How important is the area you live in
Discussion
We live in a £160k house with about £90k on the mortgage, earn £70k between us. We love the house, the area is perfectly safe (e.g. no drug dealers) but rough around the edges and not that well educated on the whole; the schools are fine for kids who pay attention and want to be there but plenty of opportunities for those kids to get distracted by tearaways and ne'er-do-wells.
We don't want to be slaves to a mortgage and plan on paying it off in 8 years time, before we reach our 50s, to have more money to do things and provide for the child(ren). Are we crazy to do this? Shouldn't we be getting the biggest mortgage we can and getting the benefit of higher house value later on in life? We could probably move to another 3-bed house in a better area for £250k+ but that's a huge chunk of money (including the extra interest) that could be spent on family holidays, hobbies, trips, toys, uni fees, pensions/ISAs etc.
For those that live in a rougher area than you'd like, particularly if you have children, how do you deal with it? Do you even think about it?
We don't want to be slaves to a mortgage and plan on paying it off in 8 years time, before we reach our 50s, to have more money to do things and provide for the child(ren). Are we crazy to do this? Shouldn't we be getting the biggest mortgage we can and getting the benefit of higher house value later on in life? We could probably move to another 3-bed house in a better area for £250k+ but that's a huge chunk of money (including the extra interest) that could be spent on family holidays, hobbies, trips, toys, uni fees, pensions/ISAs etc.
For those that live in a rougher area than you'd like, particularly if you have children, how do you deal with it? Do you even think about it?
I paid off my mortgage in 7-8 years. Moved in when 22 and paid it off by 30. My house is not amazing but 3 beds, garage, garden and not a bad area.
Any spare cash I had and given (grandparents will left me a little) paid in off my Mortgage. No sky, Huge mobile contracts, buying cars on finance etc.. just saved to pay off our debts
Ok I bought the house in 1998 and was about 1/4 of the price it is today (again so Mortgage was not big) saved to put a big deposit.
I don't like to borrow. I don't put on credit cards unless I can pay it all off at the end of the month.
I would rather pay off what I own and not struggle for the rest of my life.
Having 2 kids (12 and 15). it was hard when paying off the mortgage but now I look back it was the best thing i've done with money
Do I want to move to a nicer area and more green area yes. Do I want to pay for it? i'm in no rush yet
Any spare cash I had and given (grandparents will left me a little) paid in off my Mortgage. No sky, Huge mobile contracts, buying cars on finance etc.. just saved to pay off our debts
Ok I bought the house in 1998 and was about 1/4 of the price it is today (again so Mortgage was not big) saved to put a big deposit.
I don't like to borrow. I don't put on credit cards unless I can pay it all off at the end of the month.
I would rather pay off what I own and not struggle for the rest of my life.
Having 2 kids (12 and 15). it was hard when paying off the mortgage but now I look back it was the best thing i've done with money
Do I want to move to a nicer area and more green area yes. Do I want to pay for it? i'm in no rush yet
Edited by RemaL on Friday 17th March 14:11
We paid 89k for ours ... paid it off within the first 6yrs after selling the rentals we had ... we keep talking about moving to a nicer newer home but similar to the OP we have no desire to become slaves to a mortgage company, I shudder at friends and colleagues who have 1200 to 2000 mthly mortgage bills (on top of leases, credit cards etc...)
Granted my Q7 is on HP but the rest are ours
I would hate such a millstone around my neck and tbh the area we live in is fine, nice size, decent garden, loads of open space and parkland and I lease a garage no more than 5mins walk from the house
Granted my Q7 is on HP but the rest are ours
I would hate such a millstone around my neck and tbh the area we live in is fine, nice size, decent garden, loads of open space and parkland and I lease a garage no more than 5mins walk from the house
Like many things, timing is key. We were in a similar situation 20 years ago. Youngest was about to start school and that was a major factor for us - we didn't feel the local ones were up to scratch. We stretched our finances to move - and of course, house price inflation meant it was a good move. Mortgage paid off many years ago and kids happy/well educated. We were just lucky - I think higher interest rates (as they were then) plus price inflation worked for us. Unfortunately, years of LOW interest rates have pushed house prices to stupid levels - I can't see any increases coming along to bail out anyone if interest rates increase significantly.
I think I'd be in the stay put and save for the future category at the moment. You sound level headed enough to make sure your kids aren't disadvantaged by the area in which you live - and that has got to be the most important thing.
I think I'd be in the stay put and save for the future category at the moment. You sound level headed enough to make sure your kids aren't disadvantaged by the area in which you live - and that has got to be the most important thing.
Sounds like you're better off staying where you are. Have your kids started school yet, and if so how are they getting on so far?
I'm trying to convince Mrs ZS that we shouldn't move. We've got a small 3 bed house, with garden, parking, garage. All we ever really need (and a lot more than we thought we'd be able to get if we're honest). Bought as a new build, we've been there 3 years now, and I reckon we could clear the mortgage in less than 10 years if we're sensible. Trouble is she keeps looking at bigger places, or in nicer "less estatey" areas. I really don't want to be paying £1-£1.5k a month for the next 20 years...
I'm trying to convince Mrs ZS that we shouldn't move. We've got a small 3 bed house, with garden, parking, garage. All we ever really need (and a lot more than we thought we'd be able to get if we're honest). Bought as a new build, we've been there 3 years now, and I reckon we could clear the mortgage in less than 10 years if we're sensible. Trouble is she keeps looking at bigger places, or in nicer "less estatey" areas. I really don't want to be paying £1-£1.5k a month for the next 20 years...
I appraise the area every time I walk to the local Tesco - let's just say there's not many people I see that I would invite into my house for a cup of tea. 
There's a certain element of snobbery now in that comment, but I wasn't really bothered by it all before a child came on the scene (well in two months time anyway), you don't want your kids to think that's the norm and not to stretch themselves.
If interest rates stayed the same (I know they won't) we'd pay off our current house in 10 years at £800 a month. To move to a house in a better area (around £100k more, most of the inbetween are flats or the area isn't significantly better to warrant moving) would mean paying the same for an extra 13 YEARS, or paying £1740 A MONTH to pay it off in the same time. When interest rates go up it will be even more, just doesn't add up.
The right-time thing above is probably key to a lot of this - a lot of the people who live in the areas we might look to probably bought their houses a few decades ago or more when the sums were different.
The local schools, although their results aren't as good as others and things like absenteeism is higher, still get 1 in 4 pupils leaving with 5 highers (probably 3-4 A levels in England) so you just have to assume that you do well by your child and they will be one of those 4.
There's a certain element of snobbery now in that comment, but I wasn't really bothered by it all before a child came on the scene (well in two months time anyway), you don't want your kids to think that's the norm and not to stretch themselves.If interest rates stayed the same (I know they won't) we'd pay off our current house in 10 years at £800 a month. To move to a house in a better area (around £100k more, most of the inbetween are flats or the area isn't significantly better to warrant moving) would mean paying the same for an extra 13 YEARS, or paying £1740 A MONTH to pay it off in the same time. When interest rates go up it will be even more, just doesn't add up.
The right-time thing above is probably key to a lot of this - a lot of the people who live in the areas we might look to probably bought their houses a few decades ago or more when the sums were different.
The local schools, although their results aren't as good as others and things like absenteeism is higher, still get 1 in 4 pupils leaving with 5 highers (probably 3-4 A levels in England) so you just have to assume that you do well by your child and they will be one of those 4.
ScotHill said:
... 1 in 4 pupils leaving with 5 highers (probably 3-4 A levels in England)
Sorry, not much to offer on whether you should move house, but this bit intrigued me.25% of pupils getting the equivalent of 4 A-levels sounds amazing to me. Unless things have changed dramatically since I was at school, very few pupils do four A-levels - I was one of only three pupils to do four A-levels in my school (out of a year group of about 200) and had to ask special permission to do so (ordinary large Comprehensive school, in case that makes any difference)
boyse7en said:
Sorry, not much to offer on whether you should move house, but this bit intrigued me.
25% of pupils getting the equivalent of 4 A-levels sounds amazing to me. Unless things have changed dramatically since I was at school, very few pupils do four A-levels - I was one of only three pupils to do four A-levels in my school (out of a year group of about 200) and had to ask special permission to do so (ordinary large Comprehensive school, in case that makes any difference)
I probably miscalculated the equivalence between Scotland and England - one of the figures was 1 in 4 pupils get 5 or more Highers, but I forgot there are such things as Advanced Highers, so I don't really know what 5 Highers is the equivalent of. 50% of pupils got no Highers at all, but then I guess at my English comp less than half did A levels at the local sixth form, and I don't know where vocational training kicks in in the Scottish system.25% of pupils getting the equivalent of 4 A-levels sounds amazing to me. Unless things have changed dramatically since I was at school, very few pupils do four A-levels - I was one of only three pupils to do four A-levels in my school (out of a year group of about 200) and had to ask special permission to do so (ordinary large Comprehensive school, in case that makes any difference)
Either way there are a lot of schools doing significantly better, but then like I said, if your child is the one doing very well then does it really matter which school they're in?
I don't have kids so my main criteria was the commute. I work in the city. The area I live in south east London is ok.. ish... road is fine, good neighbors, and the commute is a doodle. Walk to mainline train station in less than ten minutes and the train takes around 12 mins fast to London Bridge being a mainline station the trains are regular and haven't had much grief in the 16 years or so I've been here. Added bonus for hols I can get to Gatwick from the same station.
I also have trams and buses nearby which can take swiftly into a better part of town for beers n food, and can drive to my tennis clubs in less than ten mins.
Wallet waiving... bought for 130k now going for well into 500k. Nice.
I also have trams and buses nearby which can take swiftly into a better part of town for beers n food, and can drive to my tennis clubs in less than ten mins.
Wallet waiving... bought for 130k now going for well into 500k. Nice.
DELETED: Comment made by a member who's account has been deleted.
That's how I feel about property sometimes. No debt at all, some toys to play with, and an easy commute keeps me sane. Admittedly, I am thinking of moving to a better house (don't like neighbours and road is a bit too busy) but would rather 'keep it real' so as to speak and not chase false happiness.
languagetimothy said:
Wallet waiving... bought for 130k now going for well into 500k. Nice.
(Just quoting you because it's a handy sized soundbite)This is part of the problem. The figures being bandied so far about aren't much more than a reasonable sized deposit these days - and that won't buy you much of a mansion if you really are concerned about the area in which you live.
Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff