (we are on a tracker) + give us approx 1k income after paying mortgage...
The house which is paid for gives us 700.00 per month ...

Pension = property + small personal ones...

Work - hubbie is a carpenter / builder and I have teaching + IT + Special Needs IT/teaching...

What do you think...?

I am so grateful for all the replies on here ...

So your income from rental would be, when you go on your trip, £1700 a month is that correct? And you owe a total of £605K in home loans? Which will be covered by rental income.
Well you could do the sums again with say a 8% or 9% mortgage rate which it is possible will soon be coming our way. I can remember paying 15% a few years back. That would be far to scary for me.

elljay

If I was in your position I would sell up completely and get rid of the worries. Then you are free to full time travel for a year or several years. When you decide to settle down again you could either buy somewhere smaller if you have the money left or just rent. I would be worrying about my property, my tenants, potential lack of cash flow so much that I wouldn't enjoy the travelling. As someone else has said, buy yourself that freedom and fun!