Moving to a cheap area to save cash

Davesnave

I think there is a half-way house.

I live in rural Devon, but I know parts of West Wales pretty well and I could be happy there too, in the right place. I'll say it: the scenery is even better than it is here, it's even more accessible and there's a mix of people with both incomers and locals; just another language and culture to take on board, if you want to integrate. In Devon, they've lost a lot of theirs now, so I can see why the Welsh are fiercely protective, and rightly so, but we live in a global society nowadays. If you go on a Welsh forum you'll soon see there's no clear 'party line' these days. Cymuned (Google it) do not represent the majority, unless perhaps it's in the deep north west.

But if, say, southern Ceredigion or Carmarthenshire still scare people, there's Pembrokeshire with its coast, and the bit south of the A40 is pretty English. Haverfordwest, Pembroke itself and places like Milford Haven all have relatively cheap property, though not in the £20k league, I'll admit.

So, rather than be totally mortgage free, you could check out the cheaper places over there, compare with Devon and see whether it's a goer with a few cheap self catering holidays out of season. If you like it then....etc etc.

BigAunty

bonzor wrote: »

The trouble with the snobbism that is rampant throughout this thread is that very few of you actually live in cheap areas but are quick to label those who do. There are some very cheap places in Northumberland where you wont have your car stolen or your house burgled by drug crazed addicts. .

Frankly, with 20k to spend, that's crack den territory, isn't it?

lil_miss_mummy

We've been renting a four bed detached house in West Yorkshire for a year, but I'm so isolated (the area is more of a commuter town) and home-sick we're moving back to London. Despite of the eye-wateringly cheap rent (well compared to London prices).

We really wanted to try and buy in London, because we are so sick of renting; plus renting in London is so expensive, I'm currently on maternity leave, we don't have a big enough deposit to buy - the barriers are endless.

Our only option is to move back to a one bed flat I own, with our three children in tow. Sounds like madness but all our family and friends are in London and that's what has really pushed us. We are going to knuckle down, save like fiends and try and sell in a year or two, so we can buy a house in London, close to all our family and friends.

I think the point I'm trying to make is that from my experience, being in a cheaper/more affordable area, may guarantee some financial comfort, but maybe at the price of other comforts. Well that's been true for me, at least. Good luck with whatever the OP chooses to do.

Longships

Iwanttobeatree wrote: »

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.

This is something I did years ago when I was single. Stayed in the South West but bought a cheap fixer upper (in South Wales), paid a local handyman a few hundred to fix it (only mainly cosmetic stuff needed doing) and sold it again straight away for a nice profit. The housing market was not particularly good at the time but it's surprising how many people won't even look at a house that is scruffy.

Give it a year or two and do this a few times and you could probably afford to buy in Devon.

There is also the 'let to buy' option - I don't mean buy to let. There are companies that do this in Devon (Torbay area).

tyllwyd

Longships wrote: »

This is something I did years ago when I was single. Stayed in the South West but bought a cheap fixer upper (in South Wales), paid a local handyman a few hundred to fix it (only mainly cosmetic stuff needed doing) and sold it again straight away for a nice profit. The housing market was not particularly good at the time but it's surprising how many people won't even look at a house that is scruffy. ...

I think those days are over - people are looking for a bargain and pay over the odds for houses that need doing up.

Iwanttobeatree

just want to thank everyone for input and wisdom, i've read every reply twice minimum and thought about your stories hard so thanks if i missed anyone.

Angelic wrote: »

and seeing as your wife doens't want to move away , is this a plan based on reality?

yes i think its possible.

but nope she doesn't "want" to move really but i showed her a 50k studio flat here vs a beautiful (i consider it awesome anyway) 50k 3 bed end of terrrace up north, street looks awesome aswell - better then the studio flat street here in devon, and i said which would you rather and its a close call for her. she said maybe up north but only just. maybe a 100k vs 100k would be more fair? i'll re ask that question.

obviously thats only if she was settled in whatever job she got. and btw she would get a job first else we wouldn't move.

phoebe1989seb wrote: »

In your position I would rather do as other have suggested and either bite the bullet and get lodgers in to help pay down the mortgage in a place you know and love or else rent whilst saving for a larger deposit......good luck!

a lodger might be an idea hmmm, just to help thanks for that and cheers for your story also, glad you got stuff sorted in the end. I can see you value mortgage free quite a bit though no? to me it seems like some insane dream right now to own a place out right, we'd be so so much better off finacially. £600 a month on rent right now = 7.2k a year, thats huge for us. mega huge, and might mean we have to move from my point of view even if we get a small mortgage.

---

The whole 25 year mortgage commitment i just dont like, i cant plan 25 years of my life.

other problems i feel i face with a mortgage, i maybe cannot trust my income for the next 25 years, i maybe cannot trust my health to be able to work for the next 25 years, theres no real need to go into detail but its a small concern.

Also how can you plan your relationship will last, im in a long term relationship (5 years+) but im not married, i guess i might aswell be. The 20k i have is all i personally saved. I know its not much but thats what i got.

For now we could just chill and rent and try and save more but like i said we dont make much right now, another idea is to just work hard on coming up with a way to get some decent cash flow coming in and just stay in devon, that would be absolutely the best scenario!!! for all concerned, but its not that easy as im sure you all know hehe

happy christmas all

knightstyle

We moved to Lincolnshire a few years ago and have no regrets. People are great, lots going on and got a new 4 bed house with lovely views for less than our 2 bed flat in South East. Most important is to look at the job situation, houses are often cheaper in areas of high unemployment.

geoffky

As someone who has lived and worked in plenty of places i always end up back where i was brought up..having friends and family near you is priceless..
good luck in what you decide but there will be a drawback for any decision you make

KateLiana27

You're confusing two separate issues.

We live in the North West, and because of that can afford a lovely house is an safe, upmarket area.

If I'd bought a place for the same price in the South East (where I used to live), it would be ASBO central.

Each city/county has good and bad areas. Living in an overall "cheaper" area enables you to pick and choose the best, rather than settling for the worst area because that's all you can afford.

That said, I wouldn't move across the country just to avoid a mortgage. Live where makes you happy and adjust your lifestyle accordingly.