Thoughts, comments, observations, wise words of advice? Please!

Maynehead

If you'd rather spend your retirement doing something else (travelling, living abroad, join a band and tour the country?) then the renovation will only get in the way and become a constant annoyance.

However, if you plan on just sitting around drinking tea with your feet up, then buying the new place will give you a purpose in life, and be something to spend your time on and be proud of.

There's no "correct" answer to this, it all depends on your (and the Mrs) priorities and what you want to do in life.

TTony

Richardj said:

Are you actually prepared for the potential stress? 

It could be perfect, but our current situation house wise isn't hugely different.  Every simple job isn't.  Every thing you have got quotes for, double it, at least.  Every timetable, double or triple it.

Having land is nice (we have 14 acres here), but it is a huge job on it's own maintaining that. Have you costed out decent fencing, gates, water, electric?

Thanks @richardj.

The stress worries me.  But I have to look at it as a project, rather than stuff being done on my home.  My day job is project/programme management, so if I can manage it "professionally", the stress should reduce. 

I hope.

Good point on the costs.  I'd guessed £40k for a re-thatch based on a bit of research - the quote is currently just over £60k, plus a bit more for the immediate remedials.  

Land is mainly fenced & gated, with water & power where it needs to be.  Need to add £10k in for a tractor though.

richardhomer said:

But I'm board senseless with some aspects of my life and - probably for the first time ever - I'm considering selling up and relocating somewhere completely new. So I 'get' the attraction of shaking life up a bit.

When we moved here, 16 years ago and before MrsTT was MrsTT
- on the Monday, my divorce absolute was granted, after 2+ years of arguing
- on the Tuesday, I signed a contract for a new job
- on the Wednesday, we signed contracts for a new house, 300 miles away

Those events had to happen in that precise order.  That was "shaking life up a bit"

Paul_C said:

Mrs TT wants a ménage ?  Is the local area notable for such things ? 

I suppose at least you accented the e.

Chuffola said:

My honest opinion is that if you have to ask the question, you know what the answer is.

That's precisely the problem.

Yesterday, I knew the answer.
Today, I know the answer.

But the answers are different.  I'm used to head ruling heart, but this is a definite emotion-driven thing.

TTony

Sporky said:

Flip a coin and see how you feel about the outcome.

How many times???

Maynehead said:

However, if you plan on just sitting around drinking tea with your feet up

If there's one thing that I am absolutely sure about, it's that the only "up" my feet will be, is up a ladder.

And I don't like tea.



It will force me to be very active, doing "stuff" rather than sitting around with my feet up getting fat and flabby.  Or fatter & flabbier.  That's got to be a good thing from a health perspective, right?

lloyd

Do it, sounds like a class place to live out your days, bit more work won't (hopefully) kill you.

And depending on how old you are, the work on the new place won't be too burdensome.

You sound like you'll make a few quid too, so if you don't like it, you can always sell up and go back to similar arrangement now.

If you're both thinking about it, then chances are your gut feelings right you're just wavering as its a bit of a gamble, which is understandable, but as said above, better to regret something done than regret not doing it.

Richardj

You don't need to spend £10K on a tractor.  I would hope that a fifth of that would buy you a perfectly serviceable old Massey that will probably outlast you. A shiny one is nice, but it really won't be any better.  That is absolutely from experience.

TTony

Richardj said:

You don't need to spend £10K on a tractor.  I would hope that a fifth of that would buy you a perfectly serviceable old Massey that will probably outlast you. A shiny one is nice, but it really won't be any better.  That is absolutely from experience.

Well, there goes my excuse for a new-shiny


I was adding in a mowing attachment, trailer, digger-wotsit for the front (etc), but you're right, there'll probably be something lying unloved in a nearby barn somewhere at a considerably more reasonable cost ...

Richardj

Also, become an armchair expert on everything that needs doing.  Just so you understand why something needs doing. I don't like building but an HND in Building and Civil Engineering helps cut through the BS.

UnclePsychosis

Having thought about it a bit longer...

Have you considered the long term maintenance of the grounds? At the risk of being rude, you're nearing retirement: how long are you going to have the desire/physicality to maintain it all? 9acres plus other buildings is pushing full-time management, how will you cope with that if you have to work to pay for it all? Will you be getting a gardener and have you factored in that cost? 

Sporky

TTony said:

Sporky said:

Flip a coin and see how you feel about the outcome.

How many times???

Until you know the answer.

TTony

UnclePsychosis said:

Have you considered the long term maintenance of the grounds? At the risk of being rude, you're nearing retirement: how long are you going to have the desire/physicality to maintain it all? 9acres plus other buildings is pushing full-time management, how will you cope with that if you have to work to pay for it all? Will you be getting a gardener and have you factored in that cost? 

The land is quite nicely split into discrete sections.

There's about 1.5 acres that will be "formal" gardens, in that they'll be mown regularly.  We already have a mulching ride-on to deal with that.

Another c1.5 acres is accounted for by the chicken shed and plot.  The plot is already hay timed by a local farmer, and we'd probably continue with that arrangement.

The largest field (probably 3 acres) will be wildflower meadow.  We'll grab some cut grass from a nearish-by meadow that's been deliberately cultivated as such for the last 10-15 years so has a good mix of wildflowers.  That'll have some pathways mown through it, but mostly will be left alone for 10mths of the year.

The guy who used to live there managed until he was 80-ish, but let it go in the last 10-15 years.  My aim is to sell-up and cash-in by 70 (ish) and then retire to an easier life.

TTony

Sporky said:

TTony said:

Sporky said:

Flip a coin and see how you feel about the outcome.

How many times???

Until you know the answer.

You are wasted here.

Sporky

I didn't mean it entirely unseriously. The coin flip is quite useful because it lets you examine how you feel about each outcome.

lloyd

Sporky said:

I didn't mean it entirely unseriously. The coin flip is quite useful because it lets you examine how you feel about each outcome.

I do this occasionally, ignoring the coin always seems wrong, but like you say, it forces you to really think about an outcome and if you find yourself going against the gods of chance, you do that.

But keep one eye open when you sleep, they're vengeful and jealous gods.

Mkjackary

I'd go for it, however much more in costs is going to be offset by the potential for the outbuildings etc.

Plus if you can get 4 bungalows out of it then that is a nice wad of money/income later in.

A mortgage now would probably be as good as a mortgage will get with interest rates so low. 

As said, file a coin, heads-stay, tails-go.
If you don't like the result you get flip it again until you do. (Very scientific)

Oh also,
(You say 4 bungalows, I just think it would probably make an even better recording studio that you could rent to forum items for free )

rlw

Going for it would be a challenge and would keep you an your mind working properly for at least another five years.  A great way to keep fit and maintain all your faculties which will prolong life generally.
Scary as fuck nonetheless.
I'm 64 and haven't got a clue or a plan or a challenge for when I retire and envy you somewhat.

TTony

Sporky said:

I didn't mean it entirely unseriously. The coin flip is quite useful because it lets you examine how you feel about each outcome.

The problem is that my feelings really do change day-by-day.

Day1:  "go for it, you only live once, have an adventure, what's the worst that can happen, etc, etc, etc."
Day2:  "are you completely stupid, you're happy, stay put, enjoy the life, be grateful, etc, etc, etc"
Day3:  see day1
Day4:  see day2

repeat ad infinitum or ad nauseam depending on your mood.

TTony

Mkjackary said:

A mortgage now would probably be as good as a mortgage will get with interest rates so low. 

Yes, fixed at 1%pt above base guaranteed for the life of the mortgage ... it'd almost be rude not to.

Richardj

If it is a relatively short term project, do you have any idea of potential value once completed?  Will you actually get a return from it?

That's a cold and hard thought, but.....

axisus

I'd go for it. My life has been risk free and subsequently a bit ... Dull. It sounds very nice. A big thing for me would be if Mrs A was more into it than me, I hate the idea of dragging her into my indulgence and then she doesn't like it.

TTony

Richardj said:

If it is a relatively short term project, do you have any idea of potential value once completed?  Will you actually get a return from it?

The return calc is complicated by the tax-saving opportunities that are specific to our situation, but we think there's a decent financial return in it, as well as a lifestyle "return" in that we should enjoy living there (if all goes well) and the new experiences ...