Argh! Got the Job.....

Well, I got the job in South Wales......

Can't decide what to do for the best now.

It's the job I want, but I'm having massive problems finding somewhere
nice to live :-(

I can buy a newbuild place, but it won't be ready until July. Which is
very bad.

Looks like I'm renting a crummy little terraced place in the valleys for
6 months, then.

Alternatively, I suppose I could buy one of the above and rent it out
later......

My head's fucked. Lots to think about and work on by the looks of
things.

Argh!

 

If it's only a few hours each way why not just stop in a B&B a couple of
nights a week and commute the rest until the house you want is ready?

 

I recal: "Come home to a real fire, buy a house in Wales."

--
John

SV650
Black it is
and naked

 

Buy some green wellies and a pot of mint jelly ;-)

Well it is Wales!

That's almost exactly what we're going to do.

Yes, we spent about three months deciding, and when I visited and looked
at what we were moving to (and away from), it was a no brainer really.

 

Get in there! nice one geezer.

Now all you need is somewhere nice and commutable that's bike friendly
and got room to let your stop over during the week.....

 

Because I can't afford to pay the mortage on this place, plus shell out
for a B&B.

 

Not really. I could do with selling this place to free up the cash etc.

Favourite at the moment is to buy a cheap house for now and rent it
later.

 

Buy somewhere near a teaching hospital or university so that you have a
permanently transient rental market. Avoid agencies, single sex groups and
vet the tenants yourself. If you get a good reputation as an independant
landlord then you will have no difficulty in getting tenants year on year.
The savvy student seeks these out to avoid the shitty ripoff agencies like
Keylet.

Our landlord gets over 11,000 quid a year in rent from this 5 bed house.

 

Well, it's a thought.

But I'm leaning towards buying in Aberdare as it's still quite cheap,
and has a very good rail link into Pontypridd / Cardiff.

3-bed terrace can be rented out for £300 / month - but only costs £35k
to buy.

 

Why not remortgage your MK place with a buy-to-let mortgage and use some of
its equity as a sizeable deposit on the new Welsh house?

The rent from your MK gaff should go most of the way towards your mortgage
repayments.

p.s. congrats on getting the job.

 

I don't really want that kind of financial committment to this. If
anything went wrong it could potentially bankrupt me.

Hence the idea of buying a cheaper place in Aberdare, which would
ultimately become and investment property.

Cheers. Still got to decide if I'm going to take it, though.

 

(SteveH) wrote in

About the only good thing that came from the pit closures. The Valley lines
had lots of money spent on them. The rolling stock is all pretty new too.

If rents are that low there cannot be a great demand. Although the
capital:rent ratio is better than the cheaper houses in Cardiff city (£90k
to buy a 3 bed house for about £700 rent a month in Cathays).

 

Surprised at how cheap is is, too. My mate tells me it's only £3.50
return from Aberdare to Cardiff. Which is good news for anyone buying to
rent, IMHO.

Exactly - capital:rent ratios are pretty bloody low at the moment (how
about £160k to buy for £800 / month rent in MK?) - so I'd be minimising
my risk factor this way.

 

The only risk is if you can't find anyone to rent it.

In 15 years my parents' place in Mid Wales has only doubled in value.
My place in Shropshire (just 30 miles away) has doubled in value in less
than 3 years.
So, unless your Aberdare property is in a prime rental area, I wouldn't
expect to much return for your investment.
That's why you'd be daft to hop off the MK property ladder, imho.

If you can't find anyone to rent your MK place then you can always sell it!
You've nothing to lose!

Go for it. A change is as good as a rest etc etc.

 

Which is a pretty big risk looking at the mortage repayments.

Just a couple of rent-free months would be enough to tip the balance.

As I've said to Wessie, the capital:rent ratio is fucking terrible in
MK. Which makes it a very poor way to make your money.

Well, I know what you mean, but I think that this is a prime location
for a slump in values. Our house is _tiny_ - it's 3 bedrooms, but I
wouldn't try living here with kids - yet it's worth what I'd consider to
be a stupid amount of money.

Apart from a large exposure to a slump in the market....... or not being
able to sell it fast enough to cover the mortgage if I can't find anyone
to rent.

Dunno yet. It's a big move. I want the job, but not so sure about the
move.

 

(SteveH) fascinated us all by saying:

Congratulations

--

Stritchy
CX1100 'Ermintrude' BPoD (tm Pip)
HOC#14808 BOTAFOT#129 COFF#23 MiB#17
two#52 BREast#4 BOTAFOF#44
eat SPAM to e-mail

 

And it'll be a plastic house on a plastic estate. Jesus, you're trying
to move out of Milton Keynes. If you're moving to the real countryside,
buy a real house. Stone, big rooms, fireplaces, acres of land, dogs,
horses, that sort of thing.

We did that before we bought the Chateau. It gives you time to breathe,
and it alows you to select the place that you *want* to live in rather
than the place you had to buy because you ran out of time.

Seriously, it's the sane thing to do.

 

I'm also not keen on buying a place that is going to cost money to
maintain. And I don't want to live in the middle of nowhere.

Well..... I suppose it is, but theres considerations like mortgage
redemption penalties and stuff to worry about.

So it looks like buying an investment property and living in it for a
few months is probably the way to go.

 

(The Older Gentleman) wrote in

Steve will have some very nice rural areas only a few minutes from his
new job opportunity. Usk valley, in particular, is very pleasant and
tranquill.

From the various exchanges we have had over the last month I don't think
Steve is ready for the green wellie, Barbour jacket, gymkhana and
Freelander experience yet.

 

Too bloody right I'm not.

I need somewhere that requires zero work for several years after I move
in.

Looked at buying older property - but most of it would need completely
redecorating / new windows / garage building.

And there's no way you'd get me anywhere near any 4x4 other than a Panda
;-)