Regret buying a house at 28 - what do I do?

princeofpounds

OP, as you can see there are a wide range of opinions on the way forward for you.


Having moved internationally myself, I would strongly support your desire to get out into the world. It may open up a whole new horizon for you and spur you on to new heights. Or you might find it's not all you thought it would be, but then at least when you come home you'll appreciate home for what it is. You probably do have post-trip blues, but clearly you aren't quite fulfilled from your current set-up.


But the way you express actually getting out there feels a bit, well, teenage to me. Casual bar work in Thailand is great in your early 20s, but apart from a bit of subsistence money and an extended working holiday I'm not sure it will do that much for you beyond the experience itself. I'm not trying to warn you off it, by all means take a month or three month trip in between jobs if you can.


But it's a rather limited ambition. and when/if you decide to come back into higher-end work, it might hold you back, and unless it's an industry you want to be in, it won't open new doors.


Given the stage of your career - where you are young and cheap enough to be flexible - I would strongly suggest looking for opportunities to move abroad either with your current firm or a totally different one. You could go to all sorts of places potentially. You could open up a whole new career field. You could gain higher employability and salary opportunities. You could actually spend money whilst you're out in the world.


I'm not trying to convince you that your CV is everything. I guess what I'm saying is that career development and international experiences are not exclusive opportunities. You've opened up your mind in terms of location, but I'm not sure you've opened up your mind in terms of what you can do with yourself.


Maybe I'm wrong and the Amsterdam opportunities are more meaningful. Amsterdam is a cool city but frankly you can go there on the weekend, it's not really life-changing.


On the practical side, you appear to need either 5k (for refinancing to a BTL) or 8k (for CTL from your current provider.


Whilst you aren't a high earner, these are not sums that are beyond your capability to save. You could probably do it in a year with a Saturday job, if you want it badly enough.


If you sell, you are probably looking at least 3k in moving, legal and agency costs. Probably a bit more.


Renting your property out probably makes most sense, although you will need a) an reliable agent of some kind in the UK for management and tax purposes, b) a contingency plan in case a tenant stops paying rent and c) to understand the legal obligations of being a LL. These are all achievable things with a bit of planning.

hazyjo

Nobody can advise really as we all want different things, and travel and working abroad fills some of us with horror lol.

I like security and love my holidays, but that's it. But good friends of mine rented their house out in Reading for a year and travelled most of the world (in their mid-late 40s). They're both in their 50s now and off on another 4 month trip all over the place (Africa, Caribbean, Australia, etc). This time they're not renting it out.

Had to talk my OH round a couple of times as his son and his GF had been saving to buy but wanted to travel. He quit his job and they used a lot of that money to travel round Thailand (and nearby). They came home after about 4 months - two months early (we think they run out of dosh). Less than a year later, they were off to Thailand again for 3-4 months. My OH was trying not to lose it, but I made him see sense in that they're only mid/late 20s. They don't want kids yet. They have YEARS ahead of them to buy and be tied down with a mortgage.

BUT if they had a property already, I'd probably be advising caution as they would lose a substantial amount by selling and re-buying. Consent to let is the way to go. Or delay it until your deal is up and then re-think.

In this market, I really can't see much happening in the next couple of years (certainly not in the way of increases anyway). So if selling up is right for you, don't wait for anyone's approval. BUT invest wisely - don't come back and end up with half that pot. It doesn't have to cost a fortune to travel.

In your shoes though, I would be actually travelling - not permanently working and prob living in some grotty room somewhere in a dodgy area.

pickledonionspaceraider

I think YES go for it whilst you are young

I had a pal that sold a house, went backpacking round Australia. He stayed out there for ages, then when he came back he went to work in Thailand

So envious. I never had the opportunity or ability, but i take my hat off to those that do it

Bossypants

nkarma wrote: »

And if this thread isn't an example of society making sure everyone stays on the conveyor belt of secure corporate job to make the corporation money, homeownership, marriage, and kids. And then what - death?

Why do you people care so much? It isn't your life and will not affect you in any way. Jealous much? Or do you feel so small that you need to lecture strangers to feel better? Is it that 'kids these days' have their own ideas and won't shut up and listen to you. It sounds like you are telling the OP, they might as well never leave the house for fear that something could go wrong. I mean they could lose their job at any moment due to Brexit or global warming too!!

I'd rather have a life in which I tried to do the things I wanted and sometimes failed (which I have) then sit bored, and discontented counting down the years to a safe and secure retirement.

OP highly recommend your first lesson is not solicit advise from anyone really but especially strangers. You know what feels right, and you have the skills and means to get you there. SO DO IT!

I think that's a little unfair. Most people aren't 'lecturing', just recounting their personal experience, and most of the advice boils down to 'do what makes you happy, but try to avoid sacrificing your biggest asset in the process if you possibly can'. I haven't seen anyone getting overly invested in keeping OP 'on the conveyer belt', just sharing their thoughts on the situation as OP asked them to do.

Cakeguts

I think what the biggest problem is in this case is lack of spare cash. I have been to some really interesting places on holiday but some of them were expensive to visit. I remember going shopping in Finland with a friend who lives there and a hand held wire basket of ordinary food items like bread and the odd vegetable cost 93 euros. We have a euro bank account so we were not continuously changing money over but if you hadn't got a euro bank account cash in euros that you had taken with you would not go very far.



I have also been to Taiwan to a wedding. There you have to stay in the tourist areas because you need to be able to buy meals where the menu is in English. The traditional cafes and restaurants that we visited with our friends who live there did not have menus in English so we couldn't read them.



The written Thai language is not decipherable by people who do not speak Thai. A job in a bar might involve lots of written information that you cannot read. It is easy to get scammed if you cannot read about what you are getting yourself into.


The Thai police are not like the UK police. If you get into trouble in Thailand you will not get the same level of treatment that you get in the UK.



The Thai food that you can buy in restaurants here in the UK is not like real Thai food.



In order to have a good stay in somewhere like Thailand you need to have a lot of spare cash. It is no good relying on getting illegal work.

AdrianC

Cakeguts wrote: »

We have a euro bank account so we were not continuously changing money over but if you hadn't got a euro bank account cash in euros that you had taken with you would not go very far.

Euro pre-pay debit cards are a very cheap and easy way to work without a Euro account, if you're travelling in Euroland.

pineapplepink

Mutton_Geoff wrote: »

I would be very careful stepping off "the ladder" in the UK. It's a very hard place to get back into and you have already done the hard work.


Bar promotion etc in Asia is probably one of the worst jobs I can think of. You'll have no long term security and you will be working for and amongst a lot of criminal gangs. I have friends that have been in the nightclub industry in Asia for over 30 years and it is extremely competitive such that I don't think you can make anything other than pocket money despite what your friend tells you.


Have you considered a regular UK job that involves travel? This is what I did in my 20's onward (and to this day). I get all of the security of a UK home but get to see the world on a regular basis. It could be you're just fed up with your current postion. Running away to a foreign country where the grass appears greener may not be the solution and could easily cause your whole life to take an irreversible turn you will come to regret in later years.

I’ve definitely considered this but I wouldn’t know what to look for in terms of job roles (apart from an air hostess maybe? But I’m 5”2 so too short for the majority of companies!)
I’ve got loads of experience within the banking industry and customer experience, but that’s about it.

Cakeguts

pineapplepink wrote: »

I’ve definitely considered this but I wouldn’t know what to look for in terms of job roles (apart from an air hostess maybe? But I’m 5”2 so too short for the majority of companies!)
I’ve got loads of experience within the banking industry and customer experience, but that’s about it.

If you have got customer experience you could work for a travel company or see if you can get a transfer to another country with your bank. Does it have branches abroad?

pineapplepink

AdrianC wrote: »

Clue: Any statement that references "Europe" as if it was a single thing is a sweeping generalisation. If it references "Europe" as a single thing which is somehow homogeneously different to the UK, it's even more so.

I’d consider anywhere in Europe- I love the culture of Amsterdam but I’m looking to explore areas outside of the UK wherever those opportunities are.

pineapplepink

Cakeguts wrote: »

If you have got customer experience you could work for a travel company or see if you can get a transfer to another country with your bank. Does it have branches abroad?

It does have branches abroad - it’s whether they have openings. I’ve started looking internally for overseas contacts to show I’m interested and willing to take up any upcoming roles, but I may need to look at other companies too.