To Let Or Not To Let
Dear Coach Fabulous
I am having difficulty in deciding on one of two choices about how to run my finances and life following an imminent house move. I am selling my house to release capital, re-schedule all my finances finally – after a marital separation – and set off, hopefully on a new path. I cannot choose whether to buy one home for myself and live mortgage-free or to invest in property and let it, whilst renting something for myself in the meantime. I do not know which way to go and I cannot seem to make the decision. One day I feel one way and quite certain, and the next I am back to square one. I need to stabilise financially and live according to my own values, having released my attachment to someone else's. I need to sell my house. That is not in question. I need to be able to choose one way or the other about how to live going forward. I would appreciate any help you can give.
Turning Point
Dear Turning Point
The answer lies in clarifying what your values are and having the courage to live according to your own lights. You are at a really powerful juncture in your life, about to set off on the adventure of creating a new life on your own, which can also be incredibly scary. I suspect that you already know the option that you would prefer, but that you are terrified of making a mistake.
First of all, let’s take some pressure off, by saying that none of the choices available to you are mistakes – they’re just options. Also, you haven’t explored all your options either. For example, rather than the dilemma of having one paid-up house that you live in versus a buy-to-let property and renting elsewhere yourself, there’s also the option that you could purchase two smaller properties, to live in one and rent the other. The way to break the stranglehold a dilemma has on your mind is to open up to new possibilities. It’s the either/or scenario that keeps your head spinning.
Now that you can see beyond the two possibilities you have been considering, ask yourself what is really important to you - the day-to-day security of knowing your house is mortgage-free or the expanded investment potential of having additional or buy-to-let property? As you are coming out of a marriage where you seem to have had to adapt your values to suit your partner’s way of life, there may be a little work involved in uncovering exactly how you feel. If you’re in the process of reclaiming your own life and restoring your true values, these are some of the questions that will help you to get clear: Am I more naturally inclined to have everything secure and nailed down or am I happy to take a risk? How did I approach my finances before I got married? If I dropped my fear of making a mistake, what would be my first-choice option? What’s really in my heart – relaxing into being safely free of debt or optimism about investing in the future?
Then look at the business issues: How skilled am I at property investment and where could I get unbiased professional advice? Am I certain of where I want to live and am I ready to commit to buying property in that location? Have I done the research to satisfy me that rental property in that location is a sound investment?
To get completely clear on what’s the best choice for you, really feel into how each option would fit into the life you’re planning for yourself. Can you see yourself being happy and having all the flexibility or security you need? Property may be the biggest purchase you ever make, but it’s not the biggest factor in your happiness. Make your property choices serve the life you want to lead. Don’t let the tail wag the dog.
Coach Fabulous
If you have an issue you’d like guidance on, need some help finding direction or could just do with a bit of inspiration, email CoachFabulousCo@aol.com and a little cyber-coaching will appear, as if by magic. Of course, the names will be changed to protect the innocent (and the not-so-innocent). All material © 2006 Alison Porter
I am having difficulty in deciding on one of two choices about how to run my finances and life following an imminent house move. I am selling my house to release capital, re-schedule all my finances finally – after a marital separation – and set off, hopefully on a new path. I cannot choose whether to buy one home for myself and live mortgage-free or to invest in property and let it, whilst renting something for myself in the meantime. I do not know which way to go and I cannot seem to make the decision. One day I feel one way and quite certain, and the next I am back to square one. I need to stabilise financially and live according to my own values, having released my attachment to someone else's. I need to sell my house. That is not in question. I need to be able to choose one way or the other about how to live going forward. I would appreciate any help you can give.
Turning Point
Dear Turning Point
The answer lies in clarifying what your values are and having the courage to live according to your own lights. You are at a really powerful juncture in your life, about to set off on the adventure of creating a new life on your own, which can also be incredibly scary. I suspect that you already know the option that you would prefer, but that you are terrified of making a mistake.
First of all, let’s take some pressure off, by saying that none of the choices available to you are mistakes – they’re just options. Also, you haven’t explored all your options either. For example, rather than the dilemma of having one paid-up house that you live in versus a buy-to-let property and renting elsewhere yourself, there’s also the option that you could purchase two smaller properties, to live in one and rent the other. The way to break the stranglehold a dilemma has on your mind is to open up to new possibilities. It’s the either/or scenario that keeps your head spinning.
Now that you can see beyond the two possibilities you have been considering, ask yourself what is really important to you - the day-to-day security of knowing your house is mortgage-free or the expanded investment potential of having additional or buy-to-let property? As you are coming out of a marriage where you seem to have had to adapt your values to suit your partner’s way of life, there may be a little work involved in uncovering exactly how you feel. If you’re in the process of reclaiming your own life and restoring your true values, these are some of the questions that will help you to get clear: Am I more naturally inclined to have everything secure and nailed down or am I happy to take a risk? How did I approach my finances before I got married? If I dropped my fear of making a mistake, what would be my first-choice option? What’s really in my heart – relaxing into being safely free of debt or optimism about investing in the future?
Then look at the business issues: How skilled am I at property investment and where could I get unbiased professional advice? Am I certain of where I want to live and am I ready to commit to buying property in that location? Have I done the research to satisfy me that rental property in that location is a sound investment?
To get completely clear on what’s the best choice for you, really feel into how each option would fit into the life you’re planning for yourself. Can you see yourself being happy and having all the flexibility or security you need? Property may be the biggest purchase you ever make, but it’s not the biggest factor in your happiness. Make your property choices serve the life you want to lead. Don’t let the tail wag the dog.
Coach Fabulous
If you have an issue you’d like guidance on, need some help finding direction or could just do with a bit of inspiration, email CoachFabulousCo@aol.com and a little cyber-coaching will appear, as if by magic. Of course, the names will be changed to protect the innocent (and the not-so-innocent). All material © 2006 Alison Porter
posted by Coach Fabulous at 3:12 pm
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