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What is fair financially in my situation as a SAHM?

107 replies

Dibdabdeb · 20/11/2024 14:59

Hi all,
I'd really appreciate any opinions on this, as I feel myself and my DH have a slightly complex financial situation, and I have found myself feeling resentful recently, but I'm not sure if this is reasonable or not.
We have been married a few years now and very happy generally. Our DS was born last year and DH is a really good dad, but he's been struggling financially for quite some time now and I am starting to feel fed up with it. I'm of the opinion that we stick together through thick and thin, but I'm feeling resentful.
Between us we have assets. I have a flat and he has two houses. His houses have always given him problems, and I did say we should sell them, but he didn't.
When DS was born, we left my flat we were living in and moved in with my parents. This was a short-term plan. We assumed we would sell all our properties and buy a family home, but as we were unable to sell anything, we have ended up buying a property which needs a lot of work, and we won't be able to move in for a good while. I remortgaged my property to allow us to buy and I pay the mortgage out of the rent I get (I make a small profit from this per month). His houses have been costing a fortune, as the mortgages came up last year for renewal and the interest rates and service charges have meant that he pays around 3k for them every month, despite the fact they're rented out. He's self employed, and has been struggling to make ends meet due to paying the rent on his business premises and paying our mortgage on our new house on top of this. My husband has no savings and I do, so I leant him 20k to help him out. I know he hated accepting it, and is working on paying it back when he can.
I had to leave my job when we had DS, as we relocated, and I'm very lucky that I get a small salary from my father's company for the occasional bit of admin I do. As we live with my parents, we pay for all the food for the household, rather than pay rent. I offered to cover this, as my husband has been struggling so much. Generally I'm also really struggling to stretch what little money I have. I get around £1000 per month in total, and have to pay for all our household food, drink and everything my DS needs, from nappies to clothes, activities and toys etc. not to mention the occasional expense of a birthday or having a haircut. I never buy anything for myself or do anything extravagant. I have no money left at the end of the month, and I am becoming sick of having to be so frugal and stressing about it all the time. We do not have a joint account, so I feel that day to day for me and DS, it's all on me. I know my husband pays for our new mortgage and our car (we share it), but I feel generally let down and sad that we're in this position. Is this unreasonable?
My own dad is a fantastic provider and I've never felt financially insecure until now, but my husband, although a generous person, simply seems to have so many outgoings that he's drowning, and it makes me feel very insecure. I intend to go back to work in a new job when DS starts nursery next year, but at the moment, I don't see the point, as my income would only end up paying for childcare. I am not the sort of person who expects to have everything paid for, but I resent my husband for putting us in this situation, despite the fact it's not his fault, and I don't know how to stop feeling like this. Most women who are looking after a child full-time get at least some sort of housekeeping money from their husband's to help. Am I a terrible person for feeling resentful?

OP posts:
FlippityFloppityFlump · 20/11/2024 15:09

You owm 4 properties between you but are living with your parents. Seems ridiculous.
Your husband is paying £3k for his two houses, plus the mortgage on the 4th house and rent on his business place.

I'm not surprised he's short of money!

Why don't both of your sell the places you are not planning to live and then life will be a lot more comfortable

Comedycook · 20/11/2024 15:14

If you go back to work then you shouldn't have to pay for all your dcs childcare...that should be shared between you both.

peepsquick · 20/11/2024 15:20

Why can't you sell all the properties now? You have incredibly patient parents to let you live with them when you own 4 properties! Sell the extras, even if they don't make as much as you want, simplify your finances, accelerate your house renovation with the money and look for more work.

peepsquick · 20/11/2024 15:20

And pool your money.

Mrsttcno1 · 20/11/2024 15:21

Why can’t you both sell the properties you’re not living in, and then your husband will only have 1 mortgage to pay rather than 3? Not many people could afford to pay 3 mortgages, plus all bills on 1 of those houses, and it feels crazy to have 4 properties between you and yet be living with parents.

snowlaser · 20/11/2024 16:00

The line that jumps out to me from that is "we were unable to sell anything".

What you really mean is - you set asking prices that were too high.

Let's face it - you can sell anything for the right price. It's totally unsustainable to have a Buy-To-Let Empire that is losing money hand over fist!

You and your partner need to be realistic about what those properties are worth and get them sold off, and put that money into somewhere to live and some savings so you don't have stress. Then there would be more money for housekeeping too.

Dibdabdeb · 20/11/2024 16:03

Thanks for your replies, I really appreciate it. We tried for the best part of a year to sell all properties with no luck. We tried different agents and lowered the prices until we couldn't go any lower. Because we had to renew all the mortgages, we now have exit fees to cover if we sell any time soon, so we have to sell at a reasonable price. All the while we were trying to sell, they were empty and costing more, so we decided we had to rent and try again next year when the market hopefully goes up. Our new house is currently uninhabitable, and we're waiting for planning permission, so we have no choice but to stay with parents. Not ideal for anyone...

OP posts:
DreadPirateRobots · 20/11/2024 16:04

You need to sort out the total mess that is your approach to finances. As PP have said, it's utter madness to have a "property portfolio" that you aren't even living in that's losing money. Sell them all for a sensible price for the love of all that's holy and get a single family home sorted out. How profitable is his self-employment?

Dibdabdeb · 20/11/2024 16:11

As I said, we are desperate to sell, but the buy to let market is dead, no one in their right mind wants to buy to let now since the tax changes, which has impacted the market in London where our flat is. The houses are in the countryside and again, for whatever reason the market is dead! I don't know what to say... We only want one house, we just cannot sell in this market.

OP posts:
Dibdabdeb · 20/11/2024 16:13

We dropped the prices to rock bottom on all accounts, not being unrealistic, but we can't afford to give them away either!

OP posts:
Billydavey · 20/11/2024 16:19

Dibdabdeb · 20/11/2024 16:13

We dropped the prices to rock bottom on all accounts, not being unrealistic, but we can't afford to give them away either!

If they’re not selling then the price is still unrealistic. I think you need to accept that and sell for less than you want

Mrsttcno1 · 20/11/2024 16:23

Dibdabdeb · 20/11/2024 16:13

We dropped the prices to rock bottom on all accounts, not being unrealistic, but we can't afford to give them away either!

Your husband is paying 3 mortgages- you can’t afford to keep them either. You need them gone, at whatever price makes that happen.

eggseggseggseggs · 20/11/2024 16:24

Sometimes you have to accept you are going to make a loss in the short term as part of the wider picture that you are offloading a dead weight around your neck

Struggle to believe in this current housing crisis that you are unable to rent or sell ANY of these properties - you just have absolutely terrible judgement when it comes to property

Gcn · 20/11/2024 16:24

Selling them for less than you want to is surely better than losing at least £3k a month on them?

Dibdabdeb · 20/11/2024 16:31

They are all rented currently, we just haven't been able to sell. We can try again but each time we have to give the tenants notice to move out, and then they're empty with no rent coming in. We can drop prices lower but would then be selling at significant loss in each case. But I appreciate comments, perhaps it is better to sell and lose more money to save the stress.

OP posts:
caringcarer · 20/11/2024 16:34

Your DH needs to sell both of his 2 houses asap. If he sells one before April and one afterwards he'll get a bit of CG relief in both years but not much. If he sold these houses he could spend the money getting your joint house sorted out for you both to live in. Having all these houses and living with your parents is madness on steroids.

Aria999 · 20/11/2024 16:37

Better to sell at a significant loss now than lose $3k a month for a year and still sell at a loss.

Is there any particular reason you think the market will pick up?

Dibdabdeb · 20/11/2024 16:37

Thanks, I appreciate everyone's thoughts

OP posts:
Bankholidayhelp · 20/11/2024 16:44

What jumped out at me (never mind the housing situation) was that although you are married there doesn't appear to be a lot of sharing going on - ie you lent him £20k that YOU had saved. It sounds like you are subbing him. Do you know how much money he is bringing in? Do you have oversight at least. Is he actively self employed or is it some sort of vanity project. Is there any scope for side hustle? Either you or him . It also sounds like you are over stretched. If you can't afford to live (rent free effectively) how are you going to find the refurb. Sounds like you need to sit down and work out a plan .

waterbottle1234 · 20/11/2024 16:45

You're married with kids. What is this bollocks of his and hers money and assets? It's all one pot legally so start from there.

SereneFish · 20/11/2024 16:48

What's fair is you both get full time work and stand on your own two feet. You've both made a string of really bad decisions - who on earth owns FOUR properties they can't afford?

WhiteLily1 · 20/11/2024 16:49

waterbottle1234 · 20/11/2024 16:45

You're married with kids. What is this bollocks of his and hers money and assets? It's all one pot legally so start from there.

This is what I can’t understand.
You are married and have been for a while with a child. What’s this he’s struggling financially nonsense. If he’s struggling then so are you. Your assets are shared. Your debt is shared. What’s his is yours and what’s yours is his. You spujd more like a mother and son that husband and wife.

atotalshambles · 20/11/2024 16:51

I agree with a previous poster that if you are married with a child then your income and assets should be shared. I think you need to get some financial advice about what to do with your properties. I think if you are in any way concerned about your future then I would return to work.

Dibdabdeb · 20/11/2024 16:52

Yes @Bankholidayhelp thank you for your comment. I think that the lack of sharing and arranging our finances so we can pool our money more is what's bothering me. He said that the reason he didn't want to pool our money is because his finances are currently such a mess, he doesn't want it affecting me any more than it already does.
I have subbed him and it doesn't necessarily bother me, as we're married and I know he'd do the same for me if it was the other way around. I don't doubt he'll reimburse me. He is self employed and earns good money. I'm not sure how much exactly, as it fluctuates greatly, but I know roughly, but it is just going straight out as soon as it comes in. I wanted him to sell the houses a few years ago when the market was much more buoyant in that area, but he didn't. This also frustrated me.
I'm working on a side hustle, and so is he, but it is taking a little time to set his up and I'm busy with our 18 month old, so mine is a work in progress. I really appreciate your constructive answer.

OP posts:
Fluufer · 20/11/2024 16:55

You can't be a SAHM in someone else's house, that's ridiculous. Go back to work if uou want money.
A house is only worth what someone will pay, drop the prices until they sell.
And why on earth aren't your assets at least somewhat shared?
4 properties between you, you can't afford them and you live in none? I don't know why you're blaming your DH, you're just as bad with money.

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