Editor's Blog0 min ago
To Move Up North And Make A Profit Or To Stay???
8 Answers
I couldn't really find a category to match my question, but personal finance is one element of it. Here's my question:
My father left me some money when he died. The first thing I did was to pay off my mortgage. I'm used to living on 20K a year and I could possibly live for five years without working. This would get me to 61. I've been looking at house prices up the north of England. I could get a detached house for approx 150 - 200K . The profit I'd make on my house + savings would allow me to live for about 10 years on 20K a year. I'd have a bigger and better house (we are cramped in a small end of terrace in the south of England at the moment) and lots of profit.
I'm not comfortable about the move for a couple of reasons: I have no job to go to and would want to be self employed as I am here. I teach musical instruments and don't know how long or if I could start again in a different area. I wonder if it's worth risking it since I have a large cushion of profit.
I might deeply regret it, not feeling that we 'fit in'. We might be rejected as 'southerners' or we might witness a new type of hospitality. I've heard rumours of both! It could be the best thing I've ever done for me and my family or a disaster that can't be undone.
If anyone has any personal advice, I'd be grateful.
My father left me some money when he died. The first thing I did was to pay off my mortgage. I'm used to living on 20K a year and I could possibly live for five years without working. This would get me to 61. I've been looking at house prices up the north of England. I could get a detached house for approx 150 - 200K . The profit I'd make on my house + savings would allow me to live for about 10 years on 20K a year. I'd have a bigger and better house (we are cramped in a small end of terrace in the south of England at the moment) and lots of profit.
I'm not comfortable about the move for a couple of reasons: I have no job to go to and would want to be self employed as I am here. I teach musical instruments and don't know how long or if I could start again in a different area. I wonder if it's worth risking it since I have a large cushion of profit.
I might deeply regret it, not feeling that we 'fit in'. We might be rejected as 'southerners' or we might witness a new type of hospitality. I've heard rumours of both! It could be the best thing I've ever done for me and my family or a disaster that can't be undone.
If anyone has any personal advice, I'd be grateful.
Answers
1 to 8 of 8
I'd do as HC says and rent for a while, but, also rent out the property in the South, that way you can come back quite easily if things are not as you would like, with the added bonus of using your income rent to pay for the (probably) cheaper outgoing rent. I think the northerners are very friendly and welcoming, more so than southerners. You have portable skills,...
11:05 Mon 22nd Aug 2016
I'd do as HC says and rent for a while, but, also rent out the property in the South, that way you can come back quite easily if things are not as you would like, with the added bonus of using your income rent to pay for the (probably) cheaper outgoing rent.
I think the northerners are very friendly and welcoming, more so than southerners. You have portable skills, so I think you'll be on to a winner if you find the right area.
I think the northerners are very friendly and welcoming, more so than southerners. You have portable skills, so I think you'll be on to a winner if you find the right area.
Can I suggest that, for the moment, you set aside the money aspect and consider what you want from where you live?....then look at where might offer that....then go visit of you have never been, then if its still okay do the rent thing? DH and I did quite a lot of research on relocation for when he retired....sadly he died shortly after he retired so the plans haven’t come off yet but I still hope to move eventually and I know where to look at to get what I want.
The 'North' is a big place.
Do you have anywhere specific in mind?
We made the move from the Midlands to Blackpool 14 years ago. We sold a 3-bedroomed semi and bought a larger mid-terrace (ex-guesthouse) and became mortgage-free. That gives great peace of mind because at times when earnings are low at least we haven't had to find a large monthly outgoing.
The downside is that with the difference the way house-prices move North/South we are not in a position to buy our old house back (should we want to).
In the main, 'the North' is minimum-wage land and whilst being s/e that might not seem to be a concern, be aware that your potential clients will possibly be m-w earners without much disposable income.
You'll be surprised at how cheap it is to live up here......at first. But as your income lowers you'll not see the benefit of an 'income/expenditure' differential.
As others have said, the north is a generous and welcoming place.....you just need to explore your options of which part of it appeals to you most.
Do you have anywhere specific in mind?
We made the move from the Midlands to Blackpool 14 years ago. We sold a 3-bedroomed semi and bought a larger mid-terrace (ex-guesthouse) and became mortgage-free. That gives great peace of mind because at times when earnings are low at least we haven't had to find a large monthly outgoing.
The downside is that with the difference the way house-prices move North/South we are not in a position to buy our old house back (should we want to).
In the main, 'the North' is minimum-wage land and whilst being s/e that might not seem to be a concern, be aware that your potential clients will possibly be m-w earners without much disposable income.
You'll be surprised at how cheap it is to live up here......at first. But as your income lowers you'll not see the benefit of an 'income/expenditure' differential.
As others have said, the north is a generous and welcoming place.....you just need to explore your options of which part of it appeals to you most.
1 to 8 of 8
Related Questions
Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.