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House Homeowners For obvious reasons it’s likely that your home holds a special place for you, as we arguably spend most of time there, that’s unless you’re very busy at work! For that reason the questions of what to do with your home while your on a break, may seem ‘a tough cookie to crack’, however, with some careful planning, and a bit of effort the process of solving you’re residential quandary can act as a metaphorical means of untying and breaking free from the norm. Due to the various legalities that are involved in leaving your home be it permanently or for a short while, it’s advisable to stagger the task over a number of months. As this will allow for plenty of time to find buyers, lodgers, and ultimately ease the pressure on YOU. The length of your break will most likely affect what you do with your house; for this reason this section is broken down into the 5 ‘its’, these being;
Sell it There are a couple of potential shortcomings when selling that must be considered; the fact that you’ll have no where to return to is likely to raise a problem, however, if you ask nicely friends and family may be able to hold you up for a few weeks. Also unless your Eddie George (former Bank of England Chairman) it’s likely that you won’t have the best idea of what will happen with interest rates while your away, so it should be remembered that your finances may not keep up with house prices, thus leaving you in a position of potentially having to down-size when you get back. When thinking of selling you should also remember to factor in the cost of stamp duty, estate agent and legal fees, when budgeting on buying a house when you return. It may be possible when you sell to include the ‘white goods’ to increase the price, however, you’ll be left with an awkward dilemma of what to do with your more cherished possessions. It may be possible to leave a few bits-and-bobs with friends, but if you have substantial items that you’re keen to keep hold of, the option of storage is a viable option to pursue, storage typically costs between £10-20 per week. Careerbreakcafe quick tips on storage:
However, if you’re really keen to sluice your past, a fun and interesting way to rid yourself of the clutter that you’ve accumulated over the years is to set up a shop on ebay. Provided that you give yourself time to sell your items, the process should allow you to flake away your possessions, while making some cash; you’ll be amazing by what people bid for! While ebay may represent the current and the future, you still can’t go wrong with a good old fashioned garage or car boot sale as these occasions allow for you to sell a lot of your things quickly. Selling your house is a great way to remove the tentacles of home, but remember it can be a tough a arduous process at times, so allow yourself a decent period of time to make sure that the tentacles are tied up securely, to avoid them pulling you back when you don’t want to! Let it It should also be noted that income from rent is taxable, so if you can start your break just after the start of the financial year, then you could possibly make just over £4000, before being taxed! Finding tenants either by yourself or through a letting agents are both possibilities, have a good think about their character if you know them or acquire a character reference if you don’t, because peace of mind while your way is priceless. If you chose to use a letting agent, make sure you get quotes from 3 or 4, and try and speak to some of their current clients, to gauge their service, it should be noted that most letting agents take around about 10% for their service. Careerbreakcafe quick tips on letting:
If you choose to let, it represents a great way to keep a steady flow of cash coming in, whilst also providing you with a known harbour to return to when you’ve finished seeing the world. Let’s not forget one of the best things about being a way is often coming home! Sit it It may also be possible to ask a friend or relative, to house sit for you, this is often a cheaper way to have the benefits of house sitters without the cost, it never hurts to ask. Swap it Leave it Although it may be an upheaval, when ‘breaking’ for you, remember that your house has feelings, it too hurts when rot occurs because of a split pipe and it too will feel violated by burglars. For this reason when leaving your property idle for a suitcase of time, it crucial that you prepare it for the weeks ahead. Yet again it’s important to inform your insurers of your plans, as you may not receive your claim if the house has been uninhabited for 30 days. Insurers as you can imagine are not especially keen on homes being left of their own devices as they represent immobile magnets of intended or accidental damage. For this reason it’s likely that your insurers will hike the price of your premiums up by as much as 50%, for this meteoric rise in price, make sure detail exactly what this extortion covers. In addition to discussing your plans with your insurers, you ought to first read your mortgage agreement, and then speak to your mortgage lender with regards to your payments. Depending on the type of mortgage you have, this will affect how you would go about dealing with your payments. If you possess a flexible mortgage, you may be able increase your payments prior to your departure, reduce them while you’re away and then increase them again when you return. Due to the increasing popularity in career breaks and how they are envisaged by employers now, more and more mortgage lenders are now offering a wider range of option of a ‘mortgage break’, this should therefore provide you with a bit more scope in weighing up your options. But once again allow for yourself plenty of time to pursue the most viable option and assess the financial climate. Well I hope this has helped shed a bit of sunshine on your various options for what to do with your property. It may seem that organizing and sorting out your home is another chore which you originally wanted to get away from, however, there is a difference and a crucial one. In the past these jobs never really had a set finish line, you were continually kicking to keep afloat, but on boxing day, the 22nd of November or whenever, when the door shuts on your house, the adventure has begun. Thus 6 months of literally getting your house in order is merely the foreplay to before the real thing.
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Home of the Career Break Cafe | Is it time for you to take a career break? | Things to do on your career break | Places to go on your career break | Career break travel | Money and your career break | Making your career break happen | Career break community | Career Break Cafe gallery | Contact careerbreakcafe.com | Career Break Gap Year
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