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)

[quote ItsPissingDownAgain]@LondonStone I knew which house you would be linking to before I clicked it! I had sort of discounted it as too posh for me but actually i like the layout, I'll save it thanks.

Dh is full time and I'm part time as childcare is expensive and I like being able to pick them up from school and take them to their bloody clubs in the pissing rain.

He also thinks I'm mad wanting to spend it all on a home, but isn't it where you spend most of your life 🤷‍♀️ school holidays are only six weeks a year.

Council tax and bills on that one linked would be about £600 I think. Maybe less.

[/quote]
Council tax and bills about £600!? You are clearly bonkers if you think that.

Do you have girls or boys? I'd be tempted by Kentish Town in the catchment for Camden school for girls, a super state school.

Stay in the area you know and like and just size up

My cousin has a similar “problem” to yours, her dad bought her a £1 million house to set her up (he’s rich and she’s hopeless with money, finding jobs etc), the house is now worth 2 million but they don’t want to move as nice house in very ethnically diverse area and they like that. The work poorly paid part time jobs (he does bar work and she does aroma therapy sessions).

It’s an odd set up maybe but they are happy

Maybe you ARE my cousin and the house is now worth £3 million?

Anyway, this “problem” exists Is your story similar OP?

Personally I'd buy an established business by the sea or on a national park somewhere amazing and live off the business.
I know covid has wrecked the holiday let industry but it's not going to last for ever and if you have a nice house with holiday lets in the grounds you could live really well.
Holiday lets here on Exmoor are always busy.Its something that will bring in money well into retirement.

Seriously? £3M in the bank, but you want to live frugally in London on an income of £35k?

I’d be spending £1M on buying a really
nice house in the out in the country somewhere. Then I’d invest the other £2M to get an income - buying property to rent out for example.l

Much better quality of life, no need to live frugally. You could enjoy holidays etc and need never worry about money again.

I doubt £35k is anywhere near enough to pay the bills and upkeep on a £3M property.

It’s not adding up because the OP’s situation isn’t real - she’s just daydreaming. If it were real she would have answers to the questions but she’s ignoring them so she doesn’t get caught out.

It can be a fun game, I play it sometimes - going on rightmove and searching for houses costing £2m and up in my preferred area. In my head I’ve purchased a small Scottish castle in need of renovation and a city centre townhouse with basement pool and rooftop garden

I reckon daydream

The OP must be joking or made a mistake in the title.

Council tax and bills about £600!? You are clearly bonkers if you think that

I assumed that was per month.

£200-300 council tax
£150 utilities
£50 water
£100 for home insurance, broadband, TV licence, subscriptions.

Seems about right?

If they have no housing costs, they can probably afford a reasonable life in London on £35k, especially if their income increases if the OP works longer hours or they get promotions.

Also people in London always say lots of free or cheap things to do and you don't have the running costs of a car, plus free travel for DC and tube passes for adults mean that they'll spend less on transport than a lot of people.

Plus as key workers (low paid NHS?) their incomes are probably secure so won't be out of work.

But I still don't think it's wise to commit all your wealth to your own property if that's what the OP is doing. The stamp duty on a property that amount is huge and just gone when they buy. Plus any work on the house is likely to beyond their reach as trades in the area will be expensive.

So probably more sensible to look around the £2M mark and keep a chunk back for major expenses, pensions, DC education, emergencies etc etc

Bonkers. I mean for starters - how are you paying the stamp duty?

@SilverBirchWithout

I don’t think people realise how little annual income you would get on £1million invested at today’s interest rates.

No one has suggested putting it in the bank, my Ddad has made £78k on his £800k low risk portfolio in the last 11 months or they could buy somewhere and rent it out.

I actually love this thread, totally bonkers!

I assumed the OP meant council tax and bill are £600 are month. Maybe £250 Council tax, £170 energy, water etc). If you have no rent/mortgage, that still leaves a fair amount of money for saving for other costs and general living. I'm sure the OP could keep back some money for repairs etc. £100k sounds doable on a budget of £3m, and would be more savings than most people who own a house!

I would be tempted by the Islington area, near the river e.g. Putney, Barnes, Kew (but possibly too far out and maybe not that diverse) or some of the areas near London Bridge/Shad Thames/Rotherhithe but this is based on vague thoughts and not realistic plans!

I would also look to buy 2 properties and rent one out.

I would buy this for holidays ? You could let it out when you are not using it and it includes all the furniture, so no need to stress about furnishing it

www.rightmove.co.uk/properties/77374767#/

And then go with one of emmy239 suggestions on the first page. I personally prefer the second one, but it depends how many bedrooms you need ?

That leaves with you with about a million.

I'm intrigued about the idea that you have a £3m budget but "low income otherwise".

As others have said, how would you afford the tax? And the upkeep? A 3 million pound house would be very expensive to run and maintain.

I would consider the likelihood that property taxes are likely to be changed at some point - it's been mooted for years but covid means that public finances are now screwed. This year it hasn't been done but I would be surprised if either a one off or ongoing raid on property wealth isn't brought in

You would be in deep problems if council tax is replaced with the 0.5% property levy that has been discussed. On a £3m property tax would be £15k a year/£1250 a month, so around half of your income

@Same4Walls

How on earth can you have a 3 million pound budget for a house but a low income? Wouldn't you spend less money on the house and have some more disposable income or have I missed something??

Yeah my thoughts too.

I'd spend 2m on a house and have 1m for income or investment to bring in income.

Wandsworth (if you are not there already) Access to green space/mud and outstanding secondary schools.

Or Wimbledon - more green space plus good transport links and enough infrastructure to entertain everyone (in normal times!)

If you are anti indie schools I would look at state/grammar catchments and work backwards!

@MeowPurrGrr

Strangely enough I fell across a YouTube video today on a walking tour of housing mews in central London (Paddington) and next to Hyde park. They’re gorgeous and ranged from 1.5-4mil! I went off into a little day dream of owning one and painting it pink and having blue and yellow pot plants outside the door! Look them up, they wouldn’t look out of place in a little Yorkshire village!

I love those mews. Stayed at hotels in the area a couple of times and loved just walking around and exploring. Then you get to around Chelsea and Kensington and all luxury cars parked on the streets everywhere.

Hope this thread doesn't get deleted !!

@nancywhitehead

I'm intrigued about the idea that you have a £3m budget but "low income otherwise".

Me too all the talk of being stretched otherwise

Meant to add, Wandsworth has one of the lowest council taxes in London which helps with running costs.