The impossible dream

Tahlullah.H

Thanks Humdinger.  One day, I hope to be where you are.  But I realise that it is one step at a time.  Tortoise and hare, every survey has a role, every considered spend makes a difference.  But as you say, the monotony of it can create a problem, where you feel you need to spend on something just to make you feel you are part of society.  But I have faith...

savingholmes

Waves @Humdinger1 and @Tahlullah.H
I like the idea of doing the Hokey cokey. Great that Humdinger you are debt free and Tahlullah you are only 3.5 years away from being MF. As someone 22 years away from such freedom - that sounds immense.

Humdinger1

@savingholmes I think as time goes by,  sometimes ways to pay it down more quickly emerge. I'll look for your diary and subscribe.  I do think we've created an alternative society on here, one that goes against the grain of consumption for the sake of it.  We know our human value isn't measured in possessions or credit limits.  When I was in the thick of it, thinking how I was resisting the relentless pressure of faceless corporations who thought I existed for their benefit alone gave me grim satisfaction.  I'm never falling for them again....

savingholmes

Thanks @Humdinger1
 My diary is pretty long - but yes fought my way down from £70K of debt. Currently divorcing - and about to take on a £202K mortgage... and breathe.

Have a good weekend all. 

Tahlullah.H

OK, it's taken a couple of days for me to truly register and take onboard what Savings said, which is - why not keep a photo if you want something to aid your memory?

I thought about it and realise that keeping a pile of stuff that holds a value and will not be realised by me in my lifetime is pointless.  I don't have children to leave it to, and even if I did, they would not appreciate it.  So, I have decided to make the effort to sell all the things that really can be sold, such as programmes and deflated balloons etc.  I need the money now, not later and nothing can take away my memories beyond illness.

I have also made the decision to downsize.  Back in 2018, I relocated down South and purchased a flat to live in.  Well, that job didn't work out too well and I moved back up North and have been in this current job since February 2020, a month before Covid hit.  So, I think it a good idea to perhaps sell the flat.  Doing this would release capital that is tied up and would really help to clear the mortgage.  As usual, I can't do it immediately, as I have to decorate etc, and I am not going to put money into this until I have finished working on the house so it's at a point I can rent out the bedroom as planned.  I am aiming to do that next spring.  So, I hope to start working on the flat in Spring of 2022 and perhaps sell it and pay the money into the mortgage by September 2022 at the latest.

Perhaps good fortune will shine on me this time.  If the plan works, the good side is I will hopefully clear the mortgage by the end of the year.  The down side is I will be left with a pile of furniture that I do not need as my house is already fully furnished.  Oh well, I will worry about that when I am getting close to a sale.

Right, that is my plan for 2022.  Sell the flat.  Until then, continue to pay down the mortgage as and when I can, whilst looking to sell all the things I no longer need and hold a value.  Things that are just taking up residence in my home and serve no use.

I am determined to be at a point when I can consider early retirement and that can only happen if I don't have a mortgage.  When I die, I hope that my tombstone will say 'she planned to pay off the mortgage!'

savingholmes

Tahlullah.H said:

OK, it's taken a couple of days for me to truly register and take onboard what Savings said, which is - why not keep a photo if you want something to aid your memory?

I thought about it and realise that keeping a pile of stuff that holds a value and will not be realised by me in my lifetime is pointless.  I don't have children to leave it to, and even if I did, they would not appreciate it.  So, I have decided to make the effort to sell all the things that really can be sold, such as programmes and deflated balloons etc.  I need the money now, not later and nothing can take away my memories beyond illness.

Wow - I never expected a one liner to have so much impact... Sounds like you've been thinking about this at some level before. I certainly think that if it helps you realise your dreams and be able to go out with your campervan sooner - that sounds really positive. I find more and more I am valuing experiences rather than stuff.

I have also made the decision to downsize.  Back in 2018, I relocated down South and purchased a flat to live in.  Well, that job didn't work out too well and I moved back up North and have been in this current job since February 2020, a month before Covid hit.  So, I think it a good idea to perhaps sell the flat.  Doing this would release capital that is tied up and would really help to clear the mortgage.  As usual, I can't do it immediately, as I have to decorate etc, and I am not going to put money into this until I have finished working on the house so it's at a point I can rent out the bedroom as planned.  I am aiming to do that next spring.  So, I hope to start working on the flat in Spring of 2022 and perhaps sell it and pay the money into the mortgage by September 2022 at the latest.

Perhaps good fortune will shine on me this time.  If the plan works, the good side is I will hopefully clear the mortgage by the end of the year.  The down side is I will be left with a pile of furniture that I do not need as my house is already fully furnished.  Oh well, I will worry about that when I am getting close to a sale.

Right, that is my plan for 2022.  Sell the flat.  Until then, continue to pay down the mortgage as and when I can, whilst looking to sell all the things I no longer need and hold a value.  Things that are just taking up residence in my home and serve no use.

I am determined to be at a point when I can consider early retirement and that can only happen if I don't have a mortgage.  When I die, I hope that my tombstone will say 'she planned to pay off the mortgage!'

Will selling enable you to repay the whole mortgage?

Does it definitely need redecorating or is that a form or procrastination? The market is hot at the moment but if interest rates rise - property values could drop. No guarantees of course either way. Could you get a valuation sooner and then decide whether it is really worth waiting and redecorating? Would decluttering help you achieve the same thing with less effort? I found even changing a set of curtains and changing some pictures and mirrors made a big difference to how the place feels.

I think the 'beautiful, useful and memorable / sentimental' key words are good to apply to belongings. I want to get to the point where more of mine are all 3 and cause me genuine joy and delight when I look at them.

Good luck with your plans. 

Tahlullah.H

Yes, selling would allow me to repay the whole mortgage, but it really does need decorating.  I got it stupidly cheap when I bought, because people are looking for show homes for their first property, having grown up assuming that their first place will look like something out of House & Home.  As it didn't, it was being overlooked.

My intention was to do it up as I planned to be working down south long term, but my home in Wales took precedence along with all the trauma that was happening in my life, so I never got round to it.  So, now I need to give it some attention.  It needs a new kitchen and bathroom and painting, inside and out.  It is all possible and because it isn't urgent, it can happen at a slower, more leisurely pace.  And at that point, I can start to contemplate the joys of Capital Gains Tax.  But until then, it can wait.  Perhaps if I am lucky, it wont have gone up that much in value and I will get back what I put in to buy it in the first place so no CGT.

Anyway, I think some of the furniture can go into the flat that the tenant sold most of my furniture from.  I bought cheaply to replace it so there was something in it when the new tenant moved in, but I can hopefully swap out the cheap for the good stuff, so not have to get rid of good stuff and he benefits.

This is going to be another humongous task.  It starts small when said out loud, but it is always bigger and more complicated when reality strikes.  Anyway, onwards on upwards.  One job at a time.  Stage 1.  Complete the house so I can rent the bedroom for summer.  Stage 2.  Do up the flat down south.  Stage 3.  Sell flat down south and pay off mortgage, assuming there is no other major mishap on the way such as losing my job before I have competed the sale. 

Still the long march to mortgage freedom, but I can see an end date of before my 60th birthday.

savingholmes

Trying to keep this straight in my head. Is there more than one flat?

Or you have a good tenant now but had a crazy bad one before who sold your stuff? Yikes.

I think you're wise to tackle it in phases. As you say you have enough to do for now to finish the house renovations.

Can you offset some of the costs of doing the place up against CGT? Someone else can advise you on that I'm sure...

Great that you feel you have a plan that is helping you get closer to your desired mortgage freedom date rather than further away

Tahlullah.H

Thanks for the positivity Savings.  Having a plan means you are more likely than not to achieve your aim.  A goal without a plan is just a wish.

savingholmes

Jim Rohn? Tony?

You will get there. 

Have you got a bucket list of what you want to do with your free time when you retire?