When is the right time???

Submitted: Saturday, Mar 22, 2008 at 16:34
ThreadID: 55809 Views:2352 Replies:10 FollowUps:7
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Hi all

We have been camping for a few weeks at christmas etc. We have a Sturt outback Tent Trailer and Nissan Patrol.

Hubby and I both want to do the big trip, round Aus. Trouble is I am to scared to go. I am 47 and he is 43. I have a 17 year old son. At the moment we also have 21 year old son, his girlfriend and their 1 year old son living with us. Hubby said lets just sell up and go and leave them to it. I thought of renting the house to htem but htey were kicked out of their last house cos they were behind in rent. uummm - don't rent to family says hubby. We can both get work on the road I think. Hubby is carpenter and I do admin.

We still owe money on the 4wd and the house. Parents have told us to go while we still can cos you never kn ow what might happen down the track and we may not be able to go.

I would be interested from anyone who has found it hard to make the big decision and has finally done it. What did you do with house etc? Was it the right choice? How do you know when its the right thing to do? Why am I such a chicken?

Vic
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Reply By: barely there - Saturday, Mar 22, 2008 at 17:13

Saturday, Mar 22, 2008 at 17:13
Just do it you,your parents are right you never know whats around the next corner.We did it 6 years ago for 13 months and loved every single minute of it.Now my wife at 35 has chronic asmatha,we have to have oxygen with us all the time to keep her alive and have to be within 15 minutes of a hospital in case of an attack.Your kids will be fine.Just do it if you can afford it.Have fun.
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Follow Up By: Kiwi & "Mahindra" - Saturday, Mar 22, 2008 at 17:14

Saturday, Mar 22, 2008 at 17:14
how did she all of a sudden get chronic asthma???
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Follow Up By: vicandug - Sunday, Mar 23, 2008 at 18:26

Sunday, Mar 23, 2008 at 18:26
Hey Barely there

Do you know what caused your wifes asthma?

I hope that she is doing well.

Vicki
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Follow Up By: barely there - Sunday, Mar 23, 2008 at 18:45

Sunday, Mar 23, 2008 at 18:45
you dont just get chronic asmatha,it develops over the years in some people,she is the small percentage that steroids dont work well but suffers all the sideeffects.we have tried everything including naturopaths and nothing works.She was born with asmatha,and no she isn't doing well,been in hospital last 8 days,her asmatha has just been getting worse lately,and doctors dont know what to do.So enjoy life and explore OZ.
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Follow Up By: Kiwi & "Mahindra" - Sunday, Mar 23, 2008 at 19:19

Sunday, Mar 23, 2008 at 19:19
I have severe asthma but not to that extent. Im lucky, the 2 steroids that I take do help and basically if I dont take them for 4 days straight...I will go through a ventolin a day, where an attack will just start for no reason........Give her a big hug and kiss for me....it really must suck when it gets that bad....(my asthma was caused from 2 collapsed lung when I was 8 due to a peanut...)
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Reply By: oz doc - Saturday, Mar 22, 2008 at 17:24

Saturday, Mar 22, 2008 at 17:24
We did something similar- absolutely no regrets and the best decision we ever made. I agree with your husband - don't rent to the kids. If you have significant equity in your house you could sell it, buy a small investment property with a modest deposit, and use the rest of the $ to pay out other debts. That way you can keep a toe in the property market, relieve the financial pressures and still get on the road and live life.
AnswerID: 294115

Reply By: Saharaman (aka Geepeem) - Saturday, Mar 22, 2008 at 17:35

Saturday, Mar 22, 2008 at 17:35
Hi Vic&Doug,

I don’t think anyone can answer the question you raised except yourselves – as it is a lifestyle choice you are making based on your current priorities in life. Forumites can only give personal advice from their experiences and raise valid considerations.
As an Economist I can only suggest to consider carefully the ramifications of selling your home now to do it. I , like many other Australians, value highly the privilege of owning your own home. As Real Estate prices in many parts of Australia are still strong (and rising) you need to consider how difficult it will be to re-enter the market after your trip.
The transaction costs of selling (agents commission etc) and buying again in the future (stamp duty, conveyancing etc) are quite high (could be $15 to $20,000). If you are working your way around Australia most likely you will not save any money – but move on again once finances permit. This means when you have finished travelling you will have less equity to buy a house than you have now (after transactions costs) with prices most likely considerably higher. This means if you buy again you may carry a mortgage right into your retirement years.
My view is that you should try to keep your home if at all possible. Whether you rent it to family or someone else is up to you. One option may be to sell and down size to a smaller property debt free – so at least you are still in the property market.
Perhaps you could delay the trip for 12 to 18 months in which time you work hard and live frugally to pay off the remaining debt before you go if that is achievable. Once you are debt free the rent would be handy cash to help with travel expenses. The decision perhaps comes down to the freedom to travel now verses possibly carrying a future new mortgage into your retirement years and even a delayed retirement later on due to debt. This are only my opinions – I’m sure others will give you differing points of view.
Cheers and good luck in whatever you decide to do.
Glen
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Follow Up By: obee - Saturday, Mar 22, 2008 at 20:46

Saturday, Mar 22, 2008 at 20:46
Best advice I have read on this forum for a long time.

We did not budge until the house was paid for and now we are saving three hundred dollars a week in rent.

If you go now with the scenario some here are promoting you may spend the rest of your life in caravan parks and sick to death of it.

I always pushed the debt free theory myself and now I reap the benefits. Plenty of impatient folk out there very sorry to find they are out on a limb.

Give the kids a bit of time yet to clear out and be independent proper. Last thing we need is having them around like the millstone.

Oh yeah., we are just turning sixty and have plenty of life left yet to get around and we do. We had been free for about seven years now and travelling is still a pastime and not a neccessity.

Owen
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Follow Up By: Member - The W (WA) - Saturday, Mar 22, 2008 at 21:39

Saturday, Mar 22, 2008 at 21:39
Yes, ditto!!!!!!!!
Excellent advice Glen.
We rent all our properties (12) and never to family.
Learnt the hard way.
Wonderful daughter but only 3 weeks rent in two years. Yep that is right, 3 weeks.
I should say in fairness to her, she worked on the farm every moment she could so we did not mind but gee whiz we did buy the house so she would not be paying rent down the drain as they say, but to us so it would eventually become hers anyhow being an only child.
She now stands on her own two feet and pays her way. Thank goodness. She is a daughter to be proud of and we are just that, very proud of her.

No way will we ever rent to her or any other family ever again though.
As for........ you may get sick and not live long enough to enjoy things, well on the other side of the coin you may live to be one hundred (lots do now days) and what will you have if you throw caution to the wind.

I retired at the ripe old age of 51 as did my husband and yes I became an extremely severe asthmatic and also have a very rare disease that only asthmatics get (Churg Strauss Vasculitis) but I still travel (50 weeks of the year) and live life to the fullest that I can.
Sure I have had to stop doing some things love but I have taken to doing other things and enjoy them instead.
You are only ever limited by your own self.
Some crippled people are Olympians.

I go outback as much as possible and I might add that is most of the time. There seems FOR ME to be less problems there than in the towns and cities with the smog, smoke and other infections that walk past me every day in those places.
So often when in a town I have shocking attacks.

Dust is the big factor in the outback and sure I suffer but not as much as if I stayed in towns ad hospitals as some think I should do.
I carry everything with me and lots and lots of it and keep in touch with both my family doctor and specialist and have things such as satellite phone etc....
We are only after all human and things will go wrong even with the people that think they are healthy. Heart problems could be lingering unknown to many and so on.

Live life, you only get one.

That is a good motto and our daughter, (only child) was born with Cystic Fibrosis and we were told she could not live to be more than ten.
Well she is 32 and living a good life and works, travels and does everything at a thousand revs a second and lives by that motto. She told me that one.
Live life, you only get one.

So do what yo have to, and do it well, regardless if you decide to stay home, travel or what ever.
Do it and do it as well as you can.
Don't think you could be dead in a week and give up, plan to live a good long life and enjoy it.

It is my opinion that it is not being a chicken to be cautious, it is wise.
Take the time to plan and work out what is best for you both and go with the decision but be prepared to re-adjust the plan from time to time as things change.

If you fail to plan, you plan to fail.

How can any of us tell you what is best when we only know the info about you in the post above. We do not know your full circumstances.

Good luck with the planning and decision making.
Perhaps a good financial planner is another thing to think about investing in to help you get that plan into action.
We don't use one but that is just us, maybe you might wish to.
Does Glen do that or does he know of someone that can assist?

Anyhow I do wish you well, it is a huge decision and not one to be made lightly.

Cheers,
The Wattos.
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Follow Up By: Member - Dunworkin (WA) - Saturday, Mar 22, 2008 at 22:45

Saturday, Mar 22, 2008 at 22:45
"Wonderful daughter but only 3 weeks rent in two years. Yep that is right, 3 weeks."

Geez did you get 3 weeks rent?????????? How did you manage that. LOL we have four children and we have never received a cent in rent or board. We refused to take money from them as our home is theirs as well, they used their money wisely, have all got their own homes and good jobs, we are also very proud of each one of them.


Simba, our much missed baby.

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Reply By: Member - barry F (NSW) - Saturday, Mar 22, 2008 at 18:50

Saturday, Mar 22, 2008 at 18:50
Hello Vic, can't realy help you with personal experience relating to your overall intention. But have had a couple of experience with financial situations with family members ( grown kids )
I agree with hubby big time. Not worth the hassle nor the stress that it causes if it goes pear shape. But reckon you should do the trip. Rent it or get a house sitter? Best of luck.
AnswerID: 294127

Reply By: John R (SA) - Saturday, Mar 22, 2008 at 19:08

Saturday, Mar 22, 2008 at 19:08
I can't help you with the 'go now, or wait till later' question, but a couple of things I'd seriously consider;

- never rent to family
- depending on the sort of house you own, retain and rent out (through an agent - someone needs to do the dirty work). If you get the stucture right, the rent should cover interest payments almost immediately, depending on what proprotion you've got left to pay off. It'll give you an investment/asset growing in value. Consider it an emergency or retirement fund!

I would suggest you're a chicken because it's a matter of leaving what you know, for the unknown. Add 'leaving indefinitely' to that, and it's even harder. We're all chickens to varying degrees. Most of us would be worried just like you. You're not alone!!!

AnswerID: 294129

Reply By: Axel [ the real one ] - Saturday, Mar 22, 2008 at 19:40

Saturday, Mar 22, 2008 at 19:40
An old old German saying loosely translated states "" where money and relatives are concerned friendship ends"" ,,,
do not rent to your son , only pain will result ,, you only have 1 life to live so do the trip ,, ,, do you really think that if they cannot pay a rent to an agent that they will pay the rent to you?? come on ,, its ONLY to mum and dad ,, ,,,[ insert sarcasm big time]
AnswerID: 294133

Reply By: oz doc - Saturday, Mar 22, 2008 at 21:21

Saturday, Mar 22, 2008 at 21:21
If the "big trip" is the ideal but too scary and difficult to arrange- why not compromise, test the water so to speak- why not break it up into 3 or 4 smaller trips? Say do one state at a time and see how things go. I still agree with everyone else - don't rent to the children. It sounds harsh but its the reality of life.
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Reply By: Footloose - Saturday, Mar 22, 2008 at 21:53

Saturday, Mar 22, 2008 at 21:53
All excellent advice, even if it's somewhat confusing and conflicting to a mere chicken :))
What's the worst that could happen? Possibly that you stay at home and don't do it, get crook and then can't ever do it.
You KNOW you want to.
Some things you have to take a chance on, and this is one of the more enjoyable chances :)
I have not heard of anyone who went, came home to their own house again and regretted going.
But we all know of people who were "gunna" :(((
AnswerID: 294151

Reply By: Member - Dunworkin (WA) - Saturday, Mar 22, 2008 at 22:55

Saturday, Mar 22, 2008 at 22:55
Hi Vic, all good advice there, I wouldn't be selling up, regardless of what decision you make re letting the house you will not be sorry you kept it,

As far as the trip goes, just do it and enjoy it, by the time you get back your kids will have settled themselves somewhere and when you do get home you will be able to just be you and hubby at home without the kids!!!!!!!!! LOL

Cheers

D


Simba, our much missed baby.

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Reply By: vicandug - Sunday, Mar 23, 2008 at 18:50

Sunday, Mar 23, 2008 at 18:50
Thanks for your replies

I understand that no one can tell me what would be the best thing to do.
I am really happy with the opinions that I have received. Its seems that the main thing is not to sell the house and definitely do not rent to family.

As we don't have the money to just be able to pack up and there are a few things that need to be done to the house I think we have reached an alternative.

We will go to Queensland at the end of the year for 6 weeks. Go to Airley to visit friends and then go to Townsville to visit some others. Then we will come back down the coast so hubby can show me where he used to live at Glasshouse mountains.

Hopefully over the next 12 months we can pay enough off the house and car and then go. Youngest will then be 18 and hopefully my other son and his family will have their own place by then. He can then return the favour and have youngest at his house. We will hopefully have done the work that needs to be done and we can rent our house out. Through an agent.

Thanks all for your replies. I really enjoy reading what others have done... I can live my dreams through all of the lucky people that have already done it.

Vicki
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