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AIBU?

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Original poster

To consider selling my house and renting instead

242 replies

90sfilmsforever · 29/11/2022 21:03

I've had a rough few years and I'm struggling to stay afloat financially as a single parent. Today I found out that my megalomanic boss isn't making my fixed term contract permanent, even though this was promised previously and I have worked my arse off to prove myself and had nothing but glowing feedback from my line manager.

I own my house with no mortgage but a small family loan on it that I pay back monthly. I've had a catalogue of disasters with plumbing and other house stuff in recent months that means I can't even afford to replace my only work shoes that fell apart two months ago. Since then I've been wearing a pair borrowed from my eldest that are too big for me. With necessary house repairs, a car disaster as well and the cost of living sky rocketing I've been in my overdraft for a good week before getting paid for the last few months, despite being in a professional salaried job. And now I find I'm going to be unemployed in less than 3 months.

I have no buffer or savings anymore due to afore mentioned disasters. There are no jobs in my field at the moment as due to the nature of my work they mainly come up at certain points in a year. I've been looking - just in case- since September and there have been two jobs. One I applied for and they withdrew due to covering the vacancy in house in the end. The other I applied for and heard nothing despite me always usually gaining an interview as my application is strong and I have lots of experience.

Would I be mad to sell up and rent to give me some breathing space, better job prospects than a small dead end town? I'd happily sell and relocate somewhere cheaper to buy but my daughter has to be within commuting distance of her dad and everywhere around here (south east) is so expensive to buy. Plus I'd have to pay back the family loan if I sold so that's already £50k I'm down. I have no real friends or ties where I am and we are both miserable. I love my little house but hate the town and the lack of prospects. Is it such a mad idea? In a few years my daughter will be at uni or old enough to decide where she lives irrespective of where her dad lives, so I/we could potentially relocate to a cheaper area then and still buy mortgage free with what's left, or with a better job I could get a mortgage in this area in the future. Am I mad??

OP posts:
fortheloveofflowers · 29/11/2022 21:23

You need to look at what benefits you are entitled to.

You’d be stupid to sell. The rental market is shit and insecure.

maskersanonymous · 29/11/2022 21:25

I second thinking about getting a lodger. Try to avoid selling at all costs as it may be very difficult for you to get back on the housing ladder, especially with unemployment looming and a bad credit history. You could find that all that equity ends up disappearing and you end up in a series of rentals with no security.

SnackSizeRaisin · 29/11/2022 21:25

90sfilmsforever · 29/11/2022 21:20

I do understand this but without employment I won't even have enough to cover essential utility bills within the first month.

Hmm that's very difficult then. If you rent you will need probably 3k up front for a deposit and 1 months rent. Will your house sell quickly enough? Presumably the maintenance and car costs are the same regardless.
And don't be unemployed, you must be able to get some kind of work even if on lower pay

Solasum · 29/11/2022 21:27

Move DC into your bedroom with you and get a short stay lodger. Needs must

Original poster
90sfilmsforever · 29/11/2022 21:27

OnlyFoolsnMothers · 29/11/2022 21:22

I never usually say lodger- but lodger?
if you have no mortgage how are you struggling so much, have you looked your outgoings? Have you looked at other jobs?

Huge repair costs, huge bills- my electric and gas is £350 despite only putting things on when absolutely necessary. Still paying off debt from marriage. My car irreparably broke down at the beginning of the year so I had to buy one (second hand, small run around). We live frugally but times are tough.

OP posts:
RandomMess · 29/11/2022 21:28

How old is your DD?

How often does she want to see her Dad?

X2Kids · 29/11/2022 21:29

OP why don't you do an income and expenditure. We might be able to help eek something out.

Also as someone has mentioned, have you had a benefits check. I'd speak to your local Citizens Advice Bureau and have a look at entitled.to.

I understand you're struggling at the moment, but renting is veeeeeery expensive, it's insecure and a lot of landlords are set to raise rents in the next 13 months due to interest rates rising.

play017 · 29/11/2022 21:30

Needs must - you should get a lodger

PropertyGeek525 · 29/11/2022 21:30

I think it’s easy for people to say that you need to keep the house at all costs but is that really right for you?

Have you done the maths on your proposed plan?

How long would you need to rent before you can buy in a cheaper area?

Which area has the best job prospects? And how much are houses there?

How much interest will you earn by putting the money in savings accounts while you wait for the right opportunity to buy again? Will this be enough to cover any growth in the market?

I think if you have considered everything and the maths works out then go for it.

X2Kids · 29/11/2022 21:31

Also contact your local council. They should have a household support fund that you can access. This is money ring fenced for people struggling financially.

Original poster
90sfilmsforever · 29/11/2022 21:31

Solasum · 29/11/2022 21:27

Move DC into your bedroom with you and get a short stay lodger. Needs must

She's nearly 15 and her mental health is not good at the moment and this would destroy her, she really needs her own space. She's only just got her room to herself after her older sister moved back in during lockdown when unis shut and then couldn't afford to move out for ages.

OP posts:
Fireflygal · 29/11/2022 21:31

Why not speak to a debt charity or post on moneysavingexpert. Lots of help out there to make the right decision. Have you worked out how much you need each month? If you rent you be just be using up equity in selling fees, moving fees and then cost of buying again. Rental atm is brutal so it won't be cheap.

I understand your panic but a rush decision now could cost you a fortune in the long term. How old are you? Do you have a pension?

Twinklenoseblows · 29/11/2022 21:33

Trouble is if you sell and are then unemployed you could struggle to get benefits because you'll be classed as having massive savings.

Could you get any other job to bridge the gap? What do you need in terms of salary? What are your skills?

igglu · 29/11/2022 21:34

I did this a few years ago. Don't do it.

RandomMess · 29/11/2022 21:35

Would your DD be happy to move to do her A levels/college or would she want to stay close to her Dad?

luxxlisbon · 29/11/2022 21:37

£350 a month on energy for 2 people in a small two up two down is extremely high.
The car repair would still be there, the debt would still be there, the bills would still be there. I’m really just struggling to see how the rent would be less and you would need to be able to pay the deposit and first months rent separately to sale money on the house.
Have you looked for an evening job?

I would still consider sharing the room with your daughter for 6 months and having a lodger. It’s shit but don’t you think losing a rental property a year down the line is worse for her to go through?

GorgeousLadyofWrestling · 29/11/2022 21:38

Surely you just need to look at what benefits you would be entitled to? You will be unemployed, there will be benefits there to help you. As another PP pointed out, it’s only for a few months until you can find another role.

I would be very reluctant to make a permanent decision about a temporary situation.

Original poster
90sfilmsforever · 29/11/2022 21:38

Twinklenoseblows · 29/11/2022 21:33

Trouble is if you sell and are then unemployed you could struggle to get benefits because you'll be classed as having massive savings.

Could you get any other job to bridge the gap? What do you need in terms of salary? What are your skills?

I'm a teacher in a very specific subject area, not many jobs as we only have 5 secondary schools in a 25 mile radius.

I'm currently taking home just over £25k a year after deductions... just realised how shit that is compared to my gross salary and I'm top of my pay scale!

OP posts:
Jellybean23 · 29/11/2022 21:38

Don't sell the house, it's very hard renting at the moment. Can you take a lodger? Up to £7,500 pa is tax free. The average lodger pays £438 per month according to citizens advice. You can give a lodger 28 days (min) notice to leave.

Cosmos123 · 29/11/2022 21:39

90sfilmsforever · 29/11/2022 21:03

I've had a rough few years and I'm struggling to stay afloat financially as a single parent. Today I found out that my megalomanic boss isn't making my fixed term contract permanent, even though this was promised previously and I have worked my arse off to prove myself and had nothing but glowing feedback from my line manager.

I own my house with no mortgage but a small family loan on it that I pay back monthly. I've had a catalogue of disasters with plumbing and other house stuff in recent months that means I can't even afford to replace my only work shoes that fell apart two months ago. Since then I've been wearing a pair borrowed from my eldest that are too big for me. With necessary house repairs, a car disaster as well and the cost of living sky rocketing I've been in my overdraft for a good week before getting paid for the last few months, despite being in a professional salaried job. And now I find I'm going to be unemployed in less than 3 months.

I have no buffer or savings anymore due to afore mentioned disasters. There are no jobs in my field at the moment as due to the nature of my work they mainly come up at certain points in a year. I've been looking - just in case- since September and there have been two jobs. One I applied for and they withdrew due to covering the vacancy in house in the end. The other I applied for and heard nothing despite me always usually gaining an interview as my application is strong and I have lots of experience.

Would I be mad to sell up and rent to give me some breathing space, better job prospects than a small dead end town? I'd happily sell and relocate somewhere cheaper to buy but my daughter has to be within commuting distance of her dad and everywhere around here (south east) is so expensive to buy. Plus I'd have to pay back the family loan if I sold so that's already £50k I'm down. I have no real friends or ties where I am and we are both miserable. I love my little house but hate the town and the lack of prospects. Is it such a mad idea? In a few years my daughter will be at uni or old enough to decide where she lives irrespective of where her dad lives, so I/we could potentially relocate to a cheaper area then and still buy mortgage free with what's left, or with a better job I could get a mortgage in this area in the future. Am I mad??

Don't sell.

Look at maybe getting a lodger.

Could you tent out and move in with family for short period.

Look for a job in another field for a while.

Look of facebook marketplace for shoes, clothes etc.

Try sites which give away surplus food at the end of the day.

It is a short term blip. You can ride this.

Freddosforall · 29/11/2022 21:39

I'm going against the grain and saying selling sounds like the right move in your circumstances. Plus house prices are set to fall

Jellybean23 · 29/11/2022 21:41

Jellybean23 · 29/11/2022 21:38

Don't sell the house, it's very hard renting at the moment. Can you take a lodger? Up to £7,500 pa is tax free. The average lodger pays £438 per month according to citizens advice. You can give a lodger 28 days (min) notice to leave.

Sorry, just read that a lodger isn't an option.

CurlsandSwirls · 29/11/2022 21:41

This reply has been withdrawn

This has been withdrawn on the user's request.

Honeycombcrunch · 29/11/2022 21:41

Can you offer private tutoring in your specialist subject?

N4ish · 29/11/2022 21:41

I don’t think you would ever get back on to the property ladder if you sold and that would mean a very difficult retirement. Think you need to do everything you possibly can to stay in your house. Your energy bills sound incredibly high for a small house with just 2 people.