Moving to London age 38

[elle7mar]

… am I losing my mind? I left London in lockdown and relocated to my home town where I bought a property. I’m 38, eternally single, no kids. Would I be mad to move back to London even though it’ll mean renting again? There’s not much going on in my hometown, I do have some friends in London and am able to work there. I just feel I’ll be better placed to meet new like minded people there and I earn more than I did when I lived there previously so, hopefully able to enjoy it more too. I just feel like the odd one out as all my friends are parents / married / settled and to them it may seem like a backwards step. Just looking for some reassurance really that I’m doing the right thing, that there are others in my shoes and that I’m not ‘too old’ to be doing this?! Thanks in advance.

Where in London would you think of living?

Personally I think London has a huge amount to offer people of any age; as you outgrow one thing, there's something else to enjoy instead. And unless you live in some really far-flung suburb, you don't need a car.

The only thing that might put me off is the idea of renting again when you've been a homeowner. Could you afford to buy if you went for something smaller in a cheaper area? Or could you consider renting out the home you own now (if your mortgage lender would allow it), so you'd still have a foot on the property ladder?

I definitely wouldn't give up home ownership, but if you can find a way to make it work then go for it.

Thanks both! Yeah that’s what I’m struggling with. Renting the property I own isn’t viable sadly so to move I’d have to sell it. I plan to bank the profit to use for a future deposit should I want to buy another place one day. But at the moment I feel that with no ties etc renting may actually suit me better, in a way. I’ve struggled for a while with what to do for the best and I think a lot of it is wanting to stay on the property ladder because it’s the ‘right thing to do’ and because everyone else does it. But is that a good reason?
I’m really just weighing up ideas at the moment and haven’t made a solid decision, but I do feel so conflicted. My heart is saying sell up, move and enjoy life. But part of me is hesitant for the reasons you’ve mentioned!

Oh and @Abouttimeforanamechange thats all TBC too. When I lived there before it was always within zone 2 and I’d probably look at similar because I would be working centrally and have friends there. Just wondering if I’m kidding myself and should have got this out of my system in my 20s and be settling somewhere by now…

What about a different city? Somewhere more affordable than London, but with more social life than in your home town.

London isn't only for people in their 20's, don't be ridiculous.

Financially, it's a risk though. Could you buy in London? Even if it's much smaller than what you have now.

God I'd be tempted. I don't know your hometown but is there a way to make ownership work? Something tiny miles out maybe? That's the only fly in the ointment as far as I can see. I know home ownership isn't a huge priority (I get that) but London rent will make saving again harder and consider how you'll feel in 10 years.

Is there a halfway option? Cheaper big city or somewhere accessible to London with jobs where you can buy? Overseas maybe?

I'll be honest, I wouldn't want to be stuck in my hometown having spent most of my adulthood in London or coastal cities but plan carefully before going back to private renting.

Just wondering if I’m kidding myself and should have got this out of my system in my 20s and be settling somewhere by now…

No reason why you shouldn't settle in Zone 2. What are your interests? There are bound to be things you'll like, either in Zone 2 or in the centre.

You may well never get in property ladder again as house prices increase. Can you afford to rent as a pensioner?

I did this in my twenties, but I wouldn't at 38, personally. Giving up owning a property is a big risk and buying in London in your forties would be very tight. However having said all that, you only live once and the sensible option is not always the option that will make you happy in the long run.

my hometown is 4-5h from London so commuting not an option. Another city is an option but I don’t know anyone anywhere else so guess I’d be starting from scratch.

totally understand what you mean about not wanting to rent later in life. I guess my hope is I’d save a bit more I’ve the years and with the money already banked I’d still be able to get a mortgage when I’m say 45 and hopefully have a better idea of where I want to settle down… this is all if my circumstances don’t change and I don’t meet someone (which I am kind of ambivalent about but you never know).

it’s tricky and I feel I’ve really made some poor decisions previously and if I am honest I regret buying this property as it feels like a tie now - hence considering selling it.

you do only live once so I guess it’s weighing up enjoying the now for what it is vs having some sort of financial security later on in life!

thanks for all the replies - definitely giving me things to think about.

Can you sell your property, rent for a year and see how you find it, then buy somewhere either in london (small) or back in hometown/somewhere else once you see how you find it?

@nomchonge1 thanks, yeah this is a good idea and probably the best compromise… I will have a decent deposit in the bank which I won’t touch if I sell my place and guess I’ll know within a year or so if I want to settle there. Tbh my gut feeling is to make the move I’m just nervous; and I’m also (stupidly) worried what people will think of me taking myself off the property ladder at my age etc etc. but yeah I do think this is a good shout - thank you

Are your London friends in the same area you want to return to? Do they own or do they rent? Are they likely to have life changes over the next few years which means they move away etc then if so, would you still want to live there?

Have you thought about whether you'd want to buy in the same area that you rent in, or would you be happy to move further out if/when you decided to buy? Renting will be pricey (as you'll know from the past!) and will mean you won't be able to save as much of your income (unless you'd increase your salary by a similar %) if you do not intend to break into the money from the property sale. For example, if I wanted to rent my current London home then I'd need to pay around a third more than I do on my mortgage. There's also stamp duty to think about - which is likely to be north of 15k on an average 1/2 bed - which could eat into deposit savings.

As someone else said, it all depends on what you want in the longer term and if you're happy to take the risk in order to be happier then go for it. I'd personally be looking further into whether I could retain the existing property (potentially move onto an interest only BTL mortgage, speak to a broker) to at least part fund my "experiment" year or so as if it doesn't work out I wouldn't want to be repaying stamp duty to buy a similar if not worse (if property prices/mortgage rates rise) than I have now.

Invest the deposit money or put in a high interest account obvs!

Do you know which corner of zone 2 you would like to move to? Some are much more young and hipster, others much more a family vibe. But I’m sure you know that!

Life is too short. Go and live where you want to live!

The rest will work itself out (especially if you consider the helpful things here people have brought up).