What would you do?

FatVonD

Apologies if this doesn't make perfect sense and is all a bit of a jumble but it will be a reflection of what's going on in my head at the moment

So, I'm due to be made redundant (again) in 2 weeks time. I have applied for a few jobs and been shortlisted for two of them, didn't get the first one and am waiting to hear about a second interview for the other.

The last time I was made redundant I was able to freelance but the industry I work in is going down the toilet with the biggest employer in the field having made 150 people redundant a few months back. Most available jobs are at entry level with more senior ones being where the cutbacks are being made (typically three departments will be merged into one with just one head of department IYSWIM.)

I've earned too much so far this year to be entitled to anything more than contributions-based JSA but next tax year we would be eligible to claim WTC and FTC as DH is on a low wage.

I'm not entitled to redundancy though my present employer is paying me a 'goodwill' sum to stay until my redundancy date.

I attended a recruitment evening for seasonal workers at a local supermarket the other night and I'm fairly sure they'll offer me work through December.

I've been looking into downsizing (from 2-bed cottage to 2-bed flat) which would mean I would be mortgage free BUT... I live in an area where house prices are predicted to rise by 20+% next year and am loathe to move and then see prices rocket (ie 20% increase on my house will be more than £60k, 20% on a flat would be £40k and I'd rather move with an extra £20k in my pocket.)

The way I see it my options are:

Take the supermarket job (if it's offered) and the pay from that coupled with the goodwill sum will pay the mortgage etc through to April when we can then claim benefits. Keep looking for a job. Stay in the house as long as possible to maximize any increase in value before selling (or not selling if i get a job.)

Take the supermarket job (if it's offered) and put the house on the market sooner rather than later then, if they ask me to stay on after Christmas (there are full time vacancies) I can afford to work for less money having no mortgage OR if I got freelance work of just a couple of weeks each month I would be better off than I am now with a job (and mortgage) and if I got a job in my own industry again I would be loaded and could have holdays and save for my retirement.

What would you do?

PS That extra £20k would mean I was debt free as well as mortgage free.

sassyblue

Sorry to hear this fvd, the thing about housing is it's all relative, your cottage could go up by £20k but how much would the flat you mentioned increase too? Sorry I'm not much more help

silvercar

Now isn't the right time of year to sell a house.

browneyedbazzi

If I were in your situation I'd probably try to manage in the house until the new year at least - preferably until early spring as you're likely to get a better price for the property then.

Also, don't assume there won't be any freelance work just because employers in your field of work are making people redundant. I've worked a couple of places where they made mass redundancies then couldn't cope with the transitional period and ended up getting staff in on temporary contracts to help them through the gap.

Whatever you choose, I hope it all works out for you!

Dunroamin

Could you take in a lodger?

balletshoes

silvercar wrote: »

Now isn't the right time of year to sell a house.

This ^^^^. Hang on to your house until spring then see what the situation is.

duchy

This time of year the home market is flat. Hang on til Spring -spend the time sprucing the house up to be ready to sell..... freshen up paintwork, declutter, maybe ask friends with a fresh eye if they's suggest different furniture arrangements etc a bit of a be your own house doctor so when you DO go on the market your home is irresistible to buyers

FatVonD

sassyblue wrote: »

Sorry to hear this fvd, the thing about housing is it's all relative, your cottage could go up by £20k but how much would the flat you mentioned increase too? Sorry I'm not much more help

I know what you mean but I think that when you are downsizing is the only time you want a huge increase because the property you are selling will increase by more (if the increase percentages are the same) rather than the gap between what you have and what you want increasing. (I've not explained that very well!)

Dunroamin wrote: »

Could you take in a lodger?

No chance of taking in a lodger, Dunroamin, our bedrooms are full to capacity!

browneyedbazzi wrote: »

Also, don't assume there won't be any freelance work just because employers in your field of work are making people redundant. I've worked a couple of places where they made mass redundancies then couldn't cope with the transitional period and ended up getting staff in on temporary contracts to help them through the gap.

Whatever you choose, I hope it all works out for you!

Thanks, bazzi.

Initially I thought I was going to be made redundant in May and put feelers out then and was offered two lengthy bookings but had to turn them down but that was in the period that the 150 people were excluded from working for that company. That period is up now so there are more people looking for work from the same pool but fingers crossed it's only a matter of time.

silvercar wrote: »

Now isn't the right time of year to sell a house.

browneyedbazzi wrote: »

If I were in your situation I'd probably try to manage in the house until the new year at least - preferably until early spring as you're likely to get a better price for the property then.

Whatever you choose, I hope it all works out for you!

balletshoes wrote: »

This ^^^^. Hang on to your house until spring then see what the situation is.

Thank you all, I know you're right, I'm just panicking a bit!

FatVonD

duchy wrote: »

This time of year the home market is flat. Hang on til Spring -spend the time sprucing the house up to be ready to sell..... freshen up paintwork, declutter, maybe ask friends with a fresh eye if they's suggest different furniture arrangements etc a bit of a be your own house doctor so when you DO go on the market your home is irresistible to buyers

That's a good idea, Duchy, if I have time on my hands I can declutter, give the house a coat of paint and sort out the front garden which is a bit of a wilderness.

I had accidentally paid off my CC twice in one month so have used my credit balance to pay for my son's train ticket to the end of this academic year so I know that whatever happens he can get to college which was one of my main worries!

duchy

It makes it feel like you're not delaying things......but making plans and preparations to go full steam ahead when the home market is at optimum for selling......which feels very different to "having to wait"

Definitely sort out the garden !!! Nothing more off putting than a wilderness to buyers.....Mine's a nightmare at the moment and as I'm thinking of selling I know it's on the must do list

FatVonD

duchy wrote: »

It makes it feel like you're not delaying things......but making plans and preparations to go full steam ahead when the home market is at optimum for selling......which feels very different to "having to wait"

That's very true, I think half of my panic is due to wanting to be proactive.

duchy wrote: »

Definitely sort out the garden !!! Nothing more off putting than a wilderness to buyers.....Mine's a nightmare at the moment and as I'm thinking of selling I know it's on the must do list

When I say wilderness, it's actually only 5ft deep :rotfl: but the shrubs are very mature (read overgrown) and the floor is carpeted in ivy (which I love but other people might not but that's a whole other thread!)