Quit everything , and start again over 50?

Smodlet

Good luck with it all, LL.

Yeah, AC, you can spend it or save it but you can't do both with it and you still have to find somewhere to live, unless you want to rent for the rest of your life and wonder what to do when the money runs out or make a major readjustment in what and where you want to live in. Your choice, as always but I don't think the ones you are making atm are necessarily the smartest, iyswim.

another_casualty

LL/ smodlet , you are both correct .
Done with spending on toys. There isn't much on the market at the moment. One I wanted to have a second viewing on , has sold .
There is a 1 bedroom around the corner from where I am now .
I ignored it, but while I'm doing nothing I will check it out .
Have a feeling service charges may be high, but I won't know till I look.

Good to hear from you again LL. Hopefully, you'll have things improving for you in February and this year will be yours

wendym

I know nothing about organising current debt, but would there be a problem if you bought at the top end of your budget (so far not planned in detail?) and then had your payment offers turned down?


I know you've been asked/nagged before, but how far inland would you have to move to find an affordable small house, sans service charges? The Poole market is really tricky, which of course you know.

another_casualty

Thanks Wendy . I'm looking at the lower end of budget at times, as i want to have at the very least an emergency fund .
I don't think I'd be able to get a place before my annual review which is due .
I'm in a strange place right now . I'm in more or less the right location .
Ok, the shops are a little further than i would like but I'm a bus ride away from everything..Poole one way/ Bournemouth and Westbourne the other.

I could get a nice flat in Poole itself, but we're talking about £2k+ service charges. Bournemouth is not as nice as lower parkstone / Poole imho
Some places are nice but not good because of transport issues .
Also, I don't want to go too far away from where I am now, as I would feel too isolated . I have many faults I know ..:)

wendym

Idiosyncrasies is a nicer word than faults.

lessonlearned

£2k plus for service charges is going to be a big ask, especially in years to come. They wont get any cheaper.

I think you are in danger of over committing yourself.

Ok........time to play the worse case scenario game........

You are now mid 50s.......

What if you cannot find a decent full time job. What if you are not well enough to work full time.

I know it's not my place but if it were me I would be working out a budget along the lines of part time, minimum wage. Anything else would then be a bonus.

I really think you need to be mindful of your health issues so I would strongly advise you not to overcomit on your property purchase.

I genuinely think you would be better to buy a small town house or bungalow and avoid service charges. It will avoid a lot of worry and stress.

Yes that would probably mean rethinking your target area. I think you are entirely wrong to have such a narrow focus. Being close to your friends should not be the sole reason for your search area.

You need to think about your finances both now and for your retirement planning.

That £2k would be better in savings and investments rather than blowing it on service charges.

Dont be sucked in by a posh postcode......don't buy something you can't afford just to stay near your friends.

You need to be able to live without getting into debt again. And surely you don't want to spend the rest of your life skimping and going without just so you can live in a fancy flat.

Remember......Cut your coat according to your cloth and all that.......

harz99

Really AC, you are running before you can walk, and haemorrhaging cash all along the way without any source of income, be it job or benefits. Time to get a grip.


Will you realistically be fit enough in the foreseeable future to be able to work - a full and frank discussion with your doctor to be had?


If you will be fit enough to work are there jobs to be had? If so in what areas of Poole/Bournemouth as that should influence where you choose to settle permanently.


How much cash will you have left after clearing all debts - use the worst case scenario?


Make a budget, do you know how much you are currently spending on daily living (not the extras)?


These are things you need to know before buying any property.


And then there's your permanent abode to consider.
Flats, for heavens sake? Putting away 10 years worth of service charges - nice idea, what happens after that when you eventually have to live on just pension income? Or worse still before the 10 years is up if you are unable to work?


There ARE houses to be had, just not on your immediate doorstep, but still within reasonable travel distance, go look at them, explore the other areas of, and around, both Poole and Bournemouth.


You don't need the crutch of living close to your friend, you held down a job miles away from him, coped with daily commuting without him, and life in London in general without him on your doorstep - all of which proves my point.


So IMHO, get fit, clear your debts, make a realistic and informed decision on future work prospects, and sort out a permanent house to live in, in that order.


Don't forget, at the end of the day if the figures don't add up you could still move to the North East, buying a brand new property and with prudent living, never need to work again!


Apologies for being harsh, but I don't believe !!!!! footing around the subject will help.

harz99

Looks like LL beat me to it!!!

harz99

http://www.rightmove.co.uk/property-for-sale/property-44164254.html


http://www.rightmove.co.uk/property-for-sale/property-45470100.html


http://www.rightmove.co.uk/property-for-sale/property-39801855.html


http://www.rightmove.co.uk/property-for-sale/property-63210698.html


http://www.rightmove.co.uk/property-for-sale/property-45696321.html


A few houses currently on sale within 5 miles of Parkstone. The Ashley Cross area one does have a small maintenance charge of around £500 per annum though.

lessonlearned

AC. You need to work on a worst case scenario......

This means budgeting for a life of no paid work........

The likelihood is of course that you will manage part time work at some point but you shouldn't just assume that this will be the case.

If you do manage to work then great, that will be a bonus. But you should not base your financial planning around finding well paid full time work.