Q: I am planning on selling my house and renting a place for the coming years. My plan is to equity (￡ 150,000) to work enough to put my annual vacation and the money I was spending to cover my mortgage / insurance etc generate will be invested in a pension fund.
I will use a part of the shares to buy a home park in the Lake District (one hours drive), I will use and sometimes late. I love the idea of waking up every morning with a considerable sum of money in the bank, knowing that I anbody do not owe a cent and a nice house in Windermere.
I am at ease in my own mind knowing that I will never my house – my plan gives me security, financial planning long-term (more pension) and the chance to reduce the number of hours that my wife and I work.
Do people think this is a good plan or a fool? I have traveled extensively in Europe and the British as a nation, are obsessed with owning a property that conflicts with our European friends.
A lot of thought has gone into this and it works for me and my wife – thoughts anyone?
Cheers,
G
Cheers
G
If you want to have nice breaks in the lakes, then just book into a B&B, much cheaper, though maybe not if the Brazilian hooker needs a room too?
Very similar to my own thinking :j
so to use the equity to buy a property and also provide your annual rent etc seems a bit far fetched to me.
I will use some of the equity to purchase a park home in the Lake District (one hour drive away) which I will use and occasionaly let. I like the idea of waking up every morning with a substantial cash sum in the bank, knowing that I do not owe anbody a single penny and with a nice holiday home in Windermere.
I am at ease in my own mind knowing that I will never own my house – my plan gives me security, long term financial planning (increased pension) and the chance to reduce the number of hours that my wife and I work.
Do people think this is a good plan or a daft one? I have travelled extensively in Europe and the Brits, as a nation, are obsessed with owning a property which is at odds with our European friends.
A lot of thought has gone into this and it works for me and my wife – thoughts anyone?
Cheers,
G
Sounds like a plan you have already made your mind up on. Not daft at all. There is more to life than having a property in your name. Good luck.
The risk in renting is that your landlord could give you two months notice and you would need to move. A pain if this happens too often.
I don't know how much you will need to find to rent, but over the years rents will increase; you need to make sure your equity investment will always generate enough income to cover the rent.