Property dilemma...

[Glutton4...]

We are, as some of you will know, planning to move. We want to buy, and have enough money for a small deposit but cannot afford anything more than a flat, or maybe a terrace in a town. We are fields'n'trees people, and not used to town living. Property prices are very high round here, though not as high as 'darn sarf' of the county! Should we;

A: Buy something cramped and over-looked, and be miserable?
B: Buy something and rent it out, and carry on renting, ourselves?
C: Relocate an hour away from all our friends, where it is cheaper?
D: Stay renting and blow the money?
E: Any other suggestions?

I've been house-hunting on-line, recently, and it's making me very despondent. I would be grateful for your opinions/suggestions. Thanks Grapes!

[sammy_roser]

Don't move anywhere you won't be happy! I would be tempted to move an hour away depends on your social life I guess.

[Nicos]

I would say...
A is absolutely no good for you.
B is a possibility
C...depends on how often you see your friends -** but I think this would be the best option- esp if you are going to be happy with the new environment. You will also make new friends...we have!
D...well why not?? why exactly do you need to own your property??
E....move over here!
E

[KittyColdNose]

How about saving a bit longer for a slightly bigger place? I think moving an hours drive away is a good idea too. We moved a 4.5hr drive from "home" and made new friends as well as keeping the old.

[PyreneesPlot]

I'm with Nicos!
Although France is C. with knobs on.
We moved a lot before coming here - 6 times in 17 years (seemed like a lot) and made friends each time, plus keeping most of the old.
Be careful of B as there will be times when you can't rent it out.

[Glutton4...]

I love you, Nickers!

Hubby won't move too far - he's very close to his (lovely) Dad, as he lost his Mum in his teens. We are unsociable 'hobbits' and hardly ever see our friends anyway!!! Probably much to their relief lol. I must add that we have been in this same situation before, when we were left some money, but interest rates were just so ridiculously prohibitive that we blew the money. I am now mindful of the fact that we aren't getting any younger, and as a former home-owner, I hate renting.

[Glutton4...]

I'm with Nicos!
Although France is C. with knobs on.
We moved a lot before coming here - 6 times in 17 years (seemed like a lot) and made friends each time, plus keeping most of the old.
Be careful of B as there will be times when you can't rent it out.

Ha, thought you might be!

I used to rent out my Flat - round here they don't stay empty for longer than a few weeks a year, if at all.

Hubby's family isn't the only tie - we have just started a business, and our customer base area is large and doesn't have much competition, whereas in other parts of the country we would struggle.

[Nicos]

'Rea'l friends will stay in touch...an hour from his pa isn't very far in reality ( can you put aside a guest room he can overnight in from time to time??)

Yeh- extend your search area gal !

[Nicos]

Customers?
What would be the furthest regular commute if you moved outside the area?
And how often is 'regular' commute?

Can you cope with a house needing a lot of work doing on it to reduce the price a bit??

[veggiechicken]

Have you seen anywhere an hour away that appeals to you? Is that on the edge of your business catchment area?
An hour's not far when you enjoy driving - and making friends in a new place is easy if you make the effort to join in.
I wouldn't blow the money as you may not get the chance again. Nor would I move into something that would make me miserable.
My money would go on moving away!!

[Potstubsdustbins]

I am with Nicos mostly on this one.

Deffo do not move anywhere you won't be totally happy.

You could buy to rent out, I don't know where you live but round here the private rented sector is having a very good period. 99% of my work is in this sector and I know half decent property does not linger on the agents books.

A word of warning in making your financial calculations do not rely on the rent to pay your bills, like has already been said you can have a period when you have no income from the property.

House price's will deffo start to rise again, they always do. Therefore if you could manage to save a portion of your income you should find yourselves better placed to get somewhere you want in the future.

Good luck with your deliberations.

Colin

[Glutton4...]

We could move an hour eastwards, and still be an hour from his Dad, and still be within 'our' area. It is a mobile service, and we are very lucky with our catchment area. We'd be nearer BiL, and nearer the coast where property is cheaper. I don't mind moving area, but Hubby hates change of any kind, whereas I tend to be a bit more positive, and look at it as an adventure.

[VirginVegGrower]

C for me everytime. If they're good friends they will travel. Will it impact your work though as I know that's a consideration?

[Two_Sheds]

With low interest rates and high inflation, savings are actually LOSING money at the moment.

Mortgage rates & house prices are probably as low as they'll ever be.

It's a good time to buy, if you have the deposit.

It's not for ever: you can move any time, and rent it out. Rather than thinking "flat or terrace", I'd be thinking


LOCATION LOCATION LOCATION

[VirginVegGrower]

E. Stenson and move FIL with you