In the following conversation between two work colleagues (Nigel and James), Nigel explains to James how he uses and manages his money in his private/personal life.
From the context, try to guess what the meaning of the words/phrases in bold are. Then write as a comment on this post, a sentence with each of these words/phrases.
James: ‘Nigel, do you own your house?’
Nigel: ‘Yes, I do. It’s mine. I purchased it 5 years ago. And you? Do you own your house?’
James: ‘No, I don’t. I rent mine.’
Nigel: ‘If you don’t mind me asking, how much money do you pay in rent each month?’
James: ‘I pay £900 each month to the owner of the property. But I want to buy a property, you know a house or an apartment.’
Nigel: ‘I understand. But you should be careful. When I bought my house, it cost me £390,000. But because of the crisis in the economy, its value has decreased a lot. So, if I tried to sell it now, I would get a lot less. But at the moment, nobody wants to buy property. Plus, when I bought the house I had to pay for a solicitor (which is a type of lawyer) to organise the legal documents. And solicitors charge a lot of money for doing this service. My solicitor charged me £4,500.’
James: ‘So, what is your house worth now? How much money could you sell it for?’
Nigel: ‘A similar house in my street was sold for £290,000 last month. So I suppose it’s now worth between £290,000 to £330,000. So, if I could sell it I would make a loss of about £60,000. But to be honest, I think when I bought the house, I overpaid. 5 years ago, my house wasn’t worth £390,000. I should have paid £300,000 for it at most.’
James: ‘My god! You have lost a lot of money.’
Nigel: ‘Yes, I have. But the property I had before my current house, I made a profit when I sold it, a very big profit. When I bought it, I paid £120,000. When I sold it 6 years later, it was worth £275,000. So I made a profit of £155,000.’
James: Wow! Well done, you!’
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