Where to live on 3m

[ItsPissingDownAgain]

First world question: where would you live in london on a 3m budget. Low income otherwise (!), kids in state primary, we like diversity, zones 1/2, parks, ease of travel (ideally bike but if not then public transport)

[Comeondelicious]

[quote Redtartanshoes]I’d buy 2 of these, rent one out and use to fund private school/holidays/nice life

www.rightmove.co.uk/properties/77672955#/[/quote]
shame, no parking mentioned! And it's Scotland, haste us not welcome back from the south! gorgeous location tho.

[kwiksavenofrillsusername]

[quote Sevensilverrings]This is nice, don’t know about road though...
www.zoopla.co.uk/for-sale/details/57787731?search_identifier=64875fe562b77254592d41d8419575e0[/quote]
Too cheap! But maybe OP can politely ask the estate agents if the buyers will accept £3M. It’s a long shot I know.

[bonfireheart]

Or go on Grand Designs and build your own house? This sounds like the ridiculous stuff Kevin would love.

[Comeondelicious]

@Usernamenotavailabletryanother

Bethnal Green/Victoria Park
De Beauvoir
Tufnell Park
Wapping

I love a crazy thread

love this comment! because OP was NOT being asked to be judged on her lifestyle, but for recommendations x

[DavidsSchitt]

😂😂

[bonfireheart]

If this thread is deleted by the time I wake up, I will be most upset.

[RiverSkater]

You might feel totally out of kilter living in a community of £3m houses on a £35 salary.

Just saying 🤷‍♀️

[LadyCatStark]

Ditch London, come up north and spend 1 million on a mansion or perhaps a small castle and enjoy the rest of the 2 million.

[LemonSwan]

I assume you inherited more than 3M. If so then I wouldnt choose london. I would buy a 1.5M weekend flat in london to air bnb when not in use and buy a 1.5m mansion in another part of the country. I do love gardens though :)

If you genuinely only inherited 3M and wanted to splash it all on a house and I was your DP. I would divorce you sorry

[Octane]

@bonfireheart

If this thread is deleted by the time I wake up, I will be most upset.

I think it's almost certainly gonna be gone.

[Nith]

I'm mystified. Why are you talking about a terrace with a small garden with a budget of £3million? You're on a relatively low income for London but don't propose to invest any of that £3 million to produce a higher income? And you have no idea of running costs, insurance costs, council tax etc.

Any chance of a bit of explanation?

[hopsalong]

If your income is 35k then you can't afford to live in a 3m house! Nuts! I have a much less severe version of the same problem, in that we bought a house in fairly central London from money made during a short period of time and very obviously have lower incomes than most people in our street. But our house is not worth 3m. It still costs a bomb to maintain. Our joint income is over 200k and we (I know, first first world problem) get seriously freaked out every time something goes wrong with the roof, every time the neighbours want us to sign a party walk agreement and we have to anticipate getting lawyers, etc.

As a rule of thumb, you are going to struggle to live in a house unless your annual income is approaching a normalish mortgage / equity amount. To live in a 3m house, you really need to be on half a million a year. 35k could easily go in upkeep alone. Rethink this!

As for areas, Fulham is pretty underpriced in historical terms right now. I would buy something for 1.5-2m and invest the rest in a sensible way to produce an annual income. The schools are better on the Kensington side, unless you're Catholic. The Chelsea/Fulham border, south of the hospital might be a good place to look. Otherwise Camden, so you could get access to Primrose Hill for primary and a lot of places for secondary? North Kensington/ Queen's Park?

[PennyRoyal]

As nearly everyone has said, you'd be crazy to spend it all on a house and have nothing left in the pot.

Split it three ways, 1 million house, 1 million long term investments for your retirement and kids future houses and 1 million on school fees and living very well!

[ZoobyZoobyDoo]

Tufnell Park
Denmark Hill

[Mally2020]

www.rightmove.co.uk/properties/73746993#/

[TheTeenageYears]

Have you looked at the stamp duty costs on a £3m house? - it's £258,750 and that's including the stamp duty holiday.

[CatAndHisKit]

Hahaha...600pa on council tax AND bills? That's mad, OP.

Council tax wuold be over 1.5K on a larger terrace and more on semi that London has linked too (what a nice, well-proprtined house!).

You'll pay at least 300 per MONTH on heating on average over year (as obvs more in winter) plus electricity, plus water.

Insurance will cost a lot too annually. Then the repair fund.

[CatAndHisKit]

*proportioned

[CatAndHisKit]

But if I had 3m I'd live in South Ken, or poss Highgate.

[Silvergreen]

Look at Herne Hill - ticks all your boxes.

[purpletrees16]

Maybe Op won £30m ?

A house will eat 50k-100k in works over 5 years if you don’t want it to lose value. I imagine insurance will also be £1k ish.

My mums a keyworker and hitting 60 and can’t retire as low income & working out with nhs and p/t means low pension. She’s say you’ll be exhausted by 50, ready to retire at 55 and begging to retire at 60. Family friends who are teachers at similar age are basically dying of stress caused illnesses.

What about that masters in counseling or specialism at work that would be really exciting? What about flipping that p/t work to something where you get to help even more people? You could work in the third sector worry free.

You have to maintain a house & the money will disappear- it’s a not cut and dry that every penny in will make a return - instead enjoy the holidays & experiences that money will bring you - take 4 week holidays & do an immersive language thing with your DH & kids in a country of choice.

You know what this money can get you - instant access to expensive medication without 2 year waits that could slow down progressions of nasty illnesses. Chances to experience the most beautiful places in the world every year or so. Chance to make sure your kids can spend a while in education working Out who they are.

[Ploughingthrough]

This is a bit crazy! Imagine how you could increase the quality of your lives if you bought a house for half that price. You could invest in savings for your DC future, have a couple of amazing holidays, maybe afford a private school if you feel like you need it in the future. I can't imagine spending 3m on a house if my household income was so low.

[purpletrees16]

And if that jars with your values there’s a whole sectors that need time rich volunteers where you can spend your time trying to change the world, one tiny tiny step at a time, for example, leading campaigns on living wages or campaigns for renters rights or green peace - whatever you want to see changed.

[PuppyMonkeyBaby]

What currency are you talking, OP?

Rupees? Baht? Pesos?

[peachcherries]

Something does not add up with this thread!
My 650k non London home running costs are around £600 a month!