Life choices

Major crossroads ahead.....

Senario....a few months ago a friend of ours was diagnosed with nasty cancer . He has a very slim chance of recovering. He used to be our general handyman....he would fix anything from the house to the Car to the garden. However - due to obvious reason he is no longer able to do this....

My Van is due its MOT - fine - off it has gone to the dealers.....who are going to tell me tomorrow if it need a new engine Now - I do not have the money for a new van - but nor do I have a couple of thousand to fix up this one.....however - I do have a little saftey net....

Its a house in Norfolk....

My situation as it stands is that....I could sell (the renter has expressed an interest to buy if I ever decided to sell). Get rid of my mortgage and with the profit....
a) Buy a new Van
b) Buy a field or two in which to (hopefully) set up a more permenant training venue for my busisness.

As it stands at the moment I am having to turn people away from classes becasue I don;t have the room...I have people calling me on a daily basis about agility but nowhere to run any classes (I have most of the equiptment)
I have a good client base and a good reputation....

But that gets rid of my bolt hole....

DO I take the chance knowing that the likely hood of me getting another mortagage is slim if not non-existant based on my income and self employment.
OR - do I get a loan and fix up my van.....

I would love to set up a proper training school and have the facilities to be able to help people on a one to one basis as a when they need, its a dream....but the reality is very scary - especially in the current financial climate.

Sorry for waffling - my head is in overdrive.

Hi, I would personally get a loan which should be quite cheap at the moment if you shop around. I wouldn't sell the house in Norfolk in the current climate or set up a new business when people have less money than before. You have guaranteed income from the house and a buyer when the climate picks up and with mortgages rates going down, if you are not on a fixed rate you should be smiling. I wouldn't sell my biggest asset until I knew I would be getting the best price for it. However, I am ultra careful and boring and not a financial adviser! If you are serious about it why not see a professional who can help you work out the feasibility of it. Good luck.

Normally I would say go for it and sell the house and set up your business, life is so short not to do what you want. But in this climate it is more of a risk.................I think I would still go for it though.

Good luck for whatever you decide