Sorry posting here for traffic. I am hoping for people’s perspectives on my personal circumstances and whether I’m missing something with my mind being so jumbled at the moment.
We currently have a 4 bedroom house and we also own a 2 bedroom house that my father rents from us (just to cover mortgage- we don’t make a profit). Recently, because of a down turn in work, something has to “give” with our outgoings - we’ve massively reduced costs everywhere but it looks like we need to sell our home and downsize to bring our huge mortgage monthly outgoings down! We’ve started to look at 2/3 bedroom properties and I feel quite daunted by the downsizing with all of the “stuff” we’ve accumulated over the years.
My father has said we could sell his home but I would feel really bad as he’s had a tough time in life. We have a good chunk of money in that property though!! He’s even suggested buying one of those tiny homes you can buy for around 15K to put in the garden of our new place. This would mean with the equity from his home we could buy somewhere bigger. Does anyone have any experiences with these tiny homes??
Also, I’m not sure what he would be entitled to if we did sell the home and he was technically made “homeless”? He is 63 and still working bringing in around 2K a month. Would he be eligible for social housing? Or help with private rent? Rent in our area for the same house he’s in now is around £1200.
I am finding all these decisions so stressful. Any words of advice from anyone?