How easy to let entire property if I lose job?

Thrugelmir

Ensure that build up an emergency fund of 6 months expenditure. That way you'll have breathing space should the roof fall in so to speak.

PanicPlan

Hi all,

thanks again. Yep, my top priorities are to build up that 6 month savings buffer should things go wrong and take in a lodger asap.

In truth, the place needs a lick of paint, carpet and furniture so realistically it'll be at least 6 months before I'm in a position to take in the lodger, but it's on the roadmap.

I hadn't considered the possibility of a Mon-Fri lodger, I'm assuming these are as rare as unicorns as it sounds like the perfect way to save without really feeling the effect of sharing?

Mojisola

PanicPlan wrote: »

I hadn't considered the possibility of a Mon-Fri lodger, I'm assuming these are as rare as unicorns as it sounds like the perfect way to save without really feeling the effect of sharing?

Not at all. There are a lot of people who need to live near work but want to spend the weekends at the family home.
https://www.spareroom.co.uk/monday-to-friday/

amnblog

Have you considered insuring against redundancy?

Prothet_of_Doom

PanicPlan wrote: »

I hadn't considered the possibility of a Mon-Fri lodger, I'm assuming these are as rare as unicorns as it sounds like the perfect way to save without really feeling the effect of sharing?

Well, I do contract work, and have yet to find a contract where I'm not living away from home 4 nights a week. I know other people who are doing the same.

PanicPlan

Thanks again.

amnblog - insurance was my original plan, but because I'm registered as "self employed" to allow me to do occasional freelance work if the opportunity arises, it looks like this isn't an option. To get cover, I would have to give up freelance and declare that to HMRC, then I should be able to get cover. But I'd really rather not shut down my chance to earn/save more.

Prothet of Doom- Sounds like you'd be exactly the type of person I'd be looking for, I hadn't thought about contract workers. Out of interest for future planning, would you ever consider lodging in a single-bed room? I suspect I'll have trouble renting a single.

Thanks

Mojisola

PanicPlan wrote: »

I suspect I'll have trouble renting a single.

My OH worked away from home for ages - he rented a single bedroom. He worked long hours so just needed somewhere to make a meal and sleep. There's a lot of people doing the same.

Prothet_of_Doom

PanicPlan wrote: »

Thanks again.



Prothet of Doom- Sounds like you'd be exactly the type of person I'd be looking for, I hadn't thought about contract workers. Out of interest for future planning, would you ever consider lodging in a single-bed room? I suspect I'll have trouble renting a single.

Thanks

I would rather a tiny single room, with a wardrobe and a desk, then a double with chests of draws, and lots of space that I am not going to use.

In 4.5 years I have had 6 months in a friends granny flat, 6 months in a single room with no desk and no wardrobe, but lots of shelves, 1 year in a single room, where I found a desk out of the paper for £5. (Delivered) (Son has it now at university)
9 months in a single room with same desk, 1 month in the house of a nutter with double room, and no room for a desk.
4 months in a double with no other furniture.
and 6 months in self contained studio cottage (on a farm) with a single room (5 x 7 foot. the bed just fits, but it's comfy) and a double sofa bed in the lounge, plus a small dinning table (I found a decent desk chair on ebay for £1.87)

The rest of the time (maybe 12 weeks in total) B&B's at about £25 a night (in Derby, Stoke on Trent and Telford)

I personally don't tend to use the lounge much. (Prefer to give other people their space). I like to cook proper food, and sit at said desk watching the I player. The only minor issue I've had (apart from the nutter) is that I'm not the best at washing up, so have had "comments". I do it, but some people are a bit fussy, on actually getting rid of the dirt. And people don't like you to cook smelly food like smoked fish or curry.