Well, I'm Doing it and Selling Up!

[Omegamanic]

I have toyed with the idea for months now, and after selling a lot of watches and paying off half my mortgage, I have decided to do it again.

So... I'll be selling up to cover at least 50% of the remaining mortgage and taking it from there. If I get really carried away, I may even keep going and clear the whole lot once and for all.

I'm in the lucky position of having a few multiples of my favourite watches, so I may be able to achieve a 50% reduction without too much pain. I have been convinced by quite a number of threads that it is a worthwhile endeavour and that I'll feel the benefit. I'm sure it will be cathartic if nothing else.

A big thank you to all the members who have been through and posted all about reducing their collections, or even those that have sold many to go for one or two more expensive watches - it has all been helpful in coming to a decision.

Now the hard work begins - looking at what will be going and what will be staying. I doubt I'll be asking the forum for their opinions, as there are some watches that will be going regardless and I'll still have a 16600/14060 heavy collection by the time I finish in any case.

For the first time in considering this course of action I am actually looking forward to - whereas in the past, I was always far too concious of there being some mystic downside to selling up.

Fingers crossed - wish me luck in my quest to be mortgage free, and have less watches to worry about servicing and insurance :)

I'm Free!

[stix]

I have toyed with the idea for months now, and after selling a lot of watches and paying off half my mortgage, I have decided to do it again.

So... I'll be selling up to cover at least 50% of the remaining mortgage and taking it from there. If I get really carried away, I may even keep going and clear the whole lot once and for all.

I'm in the lucky position of having a few multiples of my favourite watches, so I may be able to achieve a 50% reduction without too much pain. I have been convinced by quite a number of threads that it is a worthwhile endeavour and that I'll feel the benefit. I'm sure it will be cathartic if nothing else.

A big thank you to all the members who have been through and posted all about reducing their collections, or even those that have sold many to go for one or two more expensive watches - it has all been helpful in coming to a decision.

Now the hard work begins - looking at what will be going and what will be staying. I doubt I'll be asking the forum for their opinions, as there are some watches that will be going regardless and I'll still have a 16600/14060 heavy collection by the time I finish in any case.

For the first time in considering this course of action I am actually looking forward to - whereas in the past, I was always far too concious of there being some mystic downside to selling up.

Fingers crossed - wish me luck in my quest to be mortgage free, and have less watches to worry about servicing and insurance :)

I'm Free!

Great move mate and just pay off the mortgage first, you can always find money for a watch. Good luck!

[bobdog]

Well done, I won't call it a brave step more of a sensible step, when you achieve your goal you will feel brilliant, just make sure you hang onto a few of those lovely seadwellers!

[Omegamanic]

Great move mate and just pay off the mortgage first, you can always find money for a watch. Good luck!

Thank you. I know it is the right thing to do - I have come up with a million excuses for putting it off, and most have been around not being able to replace the watches in as good condition etc. - but as I moved away from more vintage watches some time ago, that doesn't really hold true for the most part.

At the end of the day - the watches are going and it doesn't really matter whether or not I can replace them in the future, as I am sure there will be other watches, and if I can't afford expensive watches in the future, then I am sure there will be cheaper watches ;)

[Dave in Wales]

"Mortgage-Free"....one of the worlds best feelings......IMVHO.

Good luck.

[stix]

Thank you. I know it is the right thing to do - I have come up with a million excuses for putting it off, and most have been around not being able to replace the watches in as good condition etc. - but as I moved away from more vintage watches some time ago, that doesn't really hold true for the most part.

At the end of the day - the watches are going and it doesn't really matter whether or not I can replace them in the future, as I am sure there will be other watches, and if I can't afford expensive watches in the future, then I am sure there will be cheaper watches ;)

If you enjoy Horology then you will always find pleasure on some level with the hobby but having your house paid off, well that must be a very, very satisfying feeling mate, and I am confident, your enjoyment of watches, will only increase.

[MerlinShepherd]

All the best and wishing you good luck..... My watch box contains far fewer than yours I am sure, but I'm thinking along these lines too. I would like two watches only...oh and a G for the gardening/DIY.

[GraniteQuarry]

Good call! Once upon a time I had 30+ in the watchbox worth well into six figures - utter madness! Now down to a half dozen, even then I only wear the one! Oh, still got a mortgage

[Omegamanic]

Thank you for all the encouragement - although, I am completely resigned to this now and very positive. I'm looking forward to getting a lot more control back, as I feel the watches have had far too much power over me and for too long!

[Parabola]

I don't have a mortgage and it feels terrific; just terrific...

... of course, I don't own a house either

[Omegamanic]

I don't have a mortgage and it feels terrific; just terrific...

... of course, I don't own a house either

[Skyman]

A great course of action IMHO. I did the same with watches (plus a few cars, bikes and other superfluous toys) and put the proceeds into a house in France. Best thing I ever did. Enjoy both the process and the outcome.

[Daddelvirks]

Good on you. I've not looked back for a second and am completely content with my one and only watch!!

For now


Well, good luck with your plan, I guess it makes sense, so why not?

Daddel.

[Viking]

I wish you all the best in your endeavour, mortgage free is kind of a grail for most of us in it's own right to be honest.

Now can I pm you about a watch that I believe you have in several copies, and that I've been really looking at with a lot of desire lately? It's not the most expensive of pieces, but I'm hoping you're slimming down accross the collection, not just at the top end...

Good luck in any event.

[BrianT]

For the last five years I have enjoyed a 2.5% mortgage, and about .005% on my savings. But my few older watches have beaten those figures handsomely and my stamp collection has followed suit.

Invest in toys, you know it makes sense.

[mjc1216]

"Mortgage-Free"....one of the worlds best feelings......IMVHO.

Good luck.

Fully agree and as i have said many times do you need more than 3 watches ???

[Thom4711]

Good luck on this endeavour! Once mortgage free you will be able to recoup the watches you miss :)

Is this a good time to point towards my WTB for a 14060?!! ;)

[Dougal]

Good luck! Great decision. You won't regret putting the proceeds into the mortgage.

Fully agree and as i have said many times do you need more than 3 watches ???

Three is a very good number.

[noiseboyuk]

Clearly, I'm swimming against the tide of majority opinion here, but - just to play 'devils advocate'.

I collect only vintage watches, not as investments but because I love them.

Although one or two watches in my collection have merely kept pace with inflation (even fewer have have been 'losers'), the majority have increased in value at an extraordinary rate.

Whilst the watch collectors market may not be as secure as bricks and mortar, for the time being I'm happy to be seeing a 'real world' increase in value of my overall collection - this several times higher than anything the property market can offer.

However, I do understand the comfort and security offered by a lack of indebtedness.

If it works for you - do it. Everyone to his own.

[ktmog6uk]

good luck with the sale chap, wish i could afford a couple of yours! i still remember that Rolex Exp II with affection.

[tiny73]

Sounds like a great plan. NOw, perhaps more importantly, whats likely to be hitting SC in the near future?

[munchies]

Good luck with your plans and only 8 more years to go with our mortgage, can't wait to get rid of it and down size, as kids will be old and ugly enough by then in going it alone.......hopefully

[Omegamanic]

good luck with the sale chap, wish i could afford a couple of yours! i still remember that Rolex Exp II with affection.

Jon, in a way I feel quite privileged to have been in position to send you my EXPII to try out and see what you thought of the watch and the brand. It was after all my first ever Rolex and one I choose over all other models.

As this is essentially a cash raising exercise for me, I am likely to take all the watches I am selling to one of of the big on-line used watch dealers and have them sell on my behalf on a commission basis - even looking at the more expensive watches this would appear to work out much better for me and possibly save a few months mortgage payments. As an example a couple of the on-line dealers would take 10% (possibly negotiate lower for more expensive watches) of the sale price, which would still leave £200-£300 more than selling on the average SC prices - plus one also offered to buy at price slightly higher than the prices a few watches have gone for on our SC - so that tells me the market is quite strong and there is quite high turnover of stock for the bigger players.

I am happy enough to take pm's if you have seen a particular watch in my collection that has taken your fancy, s long as it doesn't get too crazy - but after weighing things up I will either be shipping off my watches on mass, or slowly selling a few off on SC each week/month in any case. This is not a fire sale and I am looking to get the best possible value for my watches, rather than selling them off cheap.

[mwurliinkomeg]

Omegamanic,

I only know you from joining the forums a few months ago but feel that I can offer you my thoughts without offending you.

IMHO paying off your mortgage should be your first priority as far as debts are concerned. I did this at the age of 53 with my pension lump sum and redundancy payment when I took early retirement.

Looking back, it was the most sensible decision of my life. I was able to enjoy my retirement, mortgage and debt free. It is indeed a wonderful feeling when you pay off the mortgage and the deeds of the house are in your possession - as others have remarked. It feels as if a huge burden has been lifted off your back.

Just think of the interest you will save over the years probably more than enough to fund your chosen hobby. When you buy say a £100,000 house on a mortgage at the end of the mortgage term you will actually have paid £200,000 or £300,00 for that house (don't take those figures as accurate as they depend on many things).

I totally respect and agree with your decision and it is one that should be applauded as it will give you enormous pleasure and joy - perhaps as much or more than your watches. I hope so.

I wish you well in your venture and hope you sell all of your watches at excellent prices. I don't think I need to wish you luck as the very nature of your proposed actions guarantees that.

I hope we shall still see you on the Forums enjoying health,wealth and happiness.

I

[Mr.D]

Good luck mate,

do me a favour though give it another 3 months so I can dive into SC on them.

[Pendrew]

Good luck mate,

do me a favour though give it another 3 months so I can dive into SC on them.

He's not selling them here but on a commission basis elsewhere to maximise his returns.

All the best OP, given the choice I'd do the same especially if you have lots of Rolex stainless divers that would have increased in price over the years.

[watchlovr]

For the last five years I have enjoyed a 2.5% mortgage, and about .005% on my savings. But my few older watches have beaten those figures handsomely and my stamp collection has followed suit.

Invest in toys, you know it makes sense.

Quite correct, the cheapest money you can get is mortgage money, you'd be better buying vintage watches or more property with the money you get and keep the mortgage.

IMHO of course, Colin.

[Omegamanic]

Quite correct, the cheapest money you can get is mortgage money, you'd be better buying vintage watches or more property with the money you get and keep the mortgage.

IMHO of course, Colin.

Believe me, I have considered all of the options. The increasing cos of future servicing, insuring and storing a large collection of watches takes its toll - I have had over 25 Rolex divers at one stage and I am not that far off that now. Yes there is better uplift in luxury good pricing than property in recent years - but I have the property at the minute - plus I'll no doubt be selling in the not too distant future, and buying in another country.

All factors have been looked at. I will still have an unhealthy level/percentage of assets/income tied up in watches even after carrying out this exercise - so if some watches continue to rise, I won't be completely "out of the market", and I may even have the spare cash to add to odd watch after a few months of saved mortgage payments.

Thanks for even more positive messages of encouragement though, especially mwurliinkomeg - it's all appreciated.

[unclealec]

Oh! no Scott - don't take all my money again.

[Omegamanic]

Oh! no Scott - don't take all my money again.

It's ok Alec - I'll be gentle ;)

[2wrists]

To the OP - I wonder what your thoughts are on consigning some of the collection to auction - Bonhams, or one of the specialist watch auctioneers? I haven't compared auction results to what a dealer would get for the same watch (what they actually get, as opposed to what they ask!) I'm assuming you've looked at this - is it fair to say that auction prices are lower, and seller's premium higher than price/commission from a dealer? And that a quick sale is the only advantage? I note your points about wanting to maximise value, and there being no urgency. Would you consider using an auction (with a decent reserve) for rare pieces that might get bid up if there were two buyers who REALLY wanted them?

[ktmog6uk]

Twas an honour to wear it for a while, and a bit scary to think where it went next given what happened soon after (tms-gate)!

Jon, in a way I feel quite privileged to have been in position to send you my EXPII to try out and see what you thought of the watch and the brand. It was after all my first ever Rolex and one I choose over all other models.

As this is essentially a cash raising exercise for me, I am likely to take all the watches I am selling to one of of the big on-line used watch dealers and have them sell on my behalf on a commission basis - even looking at the more expensive watches this would appear to work out much better for me and possibly save a few months mortgage payments. As an example a couple of the on-line dealers would take 10% (possibly negotiate lower for more expensive watches) of the sale price, which would still leave £200-£300 more than selling on the average SC prices - plus one also offered to buy at price slightly higher than the prices a few watches have gone for on our SC - so that tells me the market is quite strong and there is quite high turnover of stock for the bigger players.

I am happy enough to take pm's if you have seen a particular watch in my collection that has taken your fancy, s long as it doesn't get too crazy - but after weighing things up I will either be shipping off my watches on mass, or slowly selling a few off on SC each week/month in any case. This is not a fire sale and I am looking to get the best possible value for my watches, rather than selling them off cheap.

[Highroller]

I 100% agree with the other posters in this Thread .

You will feel great to be mortgage free! Debts should always be a number one priority before luxuries in my opinion.

Good luck!!

[learningtofly]

Thanks a lot - just now, when I can't buy anything

[Browners]

Sensible decision Scott and you know it makes sense, my mortgage is due to paid up this friday and I'm as happy
as Larry, the thought of no more monthly payments....................Ever

[ralphy]

Never underestimate the power of being debt-free.

Go for it.

R

[Skyman]

Scott, don't get me wrong on this, and perhaps take it as a message, but currently my mortgage is about a fifth of the price of my two kids' education. Guess I should sell the kids.

[Omegamanic]

Sensible decision Scott and you know it makes sense, my mortgage is due to paid up this friday and I'm as happy
as Larry, the thought of no more monthly payments....................Ever

Cheers!

I can't wait now. Really looking forward to it. I may even go for the whole mortgage - but even if I don't provided I sell my first thoughts on a cull, it won't be too long before my increased payments will have the remainder paid off in any case.

[Omegamanic]

Scott, don't get me wrong on this, and perhaps take it as a message, but currently my mortgage is about a fifth of the price of my two kids' education. Guess I should sell the kids.

I've tried selling the kids, but they won't play along :(

They are getting more expensive each year, and having the mortgage gone may make their education a lot more affordable - the oldest says he'd like to go to Oxford (maybe he will get to meet Bob before I do); even if he doesn't get his first choice of University I'm sure I'll have a fair amount of expense to cover, and the next kid isn't far behind. I know from friends and work colleagues just how expensive 2 kids at university can be, and it will more than likely be a bit of a struggle!

So... even more reason to get the mortgage out of the way.

[Skyman]

I've tried selling the kids, but they won't play.

The trick is don't tell them.
Seriously, eradicating any unnecessary cost such as a mortgage, is always helpful.
S

[Omegamanic]

The trick is don't tell them.
Seriously, eradicating any unnecessary cost is always helpful.
S

Well I know the kids aren't exactly necessary but I'm sure Ill get used to them eventually

[oldoakknives]

Mortgage free is just the best (or nearly) feeling ever. Do it!
Ian.

[alan2273]

I did exactly the same thing as mwurliinkomeg, except I was 57.
It is a great feeling to not have to pay a mortgage any more and know you own your own house.
Best of luck getting the best price for your watches and a mortgage free future.

[Huertecilla]

Went there a dozen years ago.
Less financial obligation means you need spend less time earning income for that meaning less tax again meaning less time for earning ... etc. which you can spend with your love and kid(s).

[Mr.D]

He's not selling them here but on a commission basis elsewhere to maximise his returns.

All the best OP, given the choice I'd do the same especially if you have lots of Rolex stainless divers that would have increased in price over the years.

"Sense of Humour"

[andy armitage]

Just do it get that mortgage paid off we will have ours paid off in about 3 months from now possibly earlier, I have now gone down to one watch and it's not an expensive one either, it feels good not having a pile of money tied up in watches anymore.

[china]

They are getting more expensive each year, and having the mortgage gone may make their education a lot more affordable - the oldest says he'd like to go to Oxford (maybe he will get to meet Bob before I do); even if he doesn't get his first choice of University I'm sure I'll have a fair amount of expense to cover, and the next kid isn't far behind. I know from friends and work colleagues just how expensive 2 kids at university can be, and it will more than likely be a bit of a struggle!

I hope the cost for University stays the same here, 10 years ago when I was studying it was about 120€ per year. With those rates I can afford to have the kids at Uni plus some watches. ;)

[Neil.C]

You've got it all all sussed out and are definitely doing the right thing.

This watch thing can be a bit of a millstone and nothing beats being mortgage free.

All the best.

[snowman]

I went about it the other way, really only indulging my interest in watches (and it's still WAY below the level, money wise, of many here) AFTER I became mortgage free.

I know a lot of people obsess over this, but by the time my mortgage was paid off, the repayments were such a small proportion of my income that it had little or no impact upon my lifestyle.

Sure it's nice to know you own your own home (mine's no palace, though, so maybe we're talking different scales here), but you will rarely find cheaper money than in a mortgage, so I don't believe it's the be all and end all to be 'mortgage free'.

On the other hand, if you've got duplicate watches in a collection, you've got too many

M.

[TikTokTrev]

Interesting thread, especially as I'm doing some rejigging of my finances myself, so it's on my mind.
It does seem as though some watches are performing better than property, shares, cash etc. but I think the key is to spread the risk.
For what it's worth it sounds like you're doing the right thing.