Is Your Home Providing a Good Return on Life?
Why do I live here?
I am sure plenty of wealthy people living in London and the Home Counties in their expensive properties are asking themselves this very question as the UK continues to reopen slowly following the Covid-19 quarantine; some four weeks after the Isle of Man started their transition to the ‘new normal’ with lockdown being lifted and schools back to normal on 22nd June.
It seems many people have already answered that question by voting with their feet. Like me, have you observed ‘For Sale’ signs being replaced with ‘Sold’ notices on local properties?
The pandemic has upended one of the strongest traditional reasons for picking a place of residence: our careers.
Here I would appeal to my many fellow school pupils of my generation, having vanished seemingly forever from the Isle of Man to University and beyond.
If you ever needed a reason to return to live and thrive without lockdown, and as a byproduct avoid Capital Gains Tax, pay income tax at a paltry 20%, and ultimately escape Inheritance taxes perhaps…….isn’t this it?
SAVE THE DATE: We’re pleased to announce that on 15th September in partnership with Chartered Tax Advisers, Hotchkiss Associates, Thornton is co-hosting a seminar at St Johns Mill covering ‘the Life Cycle of an Isle of Man Resident; Tips and Traps’, Lockdown 2 permitting. More details to follow.
The way we all work could be headed for a significant transformation.
If your job is no longer tied to a particular location like London, your home doesn’t have to be either. And, as a result, three other factors could have a bigger impact on where we decide to live in the future.
1 – More space between home and work.
For health, safety, and economic reasons, companies will keep moving jobs that can be done outside of a traditional office environment online.
As our connection to physical office spaces decreases, technology like Zoom, Slack, and Google Docs will allow us to keep collaborating with and learning from co-workers.
Our work experiences, skills, and connections could grow as these online offices spread across the country and even across the world.
These new professional options could also open up new living options.
You might be able to move away from your current employer while keeping your current job. Or, if you’re happy with your home, you might be able to take a dream job on the other side of the country without uprooting your family.
Imagine having access to major metropolitan job markets without having to worry about the cost of living in a major city. You could earn more while spending less and still maintain your family’s ideal lifestyle.
2 – More room to explore.
We often use travel to unplug from the bustle of our daily lives or to explore interests for which we can’t always make time.
If your job is moving online, maybe you’d like to move your home to a beautiful island in the middle of the Irish Sea. You could live on or near the golf course and long walks on the beach could become your new daily exercise routine.
Actually, depending on the course, you could kill two birds with one ball/stone!
Remote work could also allow you to change your home environment in ways that better suit your family’s needs.
Getting out of the city might mean a bigger garden for your kids and schools with smaller class sizes; certainly, this is the case at the Buchan School and King Williams College.
If you’re an empty nester, moving into a seaside apartment might make for a more manageable home and a more extensive range of entertainment options.
And if you’re happy where you are, this might be the time to tackle remodelling projects you’ve been putting off.
After all, if you’re serious about making the switch to remote work, that dining room or closet you’ve been calling a home office won’t cut it.
3 – More opportunities to connect.
The quarantine gave all of us a newfound appreciation for our loved ones.
Through video chat and social media, we checked in regularly with the friends and family we might only see once or twice a year under normal circumstances.
As social distancing restrictions continue to ease in the UK and across the world, you might be thinking about moving those virtual connections into your daily life.
If work pulled you away from your loved ones, you might now have an opportunity to move (back) where you have stronger personal connections.
The people who helped you make it through quarantine could also be the people who will make the next chapter of your life more fulfilling.
We’re all processing these and other big picture changes in uniquely personal ways.
If Covid-19 has had a significant impact on how you think about your work, your life, and your home, let’s schedule a video chat on Zoom.
We can reassess your most recent thinking and discuss if there are any life changes we should help you plan or replot or adjust so that you can get a better Return on Life.