Moving to a cheap area to save cash

Iwanttobeatree

Hi hope people dont mind its my first post i'll try and keep it short im looking for some wisdom really.

the mrs and i live in south west, property budget is 100k, got 20k deposit, we dont earn much.

we are thinking about moving anywhere in the UK thats super cheap and buy a place outright (i.e wales, up north whatever etc) for the 20k instead of having a mortgage for next 25 years.

we could be out of renting and mortgage free, we dont want to move but it seems very very tempting. the mrs can probably get work just about anywhere and im self employed, work from home anywhere. i also want a property project.

LandyAndy

I lived in the north west for many years.

There are lots of nice areas.

Property is generally a little cheaper than it is where you are now (depending on exact location).

I imagine there are properties to be had for £20k in some parts of the NW.

They won't be anywhere you'd be happy to live.

Do a rightmove search on Liverpool.

Here is the cheapest property I could find, a one bed flat going to auction with a guide of £7500.

http://www.rightmove.co.uk/property-for-sale/property-20050053.html

And for £25k a proper house...just about.

http://www.rightmove.co.uk/property-for-sale/property-36081704.html

Suarez

The only cheap place in Wales is the Valleys and you really don't wana be moving there.

split_second

the welsh valleys can be very picturesque, i have a friend there but she is from there originally and am sure always will be

i'm another nw person, north/west manc has some nice places and 100k buys a lot here, especially if you want a project, dont go too near manc city centre though, places like cheetham hill are bleugh

tbs624

split_second wrote: »

the welsh valleys can be very picturesque

Parts of a place may look picturesque as you pass through but it doesn't mean that it would be an ideal place to live

Check out the poverty stats for the Welsh Valleys ( also other parts of the UK, including NW and NE)
http://www.poverty.org.uk/43/index.shtml

Not surprisingly, the area around Merthyr T is reputed to have one of the highest prescription rates for anti depressants IIRC.

Badger_Lady

Yeah, don't buy in Merthyr... but there are some lovely places on the English border of Wales that are much better value for money than they would be in SW England.

Out of interest, that's what I did... I originally got a mortgage on a poky one-bed flat in Wiltshire, stressed myself out working all hours for it, then uprooted back to South Wales where I could comfortably afford a nice big house and get lodgers to pay my mortgage off for me Best move I ever made!

ceegee

Iwanttobeatree wrote: »

we dont want to move but it seems very very tempting.

DO NOT MOVE. You will regret it. I cannot stress it enough. I have been there and done that (Devon born and bred).

I would rather live an impoverished life in a pigsty in my beloved Devon, than live in a palace anywhere else.

Just my opinion, of course. Just the voice of experience.:(
I am sure other people feel the same way about their own beloved places of birth!

(I can't turn the bold thing off!:eek::o)

Iwanttobeatree

@Landy andy

when you say that you wont be happy with a cheapy property up north then could you give me a practical example of why i wouldn't be happy?

lets say i bought a 20k house in liverpool or somewhere in NW like burnley or just outside it, i'd be disapointed if:

- i walk outside my house and get beat up during the day
- people are breaking in the house while im there
- bricks are coming through the window
- car is getting smashed up all the time, stolen

are those things a very likely?

@ suarez & split second

yeah i can imagine in deeper parts of wales they would hate an englishman living in their road

split_second wrote: »

the welsh valleys can be very picturesque, i have a friend there but she is from there originally and am sure always will be

i'm another nw person, north/west manc has some nice places and 100k buys a lot here, especially if you want a project, dont go too near manc city centre though, places like cheetham hill are bleugh

if i was to spend a 100k i might aswell just buy in south west i reckon considering we are settled but yeah i can imagine 100k does get good stuff up north, i'll definitely look into it for some self torture thanks

LandyAndy

Badger_Lady wrote: »

Yeah, don't buy in Merthyr... but there are some lovely places on the English border of Wales that are much better value for money than they would be in SW England.

Out of interest, that's what I did... I originally got a mortgage on a poky one-bed flat in Wiltshire, stressed myself out working all hours for it, then uprooted back to South Wales where I could comfortably afford a nice big house and get lodgers to pay my mortgage off for me Best move I ever made!

And, of course, your lodgers have never caused you a moment's worry.;)

LandyAndy

Iwanttobeatree wrote: »

@Landy andy

when you say that you wont be happy with a cheapy property up north then could you give me a practical example of why i wouldn't be happy?

lets say i bought a 20k house in liverpool or somewhere in NW like burnley or just outside it, i'd be disapointed if:

- i walk outside my house and get beat up during the day
- people are breaking in the house while im there
- bricks are coming through the window
- car is getting smashed up all the time, stolen

are those things a very likely?


if i was to spend a 100k i might aswell just buy in south west i reckon considering we are settled but yeah i can imagine 100k does get good stuff up north, i'll definitely look into it for some self torture thanks

Those are all definite possibilities in those areas.

Badger_Lady

LandyAndy wrote: »

And, of course, your lodgers have never caused you a moment's worry.;)

:rotfl: :rotfl:

Actually, compared to working three jobs just to stay afloat, it has been a breeze