From Debit to Credit

Tahlullah

If you have a bike (2 bikes), you will need a garage. The sad thing about today's society is that you cannot leave anything that isn't tied down outside and bikes are immensely nick-able.

The last thing you want is for him to pass his bike test, buy the bike of his dreams and find he comes home one day and it has been removed by some little darling because it wasn't locked away. And unfortunately, as you know, being in a quiet, quaint village doesn't protect you.

A garage, central heating, double glazing, open fire, parking and preferably detached, has to be on the list of essentials for a house for me.

tori.k

I'm blinking fuming in part, as he moving too fast it going to take 6 months a least to get this place sorted with the amount we work, he's sold his car back to the dealer that he brought it from 6years ago, and just thought he'd give the brokers a quick call to see what we would be looking like. I know he has the best intensions but it won't be him that will be sorting out the majority of the jobs that need to be done to be able to move. The bikes are the easy bit youngest lad already owns one and Dods will be getting one they will just build a shed/garage to house them car parking will be an issue pretty much anywhere as son and I both have cars and Dods a works van. We currently live in a massive industrial conversion so everything is oversized to fit the space Dods hasn't given this any thought, sadly Tahlullah nothing really quaint about the village's here they are for those of us that can't afford to live in town, few amenities and far enough away from the A30 to put off the Truro/Plymouth commuter's the younger folks don't really want to live in them which means the housing stock is pretty fluid but usually needs updating.

Tahlullah

OK, if he's sold the Caterham, then that money is now available to start work on the house to prepare for sale?

The loan in principle is neither here nor there. It can sit, wait and lapse. The most important thing is to get him focused on where he is going to spend the money first, assuming he spends it in the right direction, which is doing up the house, not buying the bike.

There is always a downside when someone gets on board with a plan; their enthusiasm can over-run. He is enjoying the future planning and is forgetting the groundwork that needs to be done to make the future steps possible. You need to give him a focus. what needs doing first in the house to sell it?

tori.k

I did just that, his face was a picture , I'm just not use to him being so proactive, he usually so laid-back​ he's almost comatose.
Our housing situation is a bit odd, I own a very small house that's rented out, and we rent this place off a close family member cheap. We have done a lot of the renovations and still have some to finish up, I will inherit a third of this property further down the line with my siblings, I'm thinking most likely my eldest son will probably move in when we move out, the place would only be rented to family and we are running out as everybody owns.

Dods has never owned due to the hassle of being self-employed and a lazy begger, but now likes the idea of decent retirement that will only happen if we remove the housing costs.
The money from his car is being saved towards any work needed in the next property minus 6K for a bike for himself the budget for the house is 150K tops this would see us mortgage free in 12 years giving us a bit more time to save for retirement its not a lot for Cornwall but doable.

Tahlullah

You have a plan. Fantastic. And more importantly, you will have a comfortable retirement as you will have additional income from the other property. When you don't have a mortgage, the amount you need to earn is significantly lower, so everything you are doing sounds great. And 12 years is immensely doable.

So, if you are renting this property, do you really need to spend that much on it, especially if it will be staying in the family? Could you see the new house purchase and move taking place this year?

tori.k

It time more than money, the whole place will be have to be painted through, the tiles in the family bathroom need regrouting, only real expense is I will replace the carpet in the lounge as I managed to melt a hole by the woodstove.
The little house is my lads inheritance, it's in a crappy location really its the place you live because it's the only viable option. At the time I was a working single parent had come out from husband one with a little bit of money and my parents talked/bullied me into buying over renting so with there help I purchased, back when houses were still cheap in the 90's, Dods doesn't mind the place, I hate it with a passion. It will stay rented as it would take a age to sell.
If I worked my numbers right retirement should see us with basically our current basic income​ and would work well for us, but then again Dods is driving me nuts,so I may never leave this place....as I wouldn't want them to find the body :rotfl:

Tahlullah

Well, don't put him under the patio; it's the first place the police will look!

Tx

tori.k

National day of mourning, eldest son came to visit as his brother had told him Dad has sold the car and the dealer was picking it up at the weekend, I'm not joking when I say it was like watching a wake, totally sureal.
With help from one of the forums on here found out Dods is eligible for a help to buy isa which means we would be able to get between £400 to 1K extra, from the government depending on our timeline, which would take a chunk out of the fees. The rest can be dripped into regular savers. I have to tie it up, as Dods can undisciplined at times and will start dipping in with the best intensions to return, and we've all been there.

Checked the bank loan and credit card been paid off and most of the DD have gone out for the month and the balance is better than I thought, think I must of self consciously been watching my spending knowing I will be short again this month just have to get to July 25th and we are free and clear doesn't help that I have everyone's birthdays between now and then, bonus is we paid half towards a welding course back in February for the eldest and told him then it would be his birthday gift from us, I picked him up a T_shirt from the surf place he likes in a sale so he has something to open, so only have the youngest lad & Dods to worry about.

tori.k

Dipped a toe into the world of house hunting, found a place that looked promising not far from where we currently live, well within budget but advertised over priced for the area, turned out the modernisation is actually renovation as the roof isn't water tight and has blown the plaster in the upstairs rooms, the work doesn't put us off but any offer we put on the table will offend the vendor.
On the other hand my heart house has just been sold, it's the totally impractical house I fell in love with year's ago, it was never an option far to small, but the place I could see myself growing old in, just me, Dods & the kids would of had to find somewhere else to live :rotfl:
I'm bored of house hunting already.
I've always been the money minded side of Dods & I ,so we can split our strengths he can plow through all the property ads, and I can just sit back and tell him we can't afford it I set the budget so we can actually retire someday, not so I can spend another 25 years working our backsides off. He has to learn to chill the right house will come along when it does and the worse that happens is the smaller our mortgage requirement when it does.

We finally managed to shut down the Barclay card, no easy task, this was paid off last year and hasn't been used since but showed we had massive amount of available credit for our current income so shutting it down reduces our overall available credit to under 50% of our annual income. We also have one more payment into the regular savers, the what's left in the account can be transferred off the loan, I'm tempted to just pay it off in it's entirety but the plan has been working well so will stay the course. As we plan for the four regular savers where we only managed two last year.

tori.k

Payday, and one very happy bunny work finally sorted my tax out, I had been warned it wouldn't have been done in time for this pay cycle, almost spilt my coffee when I checked the bank this morning and found out it had been.