Low income-should I move?

MeJane

I've been living in a studio flat for 20yrs which I own. Over the last 3 years three out of six of the flats have been bought to let. Because they are studio and the rent is lower they being let by people in their 20's so the noise levels are really bad,they are short lets but so far 8 out of 10 people have been very noisy till the early hours.
So I've been thinking about moving, I would like somewhere that wouldn't appeal to the young (I'm 47) I don't want to live in another block and would like a small house or 2 bed flat in a converted house. I wouldn't need a mortgage as I have £100K from Inheritance/savings to buy a property
The dilemma is I am on a low income of £700 per month,my current bills are £400 pm. I have no idea if this amount would be enough for what I want. At the moment I have interest on my inheritance/savings which gives me a boost to my income, which would obviously stop once I'd bought the new property
I have another idea of waiting till I'm 55yrs and looking for a over 55's apartment.
So should I stay another 8 yrs at my noisy flat, which I can afford or move and hope I can afford it?

AFF8879

I spent two years cramped up in a noisy studio flat, that was in London (not sure where you are, I’m guessing somewhere urban though) and honestly I have no idea how you have managed for so long. I found the quality of life to be depressing, I think you will be so much happier with more space and a quieter environment.

If you won’t need a mortgage then there’s no restrictions other than your own personal budget and making sure you’re disciplined enough to put enough aside each month to cover bills (which will likely be more expensive in a larger property).

You didn’t specify whether your low income is made up of benefits / employment / combination of both, but even if employed, low income jobs tend to be more easily transferable so you could move to a cheaper part of the country if necessary.

Ultimately though, at 47 I would think you’re well overdue to “cash in” on your years of frugal and sensible living and, within reason, start to enjoy life a bit more.

xylophone

I wouldn't need a mortgage as I have £100K from Inheritance/savings to buy a property

Will this (plus the sale proceeds of the studio), be enough to buy a two bedroom house or flat in the area you want?

AdrianC

MeJane wrote: »

The dilemma is I am on a low income of £700 per month,my current bills are £400 pm. I have no idea if this amount would be enough for what I want.

Would working a bit more be an option? £700/mo is <20hrs/wk, even at minimum wage.

MeJane

xylophone wrote: »

Will this (plus the sale proceeds of the studio), be enough to buy a two bedroom house or flat in the area you want?

Yes, I've seen a house and a flat for 95K but not sure how much the monthly bills would be.

Sirrah67

Bills depend on so many variables, it would be hard to give you a guide without knowing much more. What sort of house? Victorian terraced would be expensive to heat compared to a well-insulated new build. Water on a meter would be far cheaper than standard water rates. Council tax, if you have to pay it, is more on larger properties. The location might increase your travel costs.

Fire_Fox

MeJane wrote: »

I've been living in a studio flat for 20yrs which I own. Over the last 3 years three out of six of the flats have been bought to let. Because they are studio and the rent is lower they being let by people in their 20's so the noise levels are really bad,they are short lets but so far 8 out of 10 people have been very noisy till the early hours.
So I've been thinking about moving, I would like somewhere that wouldn't appeal to the young (I'm 47) I don't want to live in another block and would like a small house or 2 bed flat in a converted house. I wouldn't need a mortgage as I have £100K from Inheritance/savings to buy a property
The dilemma is I am on a low income of £700 per month,my current bills are £400 pm. I have no idea if this amount would be enough for what I want. At the moment I have interest on my inheritance/savings which gives me a boost to my income, which would obviously stop once I'd bought the new property
I have another idea of waiting till I'm 55yrs and looking for a over 55's apartment.
So should I stay another 8 yrs at my noisy flat, which I can afford or move and hope I can afford it?

Have you been reporting the noise problems to the freeholder or their managing agent, and/ or to Environmental Health at the local council? You may have to accept a lower sale price if this issue is not addressed.

Those monthly bills sound very high for a studio flat, even if all-electric. The only way you will know what else you can afford would be to research the property market and do some number-crunching. Are there many senior-only or retirement properties in the area you envisage living in?

I am a similar age to you, and owner-occupier of a city centre flat in a block of fifteen. Most flats are BTL, I only know of one other owner-occupier. This block is (and always has been) surprisingly quiet, due to its construction as much as the demographics of the occupants. It is a converted mid-century office block with solid floors/ ceilings and some solid internal walls. I have owned my flat for fifteen years, from 'new'.

My parents' apartment block in a busy village is much larger than my block but similarly quiet. It is a converted Victorian mill, again solid floors/ ceilings and some solid internal walls. Initially it was primarily owner-occupiers but now a mix of that and BTL, mixed demographics inc. young professionals and retirees. They have owned their flat for twenty five years, from 'new'.

Point being do not discount other apartment blocks: but do consider the construction method. Period houses converted to flats can have issues with sound transmission, presumably due to the ceilings/ floors being wooden joists/ floorboards/ lathe and plaster rather than solid.

HTH!

oystercatcher

Good advice above. I just wanted to point out that over 55's accommodation , or similar can have noise problems due to people being very deaf and having TV turned to full volume. I have come across a couple of people who have had this problem, it's not just the youngsters !

I agree you deserve a bit more space and if you choose carefully you should be able to keep bills pretty low. The main one that can't be controlled will be council tax but at least you can find out what that will be in advance for calculations.

Bossypants

In your position, I'd be looking to buy a small bungalow, if you can afford it. It'll give you the quiet you understandably are looking for, plus you're more likely to be able to stay put as you get older, being all on one floor.