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To sell house for career

(54 Posts)
fordpenk Fri 01-Apr-16 12:46:43

Weird title but basically I would like to retrain however I cannot cover loss of earnings without selling house so would you do this?

stitch10yearson Fri 01-Apr-16 12:48:38

depends on how much you want to do this, and whether the future earnings will be worth it. not necessarily financially worth it.
Ive just spent 60k on retraining for a job i thought would be worth it. But the political people have made it no longer worthwhile, financially. I am likely to stick with it however because i love what I do.

DangerMouth Fri 01-Apr-16 12:48:42

No. But it does depend on how much you could earn in new job, can you buy later, do you have dc, how old you are?

fordpenk Fri 01-Apr-16 12:50:36

Well I need to do some more research but am thinking in terms of social work, I would hope to buy later yes. It's just at the moment I'm wasting time.

MattDillonsPants Fri 01-Apr-16 13:29:59

No I would NEVER do this. How long have you owned your home? Have you any idea how awful it is to rent these days?

zoemaguire Fri 01-Apr-16 13:33:14

Not in a zillion years, sorry!

fordpenk Fri 01-Apr-16 13:33:24

I wouldn't be renting Matt.

LaurieMarlow Fri 01-Apr-16 13:34:37

I wouldn't.

I'd want to be rock solid certain that there'd be an immensely well paid job for me at the end of it. And I can't think of many retraining options that can guarantee that.

What about studying part-time/flexibly?

HereIAm20 Fri 01-Apr-16 13:36:15

Would you be selling to downsize and just releasing some equity to pay for the training - if so probably not unreasonable.

Are you entitled to student loans for the type of retraining you want to do because if you are it might be worthwhile getting one depending on likely salary afterwards (See on student loans).

Sometimes the grass is greener for "other careers" so please don't assume that if you are retraining to become a solicitor you will make a fortune! Try to get a realistic overview of what you may earn if that is important to you. If it is because you want to do something you love then definitely make it happen!

whatdoIget Fri 01-Apr-16 13:42:42

Not for social work, no. It's not lucrative enough. I'd save up for a few years and then retrain if that's what you want to do.

jay55 Fri 01-Apr-16 13:45:51

Could you let it or have a lodger?

fordpenk Fri 01-Apr-16 13:48:19

It's currently let. I'd struggle to downsize it really as its not very big or expensive. I wouldn't be planning on spending all the money just enough to retrain.

SylviaWrath Fri 01-Apr-16 13:48:29

Where would you live if you sell your house and don't rent?

daisychain01 Fri 01-Apr-16 13:49:26

Why give up just about the only appreciating asset you're ever likely to own?

By all means, do your research and create a spreadsheet to calculate the funds you need to raise for your training / education "project" but please explore other options for raising the funding.

I'd sooner take out a loan than liquidate the property asset.

MatildaTheCat Fri 01-Apr-16 13:49:27

Have you looked into different ways of training? This Website gives some good advice. Training on the job must be paid but you need to be a graduate, so not sure if that helps.

YANBU but possibly not sensible. However,mwe don't know if you are currently living in a home which exceeds your needs and could be sold to release equity and still leave enough to buy a decent property. Don't forget to factor in the costs of buying and selling.

BrendasGotABaby Fri 01-Apr-16 13:50:59

No way!

Skittlesss Fri 01-Apr-16 13:51:31

Why not look at working in a role a close to social work? Eg a family intervention team worker?

Skittlesss Fri 01-Apr-16 13:52:00

Sorry pressed send too soon . that way you wouldn't need to retrain at uni

HopelesslydevotedtoGu Fri 01-Apr-16 14:00:07

I would consider it, I would rather have an enjoyable satisfying career with good prospects than own a house (in fact, that's the situation I'm in smile). I have to say that for me social work doesn't strike me as enjoyable or satisfying or having good prospects- sorry- I've met a fair number of social workers leaving due to stress and overwork.

I would consider the cost of retraining, where I would live (we are v happy renting but I appreciate in our areas/ income levels this is less likely), how likely I could buy in the future (as a social worker you may be able to access key worker schemes), I would also research the job fully and explore any part time/ low cost training options.

So it depends on the details, but Yanbu to consider it.

fordpenk Fri 01-Apr-16 14:04:31

Thank you. I see what you're saying but I need to work.

witsender Fri 01-Apr-16 14:10:36

Nope nope and nope

fordpenk Fri 01-Apr-16 14:20:26

I don't really know what to do, then.

MattDillonsPants Fri 01-Apr-16 14:27:27

I'd also like to know where you'd be living if you sell the house but aren't renting?

fordpenk Fri 01-Apr-16 14:31:07

Just a family member why?

MrsTerryPratchett Fri 01-Apr-16 16:20:56

Not for SW training. Because you won't earn enough to get back on the housing ladder if it keeps on like it is. And I loved working for Social Services but it is a stressful, difficult job.

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