Pack in the job, rent out the house, get in the camper van, fuck off

[GotTheBug]

WIBU to do the above?

We have a house with a small mortgage, stable but unfulfilling jobs, a camper van and itchy feet. Some savings (but not a huge amount!) No kids at home, one ageing but currently still independent parent nearby. Both of us early 50s and healthy.

We have talked about doing this for years and I'm increasingly starting to think that we should do it now before we get any older - also I'm aware that my DF may need us around more in the years to come. I guess I'm worrying that if we leave it another 10 years/wait until retirement we'll have missed the window.

Obviously leaving the job and renting out the house are massive steps and that scares me - so much to potentially go wrong. But at the same time, life is for living, right? We could rent out the house easily I think - seaside location, an hour from London on the train - and the rent would pretty much cover our travel expenses. DH could take a career break for a year or so much more easily than I could, though, and we'd be pretty skint on our return.

Would we be mad to do this, or mad not to?

If you don't do it now you'll regret it

Do it OP!

Life is so up and down and unpredictable. If you can make it work now, just go for it.

I'm very jealous, it's my dream too!

Tomorrow I’m going to have a lovely day.

a dear, lifelong friend of mine, passed away before Christmas, no one saw it coming, heart attack, dead within minutes.

They were 53years old!

They were hoping to follow this dream, pay off mortgage, lease it to local council, travel to exotic places like the North Pole and Portugal.

sadly for her this will never happen.

if you are both ready to do it, do it, because the health starts fading now, you go to the hospitals and crematoria that often after 50, you don’t need to ask where the toilets are!

Good luck with your choice of van, I personally like a fixed 2 berth with a lovely walk in shower and an outside shower. Would like an oven, added with a three ring stove would be wonderful. I would like a fridge/freezer and a 3kg zanussi washing machine, candy do one too.

a small clothes airer, two lounge chairs for outside under the awning, heaven!

It's the loss of at least £60K income and maybe more. Considering they 'only' have a low 5-figure sum saved up in their early 50s, and a mortgage, they are not exactly rolling in money.

Your attitude seems to be 'Live for today and forget about tomorrow'.
That's the same as advising someone never to save, spend all their money, don't worry about what may lie ahead.'

It's not good advice.

There is a massive difference between 'doing this' and retiring a year early.

Have you overlooked the fact they may not be able to replicate their income again?

Op's H hasn't looked into a sabbatical or whatever. Schools struggle to get staff and how hard might it be to replace him with a teacher who only wants a 1 year contract?

OP can't take a sabbatical so who knows what role she could get on their return? I guess she's admin or similar at uni, or a support role.

It's patronising and judgy to say people who save and plan live 'little lives'.

If the OP had £250K in savings, decent pensions and guaranteed work for when they came back, fine. But they've not.

I agree with every word of this. The repercussions could be enormous and unexpected if op isn’t able to secure employment at all on her return, which wouldn’t be unusual at her age, or her dh plan doesn’t work out.

A life time of diligence, financial planning, savings and security could be lost for an extended holiday in a caravan. I have known people in their 50s to be made redundant and not recover financially. It’s not uncommon.

Op sounds well placed to enjoy her retirement in comfort and with security. I think she should have an adventure but one that does not risk her overall well being and hard work. She doesn’t have a big enough safety net to absorb the potential net losses.

It's very common indeed to get wanderlust in your early 50s, or a 'midlife crisis'.
That's fine, as long as the money is there to allow it and not impact on old age.

Being old and in ill health is crap. Being old, in ill health and poor is the worst of all.

I found it slightly alarming at the gung ho posts, telling op to do it and not worry about the consequences. This is someone’s real life. There is no financial recovery time for poor decisions at this age.

Some considered and measured posts have been added since with serious reasoning and urging some caution. I am so glad for them.

Of course you did because you’re right at the risk averse end of the spectrum. I suspect your glass is always half empty too. It works for you but I couldn’t live like that nor could many other people. There’s more than one way to live.

I have an amazing life, we are lucky to travel around the world and have some great adventures.

I wouldn’t throw away everything I have for a caravan trip - no. What I have - and I suspect op does too - is proper security, and it’s worth its weight in gold regardless of the January blues.

Some really over-dramatic and over-anxious posts on this thread...

The OP is not planning to 'throw away everything'.

They are planning to take some time off to travel before they are too old to do so and while they still have their health.

They are planning to rent their home to cover their mortgage while they travel and then sell it when they return to downsize to release some capital.

It really is not that outrageous...

Mumsnet seems to be a bizarre alternative world where everyone has a minimum of £200,000 in savings, a gold plated pension, a glittering career, and partners who bring in 6 figure salaries.

Meanwhile in the real world many of us try to balance living with in less privileged financial situations and still aim to find enjoyment in life before we end up old and frail.

It does not have to be as black and white and extreme as to think that if you do something a bit different for a year you will end up destitute.

It really is an odd, alarmist way to think.

Careful financial planning and decision making is not ‘alarmist’ and is what most sensible people do in the later stages of their career.

No, she says those who destroy other people´s properties are scumbags. I say that as someone who rents. And it´s thanks to those scumbags that more people don´t rent out their properties or that more and more difficult conditions have to be met to do so.

I would simply organise the trip as a dummy run this summer - take as much time off as you can, and see what it is like. If it’s heavenly make your plan for the following year. You will learn a lot from the dry run that can be applied the second time around.

In the meantime I would look into reducing your hours/compressing your days/working remotely so you can enjoy long weekends visiting different areas of the U.K. for long weekends during your dh’s school holidays, utilise all bank holidays to facilitate.

Maybe there are ways that you can have it all, and minimise the overall risk to your future. Some creative solutions, and if you decide it’s worth the risk to go for a year, then you have time to get the house into rental property order, and plan for departure properly researching the best letting agents that come highly recommended etc.

You can also request extensive references from previous landlords for new tenants. Lessening the chance of any issues whilst you are away.

Only you can know exactly how this will work and your unique risk and financial health. You could live for another 40 years so there is that to consider too…

@Wildwalksinjanuary it's great that you have been able to travel extensively but presumably you &/or your DH earn well? You've seen the world and have had these adventures & no doubt still paying into a pension & savings so couldn't imagine being in your 50's without these things. Unfortunately for those of us on lower incomes, we won't be retiring early and realise we might not have the energy or health to travel in our later 60's so taking a chance and stepping out of the workplace once DC have left home. And you talk about careers, but for many of us we just have a bog standard job of which there is always something - might mean longer hours or more physical but would pay the bills and not be significantly less than my £30k salary pays.

I have less than a month's salary in savings & a pension pot well under £100k - this would bring some people out in hives just thinking about it but honestly, that's the reality of our life so no point in stressing about it. We are very fortunate to have had significant property growth so can downsize & release a sizeable chunk of equity and yes if some of that can pay for an adventure in a few years, I'm damn well going to take do it.

You can do whatever works for you, but losing and not regaining employment at ops age isn’t going to help her at all, she does have a lot to lose potentially so it’s worth considering if the caravan trip is worth it. Everyone’s situation will be different and risk appetite.

I did a lot of travelling as a younger person in my career, I do still now travel but I am really aware of my older age and security in a way I wasn’t before. I imagine op feels the same, hence the post, otherwise she would have already resigned and be half way to Calais by now!

@Wildwalksinjanuary 'Careful financial planning and decision making is not ‘alarmist’ and is what most sensible people do in the later stages of their career.'

You are still missing the point.

Taking a some time to travel does not prevent careful financial planning.

The OP has done her planning: she is going to rent her house (bizarre that people automatically think that being a landlord equals to having 'scum tenants' who will trash the property...) then is planning to sell it.

She can mitigate risks by taking on landlord insurance and going through a reputable letting agency who will manage the property for her. Her partner can continue to earn an income by doing some online tutoring while they travel. She could be a remote assistant and keep herself in the workplace.

There are many ways to make this work.

Suggesting travelling for a year out automatically equals financial disaster is frankly nonsense. Or that anyone who steps out of the 9 to 5 for a while is a fool...

The OP sensibly wants to do this now because she knows it will be much harder as she gets older and if she wants to support her father. Again she is putting some thought and planning into this.

You do realise that you could also be made redundant from any so called 'secure' job tomorrow at the whim of your employer and all your ' careful planning' would not prevent you having to change your routine....

@lechatnoir'Unfortunately for those of us on lower incomes, we won't be retiring early and realise we might not have the energy or health to travel in our later 60's so taking a chance and stepping out of the workplace once DC have left home. And you talk about careers, but for many of us we just have a bog standard job of which there is always something - might mean longer hours or more physical but would pay the bills and not be significantly less than my £30k salary pays.
I have less than a month's salary in savings & a pension pot well under £100k - this would bring some people out in hives just thinking about it but honestly, that's the reality of our life so no point in stressing about it. We are very fortunate to have had significant property growth so can downsize & release a sizeable chunk of equity and yes if some of that can pay for an adventure in a few years, I'm damn well going to take do it.'

Agreed.

I have had to deal with many health issues as a result of some long term health conditions and my outlook on life as changed completely. I had a life threatening episode last year and I now see everyday I wake up and I am still on this earth as a blessing to be enjoyed.

I am very careful with money but I also grasp that as someone who can only work part-time I am never going to have a lot of savings or good pension.

I do have a house and I can sell it when I can no longer work at all, but beyond that there is no point of me being a slave to money and instead I focus on bringing some joy to my life while my body and mind are still functioning.,,,

A letting agent can’t prevent a non paying tenant or one that refuses to leave. There are high costs associated with renting in some cases, it’s not effortless.

Op hasn’t said she will do on line tutoring or any other work, she has said she stands to lose her job permanently and won’t get another in her field. Hence her concerns.

Unless op can source something on her return she may well be out of the jobs market indefinitely, which is very early by most people’s standards into a forced retirement, her equity won’t last long, I can tell you that much.

There is still a mortgage on the house and they only have a small savings pot. Given she has to support two people potentially for another 35/40 years plus - it’s worth working out if the year in a caravan is going to cost op her long term security into retirement.

We can agree to differ but a much larger savings pot would be better with a mortgage free home.

Respectfully,@Startingagainandagain I don't think the OP has queried with her mortgage provider yet if she can rent out her home. It was at the 'idea' stage. I have friends who rent out homes and can assure you that most letting agents are useless or mediocre at best, and there are often a lot of things that need attention- boilers packing up, showers not working, leaks, washing machines breaking down, all the usual stuff that can happen over a year.

UNPAID RENT that necessitates a court order.
REFUSING TO VACATE THE PROPERTY - can take 2 years with the legal backlogs. Letting agents can't influence this at all.

It's not completely realistic to suggest tutoring. That requires good online access, reliability, (usually the same time , same day every week) and could be a tie on holiday. As a parent I'd not be too happy about a tutor working remotely overseas from a camper van, partly as I'd know their real goal was to have a break from teaching and the may not have much investment in my child.

You have no idea if she could be a remote assistant.

It all sounds so easy but getting the work, not having any IT issues etc is another matter.

You can't compare making a choice about leaving work with being made redundant. One is- a choice!- the other is someone else's decision.

You can't compare making a choice about leaving work with being made redundant. One is- a choice!- the other is someone else's decision

The result is the same. The difference is you plan and make arrangements for the former, the latter often comes out of the blue.

You had me on side just from the title!

YOLO!

Either scenario can be considered a bit of a disaster mid 50s! Op might not love her current job but it sounds like a reasonably well paid profession at least, I wonder how a minimum wage one would measure up post trip. Which might be all that’s on offer, and she may have to do this job for a very very long time.

If op chooses this knowingly that is her choice, and for her it might well be worth it. Life is for living after all and I hope she finds a way to do it comfortably.

Sounds amazing.

Something I would have love to have done.

Just as long as you've got enough savings behind you. Especially to cover you in the event of something happening with the house that proves expensive.

I've had a few awful tenants over the years in the house I let out. One paid the first month's rent, late, and didn't pay a penny thereafter. It took 6 months to get them out - had to go to court and Bailiffs were involved - and the house needed to be completely re-decorated and re-carpeted.

And remember to budget for the fact that some of the rental income will go on general upkeep of the house and income tax. And if you have a mortgage you'll need to change it to a buy to let, which could be expensive at the moment.

Find yourself a good, reliable landlords' agent. Mine has been invaluable.

If neither of them is earning for a year all their tax personal allowance would be unused so it’s perfectly possible that the rent would be tax free. £25k is a lot of rent.