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accommodation

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    accommodation

    hey guys
    I've contracted for 2.5 years now and have up to now done flatshares. I've saved a bit of cash from doing this compared to renting out a 1 or 2 bed flat through estate agent by myself. For first 2 years I had the "rent" including bill payments also so that was a company expense.

    Now 2.5 years have gone and I've just found out that the landlord who I'm doing a flatshare with (he's only here on the occasional weekend so I get it to myself essentially) has put his flat on the market. He hasn't told me, which is not nice.

    Anyway, I was just wondering what you guys do for accomodation. I know some contractors who stay in hotel Mon-Thu. I wouldn't really like that very much, never done it.

    So what other options are there. Rent city-centre through estate agents but that's not cheap and council tax etc. is a total rip off. Or flatshare which is cheap but has downsides depending on who you share with.

    Or buy a flat. But are you nervous about buying a flat in the town you are contracting in as you never know how long you going to be there for. I get 6-month contracts. Latest one started this week so even if I looked for a flat to buy it would be a few months before I move in. Then if there's no more extensions I have a flat bought but no purpose to live in it anymore. Could rent it out though, I guess. I know if I keep on thinking like this I won't buy anything.

    How have you gone about it?
    Last edited by contractor79; 4 July 2008, 23:56.

    #2
    I'd always rent a flat. I used to flat share in the early days and like yourself became disgruntled with that way of living for similar reasons.

    Yes renting is expensive particularly through estate agents however if your skills are in demand then I think you should factor those costs into your rate.

    For the past 3 years I've rented spending a max of £1300 a month on accommodation, however as this was factored into my rate the client was happy to pay and my experience of the whole contract was a lot more satisfying as a result. Hotels are no way to live especially if the contract is going into months and months.

    Winchester was the nicest spot in the south west I've ever lived while working in the hampshire area, hour on the train to waterloo and countryside all around, rich cultural diversity, remember it's your life. You're sacrificing a lot make it worthwhile you deserve it.
    Last edited by scooterscot; 5 July 2008, 11:35.
    "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

    Comment


      #3
      Originally posted by contractor79 View Post
      hey guys
      I've contracted for 2.5 years now and have up to now done flatshares. I've saved a bit of cash from doing this compared to renting out a 1 or 2 bed flat through estate agent by myself. For first 2 years I had the "rent" including bill payments also so that was a company expense.

      Now 2.5 years have gone and I've just found out that the landlord who I'm doing a flatshare with (he's only here on the occasional weekend so I get it to myself essentially) has put his flat on the market. He hasn't told me, which is not nice.

      Anyway, I was just wondering what you guys do for accomodation. I know some contractors who stay in hotel Mon-Thu. I wouldn't really like that very much, never done it.

      So what other options are there. Rent city-centre through estate agents but that's not cheap and council tax etc. is a total rip off. Or flatshare which is cheap but has downsides depending on who you share with.

      Or buy a flat. But are you nervous about buying a flat in the town you are contracting in as you never know how long you going to be there for. I get 6-month contracts. Latest one started this week so even if I looked for a flat to buy it would be a few months before I move in. Then if there's no more extensions I have a flat bought but no purpose to live in it anymore. Could rent it out though, I guess. I know if I keep on thinking like this I won't buy anything.

      How have you gone about it?
      Pray. God will provide.
      Hard Brexit now!
      #prayfornodeal

      Comment


        #4
        Originally posted by sasguru View Post
        Pray. God will provide.
        no doubt

        Comment


          #5
          Originally posted by scooterscot View Post
          I'd always rent a flat. I used to flat share in the early days and like yourself became disgruntled with that way of living for similar reasons.

          Yes renting is expensive particularly through estate agents however if your skills are in demand then I think you should factor those costs into your rate.

          For the past 3 years I've rented spending a max of £1300 a month on accommodation, however as this was factored into my rate the client was happy to pay and my experience of the whole contract was a lot more satisfying as a result. Hotels are no way to live especially if the contract is going into months and months.
          I agree, hotel living is not nice and expensive for what it is, sometimes uncertainty that the rooms will be available in the busy periods.

          But would you say renting is the way to go and that buying a flat is too much of a risk? Especially at today's prices and falling market. Most contractors I know have a property investment at home then just rent or hotel at site.

          Comment


            #6
            Originally posted by contractor79 View Post
            I agree, hotel living is not nice and expensive for what it is, sometimes uncertainty that the rooms will be available in the busy periods.

            But would you say renting is the way to go and that buying a flat is too much of a risk? Especially at today's prices and falling market. Most contractors I know have a property investment at home then just rent or hotel at site.
            Why would you want to buy a flat near your 3 month contract? Assuming you change contracts every 9 months say (couple of extensions before budget runs out and you need a new gig) you are either limiting yourself to the local area, or you need to sell and buy another.

            Stamp duty and solicitor fees will eat up any increase in value on the property, and if you get stuck with negative equity you have problems...

            Comment


              #7
              Originally posted by contractor79 View Post
              I agree, hotel living is not nice and expensive for what it is, sometimes uncertainty that the rooms will be available in the busy periods.

              But would you say renting is the way to go and that buying a flat is too much of a risk? Especially at today's prices and falling market. Most contractors I know have a property investment at home then just rent or hotel at site.
              I agrees with Ardesco.

              I nearly considered buying whilst on a 12 month gig a few years back. Then it was only 6 month contract to start with and the market was booming. The wife and I viewed a couple of places but in the end the costs (financial and stress) were just too great.

              Make your money from your skills, what your good at, property investment right now is only for the bullish / long term who can afford to lose before things improve.
              "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

              Comment


                #8
                Originally posted by Ardesco View Post
                Why would you want to buy a flat near your 3 month contract? Assuming you change contracts every 9 months say (couple of extensions before budget runs out and you need a new gig) you are either limiting yourself to the local area, or you need to sell and buy another.

                Stamp duty and solicitor fees will eat up any increase in value on the property, and if you get stuck with negative equity you have problems...
                makes sense
                and property is just so expensive now it's hard to find a cheap flat anywhere
                then with flats you have £100/month service charge, council tax £100-120/month, bills £100-150?/month on top of mortgage

                Comment


                  #9
                  Read this.

                  Makes sense to me - YMMV.

                  Comment


                    #10
                    Contractor , I've been renting several places now moving to where the contract is. Do you have a primary home ? If not you cannot claim renting expenses.

                    The issue i find is that I keep losing the renting deposits. Because I don't have home i will rent a place until I find the next gig. Next gigs always start ASAP hence I move out losing my deposit. On average it is a 400 loss per move.

                    Comment

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