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Originally Posted by Bevdeforges
You're assuming that you'll be working full time as a contractor. The big advantage of contractor status for employers is that they can simply tell you not to come in to work if they run out of stuff for you to do. And if you don't work, you're not being paid.
On the tax side of things, you're paid gross, which means you have to set aside money to pay your taxes rather than having taken out of each pay cheque. You also have to pay your own national insurances. Check into that before you decide which way to go.
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Yes this is true. But I think in today's economy, having a perm job is not a sure thing too... Difference to a contractor is another 1 or 2 months notice period. Another thing I am considering is that being a contractor, one will not experience career progression as a perm.
Oh I wasnt aware of having to pay national insurances as a contractor. Thanks for this, I will look it up.
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In most of Europe and North America, the prevailing winds come from the west. Most large, industrial cities developed their "upper class" districts on the west side of town, because the smoke and smog from the industries was blown to the east. The east side of many towns has traditionally housed the working classes. That is starting to change and the eastern side of many big cities are undergoing gentrification.
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Good explanation. How is the property investment outlook for London? I heard that areas such as Canary Wharf is overbuilt hence prices have been kept very low for quite a while.
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Nothing to stop you from buying property in London, but qualifying for a mortgage could be very difficult until you have a job and a few months worth of payslips to validate your salary level. As a contractor, you're considered "self-employed" and would probably do better if you had a year or two of financials to show to the bank. (Relates to the fact that, as a contractor, you have no guarantees that the work will continue past the current project.)
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I might have to consider co-sharing a property with a mate who is already in London. He is working as a perm employee.
Or what about making a loan from Singapore for a property in London?
Are there any grants given for a first-home owner? I know they have something like that in Australia.