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Original poster

how rich do you need to be to settle down at Wimbledon ( buy house and have children)

32 replies

mrsHoueland · 14/12/2017 20:15

my husband and I really enjoy living at Wimbledon. it is such a nice and quiet area. we really want to be able to stay. but even buying a 2 bed flat here is very expensive. I wonder how much household income we need to have to afford a house with 2 to 3 bedroom and afford to have 1 to 2 kids at Wimbledon. Any idea? thank you in advance.

OP posts:
Appuskidu · 14/12/2017 20:17

What are you currently paying in rent?

Original poster
mrsHoueland · 14/12/2017 20:21

about 1300 per month.

OP posts:
sparechange · 14/12/2017 20:39

There are so many variables
Are you hoping to go straight from rental to a house, or work your way up the property ladder a couple of times?
Do you have family who would help out with childcare or are you going to need full time childcare?
Do you mean Wimbledon Proper or would you consider Raynes Park, Morden, Motspur Park? You will get lot more for your money in SW20 than SW19

Rough monthly costs:
Mortgage of £450k (Assuming you buy a £550k family home with a deposit from selling a flat) - £2k
Mortgage of £300k (Assuming you buy a 335k flat as first time buyers) - £1300
Bills - £500
Food and essentials shopping - £500
Full time childcare for 1 child - £1500
Travelcard £200 a month per person

So the bare min is going to be around £4K month household income if you have a flat and one child
If you want a house and 2 children, it's going to be a more, especially if you have 2 in nursery at the same time
That doesn't leave much/anything for savings, holidays etc
Less if you don't need a travel card to commute, more if you need a car

£5k a month is probably more realistic and that's roughly 2 people on £40k a year or one person on £90k

A household income of £80-90k will get you a mortgage of £350-400k so as long as you can get the 10% deposit

But like I said, there are lots of variables

Original poster
mrsHoueland · 14/12/2017 20:59

I meant house around Wimbledon park. since I do not have a job I can take care of kids. but I am not sure if it will be better for kids to go to kindergarten so they can practice their social skill. The house price around this area is at least 700k for 2 bed flat. but my husband just make 150k pre tax. I am not sure we can afford to settle down near wimbledon park with income. I would like to know if we will need a lot more to be able to settle down at this place.

OP posts:
sparechange · 14/12/2017 21:02

How much do you earn, OP?
And how much of a property deposit do you have saved or envisage having saved?

sparechange · 14/12/2017 21:03

Sorry, I've just seen you don't work
Would it make sense for you to start working and bringing in an income if you are firmly wedded to the idea of staying in that area?

Original poster
mrsHoueland · 14/12/2017 21:07

I do not earn any money. I am a housewife. I am not sure how much we have yet. cause we will have to sell out something for the deposit. but I just want to have a general idea of what kind of household income we will need to have to live at place like that.

OP posts:
Original poster
mrsHoueland · 14/12/2017 21:09

the only job I can find is customer service. If we just need a bit more to make this dream come true. then I will consider to find a job to bring a bit more income to the family. but if we need much more to be able to live at this place. then we consider somewhere else.

OP posts:
MyBrilliantDisguise · 14/12/2017 21:09

Do you have children now?

Moose23ishungry · 14/12/2017 21:10

Surely it’s a case of

  1. working out the cost of the property you’d like
  2. working out the deposit you have saved
  3. using a mortgage repayment calculator to work out the cost of the mortgage per month
  4. doing a budget (after tax income less outgoings, including cost of kids).

I’m in the area and we survive, but I can’t tell you how much it would cost you as we are different households. If you don’t work you won’t have the extortionate cost of childcare ;)

Original poster
mrsHoueland · 14/12/2017 21:12

no, but we have plan to have children at near future.

OP posts:
sparechange · 14/12/2017 21:14

But it's totally impossible to answer your question Confused

If you want a million pound family home in Wimbledon Park or village, and you have no deposit, no intention to work and want to privately educate your children, your husband needs to earn at least £300k a year

If the thing you have to sell will get you £250k and you're prepared to look towards Earlsfield or Raynes Park, you don't have a lavish lifestyle and bills, £150k will be fine

You're being to vague to get a proper answer

Runninglateeveryday · 14/12/2017 21:20

I think you probably need to work too , why don't you ?

QueenNefertitty · 14/12/2017 21:26

When I first moved to London I lived with a friends parents who owned one of the mansions on Arthur Road... they later sold up and moved to motspur park, and will never ever have to work again, having made a killing on the house.

This has nothing to do with your dilemma, except for the location, but it's a time in my life I look back on with great fondness, and some incredulousness, at how blasé I was at my good fortune.

I wouldnt put your eggs in the sw19 basket, unless they're faberge.

AJPTaylor · 14/12/2017 21:48

A 600000 mortgage is around 3k a month
Presumably dh takes home 7k a month. Up to you really.

Letseatgrandma · 14/12/2017 21:54

Totally depends on what sort of property you buy, isn’t it? Hmm

An odd question really -how long is a piece of string?

MyBrilliantDisguise · 14/12/2017 21:55

You need to get a job. Why aren't you working?

sparechange · 14/12/2017 21:59

ajp
Someone on £150k a year is probably not getting it all as a regular salary
It is more likely to be salary + bonus/commission/profit share
Typically, a mortgage lender will ask to see evidence of the last 3 years bonus payments and take an average of those.** And then 50% of that average will be counted towards the annual income when calculating how much they will lend

Rainbowandraindrops67 · 14/12/2017 22:05

Look at Colliers Wood end of Wimbledon and towards Merton and Raynes Park

Totally doable on £150k if you buy a house for £700k ish.

GinIsIn · 14/12/2017 22:07

Not Wimbledon but we lived in a bit of London where 2 bed flats were £600k and 3-4 bed houses about £1.5m. With 6 figure deposit thanks to an inheritance, and a similar income to your DH, we still couldn’t afford it.

OlennasWimple · 14/12/2017 22:11

You need to sit down with a spreadsheet and do your sums.

Factor into the costs that childcare is easily £75 a day (though there are lots of baby and toddler groups that meet regularly that are a lot less)

You have lots of free stuff on your doorstep / easily accessible. But the housing cost is immense (you are doing very well to "only" be paying £1300 a month rent)

Letseatgrandma · 14/12/2017 22:12

Scary doing it all one one salary if you’re worried; what if he got ill or lost his job? Why don’t you work if you don’t have kids?

ZigZagandDustin · 14/12/2017 22:22

I would say to have an ok/nice house and 2 kids you'd need to be earning in the £250k bracket, or more. I've a few friends there with nice enough home, garden and lifestyle and they earn that and more. I personally wouldn't live in Wimbledon, or anywhere I couldn't have a nucevhome, I'd sooner move out further to get it.

Rainbowandraindrops67 · 14/12/2017 22:32

Plenty of options

You might just have to cut back on holidays