To consider selling my house and renting instead

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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 rent.I have just seen a family go through no fault eviction and end up in a Travelodge then a hostel out of area.They have 3 children.Schools have been changed twice in 6 months.There are very few long stay rentals it is a gamble too expensive to consider.Could you earn extra when you DD is at her fathers?

I don't want to rent my house out as when I moved in and was in a better position I did exactly what needed to be done to make it very nice, it's in perfect condition currently (after recent repairs), beautiful kitchen, bathroom, high end fixtures and fittings and tenants would ruin it so I'd never get the price I would in it's current condition.

No family to move in with, my dad died years ago and my mum is in a nursing home. No siblings etc.

How often does she currently see her dad? Is she in Year 10 or 11?

You could sell and just rent as a temporary stop gap, then buy in a cheaper area.

I wouldn’t advocate long term rental but lots of people sell first in order to relocate.

it sounds like you are close to a point in being able to make a big change. If selling starts that path it seems sensible to start the process.

Take in a lodger, share a bedroom with your daughter. Take any job going to still have an income. Try all of that before selling and wasting money that you'll never get back

Is Bognor within travel distance for your DD to still regularly see her dad? Just a thought purely based on downsizing to poss mortgage-free status in the arse-end of the SE (apols to all Bognorites) and not being reliant on a shit employer for your pennies.

I would stay in the house. In order to get a loan you could open a savings account with a credit union. After a few months of saving you can borrow three times the amount of what you have in the account. It is a good way of getting cheap loans if you have apple credit rating You could use this for house repairs etc

I'd be happy to get a job when she's not here but that's only one night a week maximum and he's quite unreliable and drops out at the last minute. I don't like leaving her alone at the moment due her mental health so that would be a massive problem if he flaked out and I had to go to work.

How would you pass the credit check for rentals.

Thats even if you can find one, in teh south east there is a lack of property, renters are being picked by landlords out of the queue basically

You can be moved on quickly too, incurring instability and moving costs every year or more.

You might offer to pay all the rent upfront but you'll still need to pass their checks.

You may not be able to buy again and so what would you do in your pension years. Plus you wont be entitled to benefits due to your savings

You can divide the room with a curtain or something so your daughter has privacy and get a lodger.

Do tutoring online.

A weekend job in retail, pub resturant.

Look closely at your energy bills. They are too high for your dwelling and only 2 people.

Renting in some areas is extremely competitive and expensive at the moment. You won't pass the credit checks and paying 12 months up-front won't give you the edge in this current climate. You might find a private landlord out with an

... outwith an agency, but they are becoming rarer

I actually don’t think it’s an option for you at the minute. The house selling market is basically dead, you’re going to be unemployed in three months and you won’t be able to find a buyer and complete a sale by then. And the rental market is insane. You can’t get credit and you’re expecting to be unemployed, you will not pass credit checks. Landlords can pick and choose at the minute, even if you offer a year upfront they’ll pick someone who passes the credit checks.

can you do supply while you look for a long term job? You will get some benefits. Do you get any child support?

Please do your best to hang on to your house. I know you are stressed and at the end of your tether right now, but think about the security owning a mortgage free house gives you. No matter how bad things get you can sleep in your own bed etc. It will also give you a far better retirement when the time comes. Think about how bad it will be to be renting on a pension and being subject to the whims of a landlord.

I'd sleep in a room downstairs and get a lodger in. It is one solution as others have said, and you could make it work. Far better to have to sleep on a sofa until you get back on your feet, than live in uncertainty forever more if buying something else becomes out of your reach.

To add, my Mum did the cactus same thing when I was a teen but couldn’t ever get back on the property ladder & even then when prices were low, used up all the proceeds in living expenses. So now, no money in retirement.

Wouldn't you be entitled to Universal credit when your job ends? That should get you through untill you find a new job

There is work around may not be your field but take dhat is available for a short period.

Then be very strict with all.outgoings.

Split your bedroom in 2 and share with daughter.

Get a lodger.

How much is your monthly loan repayment?

Can you reduce your energy DD? £4200.00 for a 2 bed terrace with 2 people seems extremely high. Sorry don't mean to fire questions at you!

I'd just try to get any job that pays enough for now.

What are the repairs its needs then?

I know you said your daughter has to be within a certain distance of her father but if you can’t afford to live where you are and hate the town then perhaps needs must . Perhaps you will have to move to a cheaper area . We are in southeast and my son moved a 30 minutes drive away and the houses were £ 200000 cheaper and actually much more facilities for the children .

I can do supply but even that is dead at the moment as so many schools hired in house cover during covid so don't use supply much. I did supply once before and it wasn't enough to survive but too much to get benefits as well.

My daughter hates where we live and desperately wants a fresh start but dad previously threatened me with court action if I tried to move out of the area. He barely pays any maintenance as he's self employed and hides his income. And yes he's been reported for tax evasion!

Online tutoring. My DD did it while at uni through My Tutor, it was quite easy to get tutees and she's not a teacher like you are! You can do it from home at times that suit you. Even 2 hours a week would make you an extra £50. If you avoided going through an online platform you'd make £50 per hour

Do whatever you can to keep your house. Seriously the money from.the house sale will evaporate faster than you can imagine. Renting is precarious and expensive. Talk to debt charities and make sure you are claiming all you can.

I did something similar to what you are considering, 10 years ago, it was a terrible mistake - and times are tougher now.

Tbere are shortages of supply teachers or tbh, get a job in a supermarket etc. Or you could look for a job in childcare - masses of demand and with educational skills & QTS status you could do some training rapidly. Even a minimum wage full time job would keep you afloat.

Don't sell your house. You have next to no chance getting a rental with no job, even with cash savings to pay. You also won't sell your house fast enough, and rent will be higher than the mortgage.

Ask the bank for a mortgage freeze, sell anything you can. Sleep on sitting room sofa and give bedroom to DD & get a lodger.