Buying a House - looking for advice

Herzlos

It sounds like you're buying to live in, and rent out a room to a lodger to cover the costs?

It's not a bad plan, though I'd make sure I had money available to pay the bills without the lodger, because the no-notice thing works both ways.

What's your plan for relocating up North? Presumably you'll need to get a new job, or are you able to work remotely? Is there anything you'd want to be close to like nightlife, dining, theatre, beaches, etc?

I'd definitely recommend visiting a few areas first before comitting to a purchase. Most bigger towns will have a travellodge for a few nights cheap stay. 

You'll definitely be able to get something nice, but I wouldn't be picking blindy. Your £120k might cover you but with a 4.5x salary multiplier you'd be able to get up to £260k (£277k before fees) at the top end which should give you plenty of choice. 

jazzyja

I live up north in Lancashire, just sold my 3 bed end terrace for 127k….its in a nice area (I mean, I’ve lived here my whole life so my view may be bias). There in lies the problem, you need to go and see for yourself. 

freesha

OP, you need to be clear - are you going to live there (with a lodger) or stay where you are (and have a tenant in the property)? Those are two WILDY different things.

Albermarle

SarahB16 said:

RHemmings said:

Smalltownhypocrite said:

I up in the north and just completed on a 4 bed that needs cosmetic updating but is well maintained (heating serviced regular, electric updated each decade, damp proofed etc...) for £103,000 and we live at the good side of our town.

£120k is a decent budget for the north but don't buy blind research the areas. Some are gorgeous little picturesque villages, some are standard decent town/suburb areas and some are abandoned hellscapes full of trouble and theres not always that far between the good areas and the bad areas.

I'd like to ask which area you live in. But, there is the risk that if you tell us then someone might be able to find your house based on number of bedrooms and sale price. 

For a house to be that cheap and that is ridiculously cheap for the north I'd guess somewhere like Blackburn, Accrington or Burnley (noting there are nice areas in Burnley too).  

My origins are in one of the mill towns of Lancashire ( not the actual ones you mention). One of the 5% most deprived towns in the UK . 
I just looked on Right Move out of interest.
Two bed terrace, modernised inside, front door straight onto the street, only a small back yard, floor space about 65M2. About 150 years old.
Seem to be around £130K  to £170K .
There are some around £100K , but mainly for auction, cash buyers only, renovation projects etc.

ReadySteadyPop

Myci85 said:

It sounds like you're planning on buying somewhere 'up north', renting out a room to a lodger, but you stay living in the home counties? If so, your lodger won't be a lodger, they'll become a tenant will all the rights that gives them I believe. To be a lodger, you have to also be living in the property, not just keeping part of it for occasional use/storage etc. 

Good points, both options are bad in my opinion.

Smalltownhypocrite

RHemmings said:

Smalltownhypocrite said:

I up in the north and just completed on a 4 bed that needs cosmetic updating but is well maintained (heating serviced regular, electric updated each decade, damp proofed etc...) for £103,000 and we live at the good side of our town.

£120k is a decent budget for the north but don't buy blind research the areas. Some are gorgeous little picturesque villages, some are standard decent town/suburb areas and some are abandoned hellscapes full of trouble and theres not always that far between the good areas and the bad areas.

I'd like to ask which area you live in. But, there is the risk that if you tell us then someone might be able to find your house based on number of bedrooms and sale price. 

I live in County Durham, the price is not unusual average terrace house prices are around £75k (although most are 2 or 3 beds). While we are a bit 'land that time forgot' since the pits closed you have some stunning historic areas and some rough as a badgers !!!!!! areas. 

I live in a decent area, not as pretty as the full picturesque cobbled streets and arched bridges over meandering streams but still nice big Victorian terraces, no real crime or trouble, good schools, pretty views over the country side etc... 

noctua

Herzlos said:

It sounds like you're buying to live in, and rent out a room to a lodger to cover the costs?

It's not a bad plan, though I'd make sure I had money available to pay the bills without the lodger, because the no-notice thing works both ways.

What's your plan for relocating up North? Presumably you'll need to get a new job, or are you able to work remotely? Is there anything you'd want to be close to like nightlife, dining, theatre, beaches, etc?

I'd definitely recommend visiting a few areas first before comitting to a purchase. Most bigger towns will have a travellodge for a few nights cheap stay. 

You'll definitely be able to get something nice, but I wouldn't be picking blindy. Your £120k might cover you but with a 4.5x salary multiplier you'd be able to get up to £260k (£277k before fees) at the top end which should give you plenty of choice. 

Sorry for the late reply. So as for potential areas I've considered Sheffield and Nottingham. I thought about Stoke but in hindsight it probably isn't the best place for me. Anywhere else is out of my budget or I'm not keen on moving there such as the north east. And yes I would be moving to there from London and taking in a lodger to help with costs. 

Things like nightlife/activities aren't a big deal to me as I'm a reclusive person by nature. As for employment I'd look to continue my self-employment (remote work) while I seek out roles in Software, which I recently career changed into. Sheffield is looking like a good move for this purpose.

I am really wanting to buy something within my cash budget ideally. Although I could, I don't want to take on a mortgage for something better. Other than living in a completely uninhabitable area, I can deal with a smaller house or one that needs some work doing. Area is the major driving factor in house prices though. 

A big part of it for me is parking my money in an asset that I can utilise. I did run the numbers on bills, council tax and it looks very promising compared to what I am currently paying nearer to London.

Ultimately my question was what was the catch with these £100-120K houses that I see on rightmove/zoopla? They seem plentiful and very good value for money.  

Bigphil1474

We sold my dads 2 bed semi in a town called Sutton near Mansfield, Notts last year after he died. It was about 30 years old . Lovely house. We ended up accepting around £135k for it. Sutton is a decent little town in a former mining area, good links to M1. A lot of Notts is like that though - nice little towns and villages in former mining areas. There aren't a lot of well paying jobs though unless you go into places like Nottingham. I suspect Sheffield area is the same. If you have the advantage of working remotely, I'd recommend visiting somewhere like that (especially around the J28 M1 corridor). Lovely friendly people, decent house prices, decent areas. Just be prepared for being called 'duck' all the time.