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

[mrsHoueland]

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.

If you were happy to live in a 700k flat, and have a 200k deposit, then you'd be able to afford it. Presumably, your husband takes home about 7k after a bit of pension contribution so 2.5k monthly mortgage wouldn't be a problem. But a 2-bed flat would be a squeeze even with 1 child.

If you aspire to living in a house in a desirable part of Wimbledon and having 2-3 children, then you'd need probably 3x the income. Especially if you aspire to private schools or shopping in Wimbledon village, nice holidays etc.

How can anyone answer this question better than you can yourself?

Is it that you don't know how your household finances work currently, or what borrowing equates to what mortgage payments?

If so, educate yourself on those things before evening thinking about this Street or that.

If Just buying house it will be much easier to figure this out. The problem is I don't know how much it need to pay mortgage AND raise children. Even there is some websites have related data. But those data may not be very helpful. I somehow think it will be better to hear from someone actually live at this area with children to share their data even they can just give me a range.

I heard babies don't cost much money but when they grow older, they cost more. I don't know how much more it can be. I don't even have a clue.

I was born In Wimbledon Chase (Nelson Hospital) we lived in a three bed end of terrace 1930s council house, last year the opposite end of terrace house sold for 600k, if you have to pay that type of money for an ex council house in what used to be called the arse end of Wimbledon goodness knows what you would have to pay for Wimbledon proper, mind you it was always expensive when DH married in 1972 we couldn't afford to rent there, buying even that long ago was out of our reach.

sorry DH and I - PLEASE can we have an edit button to save silly mistakes

So your question is really : How much does it cost to bring up 2 choldren on SW19.
You haven't got any kids yet, you don't know when you are going to have them. You are going to be SAHM.
You don't know how much deposit you have....
How much do you currently spend per month for 2 of you? How much do you save per year?

Too many unknowns!

You need to know first of all how much deposit can you afford.
Once you have this figure you can come back and discuss the rest.
Without that nobody can answer any of your questions.

Strangest question I've seen in awhile, just do a budget! Net income vs. Living expenses, then do a mortgage calculator online!

I'm in the area and I'm not telling you how "rich" I am. But we obviously did a budget before taking out a mortgage and settling here, and before having a baby (have already looked into nurseries for next year when I return to work).