This is a guest post by our long term friend and fellow business owner Peter Patterson, titled: ‘Why I Decided To Sell My Home During Coronavirus.’ The recent global pandemic events have slowed down economic growth, as well as caused huge dips in financial markets. Not only that, it has also drastically changed human behaviour, and certain industries are going to be affected in the long term. Peter’s business is in the travel sector, which is among the worst of the affected industries to be hit by coronavirus. This is his story…
Why I Had To Sell My Home During Coronavirus
I run a small bespoke travel agent company in London, and needless to say the coronavirus has affected our business a lot. Firstly, when the lockdown measures were put in place, almost all flights were pulled to all the major holiday destinations. Secondly, there was a huge wave of people looking for flight refunds, hotel refunds and more. Perhaps most important, there were also hundreds of people stuck abroad that needed to get home. We actually had a few of our customers that had to be flown back from various locations on emergency flights from destinations that were closing their borders. All these reasons put major strain on our business, and led to me having to sell my home.
Selling The House
I was very fortunate to have a nice house in the centre of London, but I just could not justify living in it all by myself when there was a possibility that my business would suffer. I was still paying a mortgage on the property, so I crunched the numbers and realised that I could save a lot of money if I downsized to a cheaper place. This would mean that I could take a smaller salary and keep the business ticking over. I managed to ensure that my staff would be ok with the government furlough scheme, so everything was taken care of.
Moving to the new place was actually very therapeutic for me, as I had a big clear out of all the things that seem to accumulate over the years. I could also rest easy knowing that the future of my business was ensured. I also decided to downsize a few other things in my life. I cancelled a few of the unnecessary subscriptions I had, and even downsized my car. I went from a nice Audi saloon to an equally nice Volkswagen hatchback, and managed to save a few hundred quid a month. I am so happy that I made the decision to just do it, instead of waiting around to see what would happen. The industry I work in is almost certainly changed forever, and if I had waited around, my business could have gone under. I want to offer some advice to business owners and people in general. Don’t be afraid to downsize in life, as there is nothing wrong with it and only image obsessed people generally care what others think.