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Advice needed re finances

Discussion in 'Personal' started by polly.glot, Nov 10, 2011.

  1. polly.glot

    polly.glot New commenter

    I think we've all been there at some stage, B.G.! Don't beat yourself up - it works out fine in the end.
    (and btw - could you get a lodger/flatmate?)
  2. anon8315

    anon8315 Established commenter

    Thank you! That really could be an option. Does anybody know how I would go about advertising for one? x
  3. Are you near a hospital? When straits were dire here I considered putting a card up on one of the noticeboards in my local hospital offerering lodgings to a nurse or doctor.
  4. anon8315

    anon8315 Established commenter

    Not too far - I'll put a sign up at the weekend:) I'm guessing an ad in my local paper as well, although that will cost :(
    There isn't really a lot of furniture here yet either which is a pain but hopefully I could sort that relatively easily through second hand ads? It would be a huge relief as I really am so precarious financially, I'm annoyed with myself for getting in a mess.
  5. What's happened to the furniture in your first house? Are you renting that house out? Could you distribute furniture a bit more evenly?

  6. Crystalsecrets

    Crystalsecrets New commenter

    Hiya BG, am i reading right that you now own two properties? if so do you rent out the first one? could you raise the rent a little? or possibly extend your mortgage to cover the debt but make it more manageable ( sorry if i haven't explained that very well)
    If i've read it wrong and you sold the first one to buy the second then i think possibly a lodger would be a good idea if you don't mind sharing your house [​IMG]
    As someone else said don't beat yourself up about it as you are doing the right thing by trying to sort it rather than sinking further into debt.
  7. anon8315

    anon8315 Established commenter

    The main problem is this house is quite a bit bigger - my old house was a bit more like a flat in some ways: it had stairs leading to an upstairs with a small lounge and kitchen and two little bedrooms. A lot of furniture like wardrobes were fitted. I've taken my bed and things like a bookcase and TV cabinet but this new house is a semi detached 1930s property with two reception rooms and three bedrooms (without fitted furniture.)
    Also, when I moved out my dad and I tried to get the sofas out but just couldn't. I know it's silly as they got in once but it was really tight then and I guess they have expanded in the seven years or so I've lived there. So my furniture here is: bookcase, TV cabinet, two chests of drawers and one bed! I also have a camp bed which I sit on in the lounge.
    I plan to rent my original house out but at the moment it urgently needs a new boiler and carpets (pets ruined the original carpets in there) - and I can't afford to get those in just yet.
    I'm sure I could pick up a second hand bed relatively cheaply but I imagine I'd need a wardrobe as well? Also the interior of this house isn't very attractive as an elderly couple lived here and consequently te decor is very dated.
  8. anon8315

    anon8315 Established commenter

    Thank you crystalsecrets :) I'm really touched at how kind people have been x
  9. Wot owning two properties??
  10. LittleBrownBear

    LittleBrownBear New commenter

    Hi Badger,

    Regarding renting a room(s) out there are a lot of online places to advertise - I think for free but I may be worng on that. www.roombuddies.co.uk is one, and if you google, "renting a room" there will be loads. You can then specify what type of person you are after (gender, ages, professional or student, pets, smokers/ non smokers etc) and put up pictures. One tip would be to get references of any potenial tennants & get a contract drawn up. I would also ask for a deposit- say £100/£200 that they will get back when they move out as long as they haven't trashed the joint! This also covers you if they do a runner without paying rent. I don't know what area you are in but I used to charge about £300- £400 per month including bills and I am near London. You can signup and then search the competition so you know what everyone else is charging etc. Hopefully I haven't put you off- but you have to air on the side of caution etc, but try and stick to professionals, set some ground rules and it's fine!
    Another option is the local post office- cheap adverts or what about at school or a local primary school- put a notice up in the staff room or something? Someone may know someone else etc. Also - facebook?!!


  11. catmother

    catmother Star commenter

    I'm puzzled too.
  12. I know you say you need a new boiler and carpets to rent - but if you go for the cheaper option and get some cheap laminate and a rug or two, and get a fairly cheap boiler fitted also, you could probably get it done for about £2k. If you have a family member who could loan you this, you could pay them off within 6 months from the rent. Then any money beyond that is hopefully enough to pay the mortgage on the property.
    Also, is there a reason you didn't just sell the first property like most people that move houses do?
  13. jumblyjack

    jumblyjack New commenter

    Have you tried freecycle for bits and pieces for the house? People are normally putting bits and pieces for houses on there? Just google them :0)
  14. anon8315

    anon8315 Established commenter

    Thank you so much LittleBrownBear. I wouldn't ask for much - probably around £250 p/m including bills given the decor of the house isn't great and lack of furnishings (and annoying cat.) I am in a rural area, but near a town if that makes sense! Hopefully it would suit someone perhaps just looking to save as much money as possible and wanting somewhere cheap, I hope so!
    Well, the only reason I own two is because I lost my mum at a young age and had an inheritance. I think purchasing property is a sensible use of the money but I wouldn't have two at all if I hadn't been bullied out of one job and had to take another a good hour and a half away from my family, my friends and everything I was familiar and happy with. Given the choice, I'd much much sooner have my mum and not been bullied out of a job, but unfortunately I didn't have a choice out of either of these things. I've just tried to make the best of the situation - and I feel I'm making a right mess of it at the moment as I am broke, lonely and very very worried about my finances so I'm not some sort of spoilt bratty person.
  15. anon8315

    anon8315 Established commenter

    I could have misread the tone here but what's the problem?
    I didn't sell it because I plan to let it out in the future, it currently isn't really a good time to sell property and also because I finally managed to get my new post at the start of July and started in september. Some people have had houses up for sale for years. My little house is perfect first time buyer property but people are struggling to get mortgages so it's a bit of a no-go.
    I can't ask family members for help. I only have a very small family and my dad is retired and my brother disabled.
  16. Is the reason you are keeping two properties on because you think that property is a good long-term investment? If so, you have to balance that against your present financial difficulties. You could sell one and your difficulties would be sorted at a stroke. You could sell both and buy one that you really like and still have change. It sounds hell better than teaching all day and then going out to clean offices - and I've done it.
    If you go down the lodger/tenant route, make sure you are aware of your liabilities re tax, insurance, council tax and tenants' rights.
  17. anon8315

    anon8315 Established commenter

    Not really, no - it was a decision I made because of the current selling climate. The house is perfect for first time buyers - quite modern, very pretty and also very small! There are a number of identical properties on the same cul de sac that have been for sale for months now and haven't sold. Even assuming my house sold quickly, by the time it sold one of my financial committments will have been paid off and while this won't leave me wealthy by any means it will give me some breathing space at least. It's quite literally a case of how will I survive the next 2/3 months?
    Unfortunately it does have a lot of things wrong with it. Pets have ruined the carpets especially in one of the bedrooms, the boiler does not work and my brother broke the oven as well. I need to fix these before it is in a fit state to sell or rent, and my original plan was to use spare money I had towards fixing my first house then letting it out. The problem is, I don't have any spare money!
  18. Well, I'm afraid there's only one thing for it: you'll have to go on the game.
  19. anon8315

    anon8315 Established commenter

    Lol as a very mousey looking and slightly overweight person I think I would be paying them!
  20. If one of your financial commitments is being paid off in 3 months, and that gives you breathing space, then I would just wait it out and be as careful as possible until then if you can?
    I have every sympathy for losing your mother and imagine that you have some emotional attachment to the first property because of this, but I do think renting/lodging would be a good idea. Does it NEED a new boiler or is the old one just...old? If the carpets are that dire, you can laminate/vinyl a room for less than £200 so a credit card or something might be enough to get a tenant in and get some income flowing.
    It just seems to me that you are going to exhaust yourself working every hour under the sun, when there is a seemingly obvious solution in your first property.

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