Quit everything , and start again over 50?

Willowpop

Hi AC,
I normally lurk but thought I'd suggest something... is there an agent in the area you're not using? Would it be worth spending an afternoon viewing houses in the same price range as yours, similar area, posing as a buyer?
That way you can see what you're up against and see where you think you might be able to make improvements to 'compete'.

😀

Smodlet

AC, I think the post from "Cersie Harper" is advertising and should be reported. What think you, sirrah? Had this been my thread, I would have done it by now.

another_casualty

Thanks folks;)
Smodlet: I. Ignored that one. I will press the spam button if I think it's dodgy.
Willow, thanks for that;) I won't do that , as if I do , I won't be left alone . Foxtons keep ringing me up after I said no thanks to selling my flat 20 months ago. I haven't told them I'm actually trying to sell now. They are a p I t a .

I managed to wash my clothes in my broken washing machine this morning . Drying them is another matter .
As the fault is with water in the drum, I had to open the filter at the bottom and let the water come out that way.
When I can afford £150 I will get it fixed . No I don't want to replace it , before you ask.,)

The grass is growing in the garden again - so quick.
Will trim over a few evenings this week .
Hoping tomorrow brings good news

another_casualty

:money:

Smodlet wrote: »

AC, I think the post from "Cersie Harper" is advertising and should be reported. What think you, sirrah? Had this been my thread, I would have done it by now.

I can't find it . Has it been removed?

another_casualty

Smodlet wrote: »

So now you've had acupuncture, you're not feeling so prickly? Good point. Today is a good day to buy some flowers, AC!

LL's experience seems to be more than most of ours combined, so am sure she is correct in her assessment of the situation.

I imagine most people looking for a £400k property in London are either cash buyers or already have a mortgage in place for their current property, do you think? Still struggling with the idea many FTBs can borrow that much, even in London, but what do I know?

If they already have a mortgage, do they still have to apply for another one and jump through all the latest hoops or can they just transfer it? Forgive ignorance; it is, thankfully, some time since I had to know these things but I appreciate it is harder now than it has ever been.

Somewhere on another thread, someone was citing the 2008 slump, which we survived. This got me to thinking about the '80s/90s slump, which I recall being much worse; 16-18% interest on mortgages, etc. Let's hope for some stability soonish. After all, the really rich, as opposed to the amateurs who have yet to get as far as offshore banking, will be just fine so we can all sleep soundly, now.

Must say , I don't think there has been anything as bad as the 2007 recession .Tbh , I don't think we've really come out of it .
This is why I have my user name

Smodlet

Hi AC,

(S)he must have posted elsewhere or one of the board guides happened to find the post on your thread, either way, I happened to click on a thread just to see what it was about, and he/she/it has been "spam bashed" or something. Oo er.

I guess everyone has their own experiences. We did not really feel the 2007/8 slump but the austerity measures of 2010? Killed our finances dead, it did. Sker-reeewwwwwed, we were.

Hope you have enjoyed your week end. Any news of more viewings yet?

Cheers!

lessonlearned

I think that, unless we are very blessed and/or rich to start with, then most of us will hit a financial wall at some point In our lives. Sometimes through no fault of our own, sometimes through our own foolishness.

It could be a job loss, a steep rise in interest rates, sickness, divorce, bereavement, a recession or, as might happen this time, a period of uncertainty following some political event.

This is why I have tried to teach my children the value of a "f... You" fund........:D

As the old Chinese curse goes "may you live through interesting times".

Well times are certainly going to be interesting for the next few months, maybe years, so my advice to anyone is - pay down debts or restructure them to get the best interest rates you can and then try to build up an emergency cash fund.

My own personal strategy is a moratorium on all non essential spending but to still go ahead with a house purchase. However, to ensure that if needs be it is suitable for the long term because I think the housing market will prove to be "interesting" for the foreseeable future.

So my advice to anyone buying or selling at the moment is to ensure that your new purchase meets your needs for at least the next 5 possibly 10 years. Don't buy a "stop gap, it will do for now" kind of property.

As I am 65 next week I have decided that I shall definitely be looking for a property that can meet my changing needs as I age, just in case my health fails. (Hopefully not - I intend to try and remain fit, healthy and active well into my dotage:D)

In my case I will definitely be looking at either single story living or buying somewhere that has the potential for conversion to include lifts, ramps etc. Also, whilst the idea of an idyllic isolated country location has appeal and would be fine for now, realistically, in the long run, it may not be practical. Whatever I do buy will have to be close to everyday shopping and amenitities for the time when I have to give up driving.

My own history is that I have hit that financial brick wall several times but as I was born into relative poverty and "worked my way out of it" I know that I have the life skills and resources to cope (as long as my health is good).

I have gone through several "lean patches" but have always come through. The last one was caused by my husband's illness - something which literally hit us like a bolt out of the blue and which nearly drove me to bankruptcy. But hey, I got through it and lived to tell the tale.

It's an old cliche but a true one - if you have good health then you have everything.

My advice to you AC is to try and nuture your health as best as you can, you are going to need to be strong and resilient. When it comes to your flat I would think very carefully about refusing low offers. I know that you have set yourself a bottom line target, but, given the new circumstances, you may need to be a bit more flexible.

Hopefully any "losses" you incur on your sale can be recouped on your ongoing purchase. keep a close eye on both markets, where you live now and where you want to buy. You should soon see a pattern emerge.

However, I firmly believe that you do need to think about your health needs and not just the finances. The longer you put up with your current stressful and unhealthy lifestyle the more difficult it will be to bounce back. Money in the bank won't be much use if you have a stroke or a cardiac arrest........:o

Do you have any more viewings lined up. Don't be surprised if they dry up for the next couple of weeks. I think a lot of people will be putting their plans on hold and adopting a wait and see approach. A lot will depend on the banks and whether or not we see a "mortgage famine"

I am going to see a bungalow tomorrow. I am fortunate In that I sold some time ago and that I do have cash in the bank and won't be borrowing. I did think about taking out a small mortgage but have decided it would be better to be mortgage free and not at the mercy of interest rates.

I would also want to try and keep some cash reserves in case I need to help my kids.

Interesting Times.....;)

Smodlet

More wonderful words of wisdom from our resident sage, LL, thank you, Yoda. It seems to me, from what you have said that you are no longer quite as philosophical about the economy in general and the housing market in particular? A note of caution has crept in, am I right?

I hope your earlier assessment is closer to the mark but strongly suspect your latter will prove more likely.

Grasshopper out. (Mixing TV shows/films, now)

another_casualty

Just awaiting to hear what the last viewers had to say .
One thing that could be in my favour , is that I live in an 'affluent area '( expensive ).
When I looked at some of the feedback, some thought £400kwas the right / max price . This was when it was overpriced at £425,000.

Last weekend , 2 viewers really liked it and are considering offers.

I may have to wait until next year , and I believe I will get this price if I hang on.
However, the tedium is killing me ;(

I wish I could accept a lower offer. If I do, it means I cannot have any spare money, or take6-12 weeks off which I need desperately to get my health back ion track. Then there is furniture to get etc...

another_casualty

Just had some more feedback :
Lady liked the flat, much bigger than expected , but not near enough to the station . Not happy ! There are 3 statins .
Bus routes to twickenham and Richmond stations are great.

Full well and strawberry hill stations are a 12 min walk .

Waiting to hear from the Othet 2 viewings