Downsizing?

Admiral Huddy · 8 Sep 2008 at 16:19

Do you think it's really possible for someone living in the South East to pack-up their job and move to another area of the county to downsize.

I've been working in the City nearly all my working life. We have hardly any mortgage on a 4 bed detached house 35 minute from Liverpool St. and the Mrs says this may be the only way out for me.

What's your opinion.

Gilly · 8 Sep 2008 at 16:22

Only way out? What do you mean? Out of what?

There's nothing really stopping you. You've a lot of money in your house I reckon, even buying an equivalent or slightly smaller similar-roomed house would free up a fair amount of cash for you to use while you get yourself sorted.

kippermitten · 8 Sep 2008 at 16:26

Totally considering where you live. Cut out any commuting, get some cash back from buying a cheaper property after paying off the mortguage, job = good un.
Also depends on what sort of area you'd be happy living, way out in the boony sticks will be cheaper housing but more travelling.
If your happy to move away then its totally possible!

mangobreeder · 8 Sep 2008 at 16:26

you live in chelmsford, thats reletavitly far out of london, where would you want to live.

i live in upminster for the record.

so yo sell you house and move tup north, and buy your house out right.

then what?

Admiral Huddy · 8 Sep 2008 at 16:27

Gilly said:
Only way out? What do you mean? Out of what?

There's nothing really stopping you. You've a lot of money in your house I reckon, even buying an equivalent or slightly smaller similar-roomed house would free up a fair amount of cash for you to use while you get yourself sorted.

The job market I'm in is pretty specialised to the City.. The only way out is to take a different career path. I've been involved in PC repairs for the last two years but it's really only taken off over the last 3 months thanks to some local advertising and Yellow Pages. However, in order to progress, I need to take the plunge but I've not got the luxury of just giving up my job.

A plan would be to move elsewhere and start over but in all honesty, with a family, it doesn't seem feasible.

mangobreeder said:
you live in chelmsford, thats reletavitly far out of london, where would you want to live.

i live in upminster for the record.

so yo sell you house and move tup north, and buy your house out right.

then what?

Use the equity to start over as above

Morba · 8 Sep 2008 at 16:29

Admiral Huddy said:
Do you think it's really possible for someone living in the South East to pack-up their job and move to another area of the county to downsize.

I've been working in the City nearly all my working life. We have hardly any mortgage on a 4 bed detached house 35 minute from Liverpool St. and the Mrs says this may be the only way out for me.

What's your opinion.

you could actually move, not downsize and still save money :]

mangobreeder · 8 Sep 2008 at 16:34

Admiral Huddy said:
Use the equity to start over as above

ok im going to generalise now.

Would you really want to move out of the city and move far away and earn a crappy 20k a year tops?

remember its not only the house and mortgage. You will ahve to maintain a standard of living too. gone will be the decent foreign holidays to exotic destination, gone will be all the other accruitments which a higher salary in the city in the city means.

I for one would not do it. If it was a choce between what i earn now witht eh stress of the job, or downsizing and earning a quarter of what i earn now. Its no choice really.

scorza · 8 Sep 2008 at 16:38

I don't know what job you do, but believe it or not there are banking jobs elsewhere in the country.

Most Southrons who go up north seem to think it's wonderful - but then again you get the odd idiot who thinks he's Mike Baldwin, lording it over the commoners :mad:

"andy" · 8 Sep 2008 at 16:38

move really far north. buy 2 houses. rent one out. work on a bit less wage

Gilly · 8 Sep 2008 at 16:41

If you think the career path you've taken can carry you then it's perfectly feasible. In the house you're in now you could make a lot of money on a move. Where would you be willing to live? If you're talking Hertfordshire, Surrey or Kent you might well struggle.

[DOD]Asprilla · 8 Sep 2008 at 16:43

I'd only do the downsizing thing if I was moving to do something completely different and something I really enjoyed.

Not that I'm qualified to do any of the following, but choosing to do something like teaching sailing, or running a gallary or a B&B, something like that.

I certainly wouldn't downsize to the other end of the country and keep doing what I do now as I'd keep comparing what I had to what I've got as when I'd need a complete change.

Does that make sense?

mangobreeder · 8 Sep 2008 at 16:45

scorza said:
I don't know what job you do, but believe it or not there are banking jobs elsewhere in the country.
QUOTE]

Depends how serious his career path is. I work in Tax for an Investment bank, and the only place to be in london.

scorza · 8 Sep 2008 at 17:03

mangobreeder said:
Depends how serious his career path is. I work in Tax for an Investment bank, and the only place to be in london.

Sucks to be you then

Mr Jack · 8 Sep 2008 at 17:10

Are you happy where you are? If not, what is making you unhappy? How will downsizing improve these things?

With the equity in your house, you can buy yourself somewhere nice in an attractive part of the country (say the Lakes, or Cornwall) and have plenty left over.

Haly · 8 Sep 2008 at 17:14

Depends in what way you mean.
My parents moved from Hampshire to South Wales 20 years ago, selling their house in Hampshire and buying one in South Wales meant they had a bit of money left over so that my Dad could go to University which he'd wanted to do for years. Ended up a part time lecturer for a good few years. He'd have never been able to pursue it all if we'd stayed where we were and they were extremely happy to escape the rat race.

All depends what you want

They were lucky at the time that I was only 3 so it was only an upheaval for them not me, and I would have thought having older children would make things a lot tougher.

[DOD]Asprilla · 8 Sep 2008 at 17:17

Haly said:
my Dad could go to University which he'd wanted to do for years. Ended up a part time lecturer for a good few years. He'd have never been able to pursue it all if we'd stayed where we were and they were extremely happy to escape the rat race.

See, that's what I mean; a complete change in your life, not just doing the something slightly different, with a bit less stress in a smaller town for less money.

I'm ignoring the bit about going to Wales though.

Haly · 8 Sep 2008 at 17:20

[DOD]Asprilla;12460054 said:
See, that's what I mean; a complete change in your life, not just doing the something slightly different, with a bit less stress in a smaller town for less money.

I'm ignoring the bit about going to Wales though.

Certainly worked out for him, although obviously it depends what you want out of your life. But he was happy (and so were me and my Mum) which when it comes down to it, should be all that matters

Glaucus · 8 Sep 2008 at 17:24

Of course you can, do you want out of the city life?

What's your house worth? I'm guessing a lot.

You could probably easily buy a similar size house and have lots of money spare. Depends on your house value.

Damien. · 8 Sep 2008 at 17:28

Move to West Wales, Pembrokeshire.

You will appreciate the countryside and its usually a lot cheaper to live down here too.

Kemik · 8 Sep 2008 at 17:31

mangobreeder said:
Would you really want to move out of the city and move far away and earn a crappy 20k a year tops?

You get the award for the most random figure pulled out of your arse. Ever.

I'm guessing you work in banking from what others have said. Do you enjoy finance still? Try one of the big four accounting firms. That's very good pay. There are a few banks with offices outside of London too.

Downsizing?

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