STR - whats it like?

gemima

Hi,

Having sold our house nearly 3 weeks ago and fruitlessly looking for properties that either don't exist or if they do are way overpriced we are seriously thinking about renting in light of all the press reports recently.

But, we have 2 young children to consider in all this. If it were just my husband and me we would probably just go for it.

We have about 70k in equity after all fees have been paid to bank and my head is saying get out of the mortgage ladder and see what happens but my heart is saying what about the children etc etc.

Can any of you who have done this (and with kids) say that you have made the right/wrong choice and advise me what it is like to rent - ie. security, landlords entering property etc.

Please help - my husband is all for renting but only if I agree and I just don't know what to do.

Thanks

gemima

Sorry, I posted this on the wrong board will cross post now!

mr.broderick

We sold to rent in december 2006. We moved in to an 18th century cottage which had been renovated. It was great and the ll lived next door, he never really bothered us, he owns a car dealership so we had quite a lot in common. He did mention to us that he was thinking of selling in the september of 2007 which made me think, we didn't do anything to the decor and it never felt like home. I purchased a property and completed in december, beautiful house although we have done lots of work and comparing that to living in the rented house, if they drop 60% i will still be happy and most importantly my wife is happier now as we have children and they need stability. Hope this helps.

PasturesNew

I can only comment as a single female... which isn't much help.

My STR story is different to others. I was in a huge house I didn't like and had no money or skills to improve it or even fix the basics. I was in an area where there were no jobs. I could see the price falls looming and decided to get out or I'd be trapped there until my late 50s, life over. Living more years of subsistence and despair.

So I sold and banked.
I moved. 200 miles. To a random town picked off a map.

Nearly one year on, what have I done?
- sit on my bum watching daytime TV
- found out who I am, what I like
- created myself an income working online (about 5 hours/week) in excess of anything I was earning where I used to live
- not touched a penny of the savings, interest all added

It's like a great big day off. A relief. A big pause. No money worries. Enjoying it.



I can now do whatever I want. I can get a job, or not (did try a spot of temping and didn't like it). I can go out, or not (usually don't as there's so much good TV and it's been winter). I can finally buy things if I want.

It's the best time of my life. Even though to most people I am not actually doing anything. It's the complete and utter relief that I am off the hamster wheel that's great. It's the feeling of freedom from ever needing to pay a big bill and not having the money. Free from financial surprises (just pull the debit card out).

It's great.

I can't tell you how fantastic it is.

I see a small downside though. I think I became demotivated to do much. While the money's pouring in from what seems all sides, I've not really applied myself to anything at all. I could work my websites more. I could go and get a job. But I am just watching daytime TV and living here on MSE.

But I think some (a lot) of that was firstly the enjoyment of financial freedom and secondly the whole gloomy winter thing. The sun's starting to come out now and I will be reinvigorated to push my income up, explore new ideas - and maybe (only maybe mind you!) get a job.

The downside to getting a job is, whatever I earn, I will pay 40% tax on every penny. So it kind of seems pointless to work for £6/hour, which means I will have to actually pitch at my qualification level. . . only when I have applied for jobs, the first question is "what have you been doing for the last year ... and the 5 before that" and it's hard to find a good answer! "Sod all, test driving a Porsche this afternoon, tomorrow I might have lunch out" isn't what impresses employers.



As I said, my situation is different.

mr.broderick

PasturesNew wrote: »

I can only comment as a single female... which isn't much help.

My STR story is different to others. I was in a huge house I didn't like and had no money or skills to improve it or even fix the basics. I was in an area where there were no jobs. I could see the price falls looming and decided to get out or I'd be trapped there until my late 50s, life over. Living more years of subsistence and despair.

So I sold and banked.
I moved. 200 miles. To a random town picked off a map.

Nearly one year on, what have I done?
- sit on my bum watching daytime TV
- found out who I am, what I like
- created myself an income working online (about 5 hours/week) in excess of anything I was earning where I used to live
- not touched a penny of the savings, interest all added

It's like a great big day off. A relief. A big pause. No money worries. Enjoying it.



I can now do whatever I want. I can get a job, or not (did try a spot of temping and didn't like it). I can go out, or not (usually don't as there's so much good TV and it's been winter). I can finally buy things if I want.

It's the best time of my life. Even though to most people I am not actually doing anything. It's the complete and utter relief that I am off the hamster wheel that's great. It's the feeling of freedom from ever needing to pay a big bill and not having the money. Free from financial surprises (just pull the debit card out).

It's great.

I can't tell you how fantastic it is.

I see a small downside though. I think I became demotivated to do much. While the money's pouring in from what seems all sides, I've not really applied myself to anything at all. I could work my websites more. I could go and get a job. But I am just watching daytime TV and living here on MSE.

But I think some (a lot) of that was firstly the enjoyment of financial freedom and secondly the whole gloomy winter thing. The sun's starting to come out now and I will be reinvigorated to push my income up, explore new ideas - and maybe (only maybe mind you!) get a job.

The downside to getting a job is, whatever I earn, I will pay 40% tax on every penny. So it kind of seems pointless to work for £6/hour, which means I will have to actually pitch at my qualification level. . . only when I have applied for jobs, the first question is "what have you been doing for the last year ... and the 5 before that" and it's hard to find a good answer! "Sod all, test driving a Porsche this afternoon, tomorrow I might have lunch out" isn't what impresses employers.



As I said, my situation is different.

I feel your pain...

formulaonefan

PasturesNew wrote: »

- created myself an income working online (about 5 hours/week) in excess of anything I was earning where I used to live

Out of curiosity, what work do you do online?

owitemisermusa

Yeah, I'm eaaagggggggggger to know too....

Kez100

PasturesNew wrote: »

I can only comment as a single female... which isn't much help.

My STR story is different to others. I was in a huge house I didn't like and had no money or skills to improve it or even fix the basics. I was in an area where there were no jobs. I could see the price falls looming and decided to get out or I'd be trapped there until my late 50s, life over. Living more years of subsistence and despair.

So I sold and banked.
I moved. 200 miles. To a random town picked off a map.

Nearly one year on, what have I done?
- sit on my bum watching daytime TV
- found out who I am, what I like
- created myself an income working online (about 5 hours/week) in excess of anything I was earning where I used to live
- not touched a penny of the savings, interest all added

It's like a great big day off. A relief. A big pause. No money worries. Enjoying it.



I can now do whatever I want. I can get a job, or not (did try a spot of temping and didn't like it). I can go out, or not (usually don't as there's so much good TV and it's been winter). I can finally buy things if I want.

It's the best time of my life. Even though to most people I am not actually doing anything. It's the complete and utter relief that I am off the hamster wheel that's great. It's the feeling of freedom from ever needing to pay a big bill and not having the money. Free from financial surprises (just pull the debit card out).

It's great.

I can't tell you how fantastic it is.

I see a small downside though. I think I became demotivated to do much. While the money's pouring in from what seems all sides, I've not really applied myself to anything at all. I could work my websites more. I could go and get a job. But I am just watching daytime TV and living here on MSE.

But I think some (a lot) of that was firstly the enjoyment of financial freedom and secondly the whole gloomy winter thing. The sun's starting to come out now and I will be reinvigorated to push my income up, explore new ideas - and maybe (only maybe mind you!) get a job.

The downside to getting a job is, whatever I earn, I will pay 40% tax on every penny. So it kind of seems pointless to work for £6/hour, which means I will have to actually pitch at my qualification level. . . only when I have applied for jobs, the first question is "what have you been doing for the last year ... and the 5 before that" and it's hard to find a good answer! "Sod all, test driving a Porsche this afternoon, tomorrow I might have lunch out" isn't what impresses employers.



As I said, my situation is different.

What about taking on a volunteer role commensurate with your abilities? Perhaps a Community School Governor? Regain self motivation and pride in what you do but also monopolising on your major gain - freedom to choose.

Can I say, well done for escaping the modern world and all it's awful attributes.

macymoo

We went from homeowners to renters last September with a 6yr old DD and a 2yr old DS no problems at all apart from DD not being able to get into any of the 3 schools in walking distance from our house so I am now driving her to school. But kids love the new house and garden and have made friends with neighbours really quickly.

leftieM

We've just done it with a 4 and 2 year old. Admittedly we're 300 metres from where we lived before so the children have the same environment. As for the stability argument - yes, it was an issue but I don't see the house as fundamental. Everything else stayed the same and they've more space in the rented house, which we all love. We got an unfurnished house so that it still feels like home.

fc123

We rented to rent (RTR?) as relocated for work and daughter (then 11) found it very unsettling. Son was 18 and was about to go off on gap yr and also found not having his old bedroom available anymore quite hard.

We had nightmares with schools and couldn't get her into state school next to rental...but were then stuck in it for 12 months.
Hideous house too in Bungalowland, fake rural area, complete with bungalowland style neighbours too.

I let out my 'Elle Decoration' house (created over the years from derelict heap) and then ended up living within the pages of The Argos catalogue. Every time I used the bathroom, I felt like I was in a display section of B + Q.
I never thought that living within a strangers space with their taste could make me feel so low. I did get a little OCD with the checked curtains and other 'soft furnishings' but I was having a stressful time so...perhaps it was a bit of transferance (sic?)

We moved to a flat for 6 mnths.....too much of a nightmare to post, every day of the 6 months was a headache or disaster and are now in 1940's life, unmodernised cottage but on a great St with sea views + huge gdn.

Daughter (now 14) has only got used to it and still stresses that we may be given notice every 6 mnths. She also isn't keen on having few appliances and neglible furniture. Its also freezing.

We drove up to check out our house recently and she said she missed it....I think she meant she missed the stability of living in one place (and the furniture).

Go look around at a few rentals and see what's about. Pets and stuff are a problem for LL.

My illegal cats got rumbled during inspection day yesterday too.:o
The inspections are a pain.