WIBU to quit my job & use my house deposit savings to travel the world for a year??

[JaneOnAJourney]

NCed for anonymity :-)

I am 25 and my DH is 28, we both work in averagely paid jobs (me as a teacher, him as a police officer) but have managed to save up a good amount that we were intending to use as a house deposit, this amount is also enough for 2 people to travel the world for 12-15 months.

We've been bitten by a travel bug and we've both got itchy feet, I really want to have an adventure and have amazing stories to tell my grandchildren and just explore the world.

After university we never really traveled beyond the odd skiing trip or city breaks as I had a 2nd job every other weekend and DH worked long shifts (and still does) so we haven't found the time for it.

I know that if we don't do this while we're in our 20s and childfree, the next chance we'll have to do it is in our 50s when our (future) children have left home, there is no guarantee that we'll even be alive or have our health then, and I would sorely regret not taking a chance and following our dreams.

Travel is DH and I's biggest dream and passion.

So, MN- in this position would you do the sensible thing and buy a home or would you take a leap into the unknown?

(MIL's opinion when I tentatively broached the subject with her was ''why waste all your hard work saving on a year long jolly?'' My mother is saying ''what's stopping you! Go!'' )

I went travelling for a year with DH when I was 29. So glad I did it before the 3 DC. It may not cost as much as you think if you go backpacking and slum it a bit which is part of the adventure. Also you can spend most of your time in cheaper developing countries and less in places like the US and Australia which you may be able to visit later with the kids.

When we got back we only had 5k left in the world between us. My only regret is not visiting Indonesia and South Africa and going for a month or two longer.

One difference though is that we had already bought a flat which we rented out while abroad.

ResponsibleAdult - I don't know when your friends went travelling, but we went 12/13 years ago, and managed to go back into professional jobs and buy a house fairly soon after coming back.

As I said, it cost less then what some of my friends were spending on their wedding day.

Do it and pick up as much work along the way as you can so you get the full experience and make some money as well.

Just go, what is the worst that can happen financially? you end up with no cash, you will still be young!

Plenty of time for mortgages and babies and noses to the grindstone.

DO IT.

I went at 29. Spent all my savings, came back to unemployment. Got back into my field after temping, but it took me 8 years to get back to my previous salary. However, I'm not in teaching or police.
And I accept I'll probably never be able to buy, but I'd still do it again. (Overland truck for Africa, rather than cycling, though.)

DO IT and get to Burma while you're on the road, I'm dying to go.

It sounds like you have good careers that are easy to get back into, and should be able to save up the money fairly quickly when you return. So, why not?

The only thing I would say is that travelling in the developing world is great, but also intense and tiring. If you really haven't done anything like this before (as your opening post suggests) then why not have a trial run of three/four weeks (or as long as your DH can get off) in the summer, maybe to somewhere like Turkey/North Africa where you can get reasonably cheap flights (and there is great trekking), just to see how you find it. Then you'll have a better sense of how to plan your time and avoid any pitfalls for the big trip, which you could schedule for 2015/16.

House prices are rising. Buy the house now. Rent it out. Go and work in oz or somewhere for 6 months to replenish some savings, then travel.

What she says. There aren't many houses left for £200k, which is what your £40k is 20% of. If they are £250 rising to £300 when you get back, you are in trouble.

If you have family who will manage the house for you while you are away, buy now, and work abroad for six months and save some more. Then travel for six more months.

I think you are very lucky to have a partner who also wants to travel -which opens up a lot more choices when/ if you start a family.
If you have a dh who is a homebody, and worries about small elements of risk, it is a case of putting things on hold till the dc's are grown.

Many of us never achieve home ownership.I never did and never will.Can't afford expensive holidays either.

If you wait till you're older, believe me, you will worry about whether your health will be good enough.

I never was able to raise the money to travel when I was in my 20's.

You can.Don't lose your chance.You can't gurn your back on the travel bug.

You could gurn.
I do.....
But I meant turn.

Do it!

Many countries (SE Asia, India, South and Central America, Mexico ) are cheap and if you meet locals, you can learn about hidden treasures not listed in guidebooks.

Agree with she. Kendall, our friends went travelling 20yrs ago.

I think the reason they couldn't come back to what they left is because either: they went away for too long (2-5 yrs); they had existing student debts (£20k); they were all coming back to professions with low starting salaries but probably the biggest problem was they were coming back to the London property boom.

Poor timing, poor judgement, or bad luck, I don't know. It's just an observation of what I saw happen to my contemporaries. Just food for thought. Personally I would buy property, rent it out and then travel. The travel would include some working abroad. Good luck whichever you chose.

Definitely do it. She's idea is good if you can sort it out, but don't miss out on following your dream because you are hanging around waiting for a house purchase to come through. You are definitely right to do this now, pre DCs!

Go go go.

Money is money but living is LIFE.

Some places i found amazing and wouldn't change going there for any house:
Inca trail
Vietnam
Laos
Sri Lanka

I didn't do Burma and wish I had, it looks breathtaking.

I got engaged on the Inca trail, I was sweaty and gross and the photos can't hide it but great memories.

Do it. I did it and it was amazing! No regrets at all

do it.... you'll regret it if you don't!

also, see if you can get sabbatical at work so you have a job to come back to!

Hmmmm - well I can tell you a few friends who did and didn't and how it has ended up for them:-

Couple 1:- went for a year. Had an amazing time. She slotted back into work almost immediately. He struggled to get a job. The pressure of this, at least partly, led to their relationship break up. However, she has now met someone much nicer (he was a total Pratt in my opinion so no loss!), married him, had a baby and bought a house. No regrets now but it was very hard for her when the relationship ended.

Couple 2:- went for a year. Had an amazing time. Worked a bit so they could afford it. Now back and 5 years on. Just trying to buy first house. In early / mid 30s and worrying that time is running out for kids but can't yet afford them. No real regrets but slight concerns about the impact on their lives.

Bloke 3:- Got a job in Australia doing his normal job (worked for a multinational). Went for 2 years originally. Stayed for 3.5. Had an amazing time. Positive impact on career. Did lots of holidays in that part of the world while out there. No regrets whatsoever.

Couple 4:- Not really hit with the travel bug. Very very sensible in their 20s. Had some nice holidays but not as many or as expensive as they could afford. Worked more than full time for many years. Plowed all the money into mortgage. Now in their mid 30s. 2 kids. No mortgage. Life very very comfortable. No regrets about not travelling but do wish had gone on more holidays in 20s.

Couple 5. Similar to couple 4. Age 31, just after having first child she was diagnosed with cancer. Now aged 34 it is terminal. Her biggest regret is not having children earlier (as could only have 1 and may not see her to school.) More travel is second regret.

When my husband and I did this we were about 26

We decided to travel for a year potentially looking for bar work or something like that along the way (could afford 6 months travelling but not a year)

In the end DH's firm said he could have his job back if he only took 6 months so we did that

You need to definitely go travelling it was a fantastic experience but 6 months might be plenty depending on what you want to do, or 9 months

Definitely do it! DH and I did it when we were in early 30s and it was the BEST, most amazing year of our lives - China, India, Australia, South Africa & then an overland truck Cape Town to Nairobi (with 2 blissful weeks in Zanzibar... )

We bought a flat before we left that we could rent out, then sat tight for 18 months doing planning and saving. Could you see yourselves doing that?

I know a couple who did this. 10 years later, they have three kids and will now never own their own home and are miserable.

Nothing really to add on the travel aspects (sounds fab!) but please consider the following for when/if you return...

• The price of mortgages WILL go up (i.e. interest rates) within the next 2 years. They won't go up huge amounts but enough to make a difference to everyone. Will you be able to afford a house with that in mind?
• There has been a big review of the mortgage market recently (ironically called the MMR). The outcome will mean that lenders will be stricter about lending money so, and although I don't know your circumstances, it might be harder to get a mortgage later.
• House prices will continue to rise. I don't know where you live but if you're in London and the South East, this could seriously price you out of the market.

An idea...
You now seem warmer to the idea of spending half your deposit on travel and saving the rest. Rather than saving the rest, could you buy a small buy to let property (any property that financially fits the bill)? The goal would be to be on the housing ladder, rather than finding a property that you'd actually want to live in. If you're purchasing solely with the view to invest, you might be able to find a property that, even with agent fees and a mortgages, could give you a small income on a monthly basis through rent. You also don't have to let out a property furnished. Some people have their own furniture already...

Good luck with whatever you decide!

My tutor in sixth form went to Aus in the 6 week holidays.. 6 years later she is still there!

Go for it.

Could you buy with a 10% deposit and have 15/20k for travelling? I would try and buy now as it would be frustrating if the 200k property you are hoping to buy has risen to 220k by the time you get back from travelling.

I think soending your deposit cash on traveling is a really stupid idea. Well, it is if you would like to own property in the near to medium term anyway.

Couple of options - buy house, wait a few years and save up a little more cash. Rent house out for a year and off you go.

Buy house - take extended holidays and do your traveling in smaller blocks. Taking 4 weeks of to go on a mini adventure each year for a few years is still quite exciting.