Thinking of purchasing a property on a southern/eastern coastal town

[Isreeh]

Hi MN,

I’d like some help and advice. Im considering purchasing a cheap property near or in a coastal town south eg Poole or even Deal/Margate Kent for potential rental and then living. I’ve not found one yet but what are the things you would consider when selecting a town/area? Ideally good links into London is a must for me.

Any good/bad advice about living in such coastal towns? Floods, insurance, tourism etc.

Thanks

You'll be lucky to get a cheap property in Poole my DF paid close to a million for the weirdest extended bungalow, or was a good location though. When I've looked there isn't much in Poole below 300k

Poole is gorgeous but you won’t find a cheap property there.

Are you looking for lots to do there or just a quiet coastal break?

@Sickoffamilydrama thank you for replying. I’ve seen some reasonably priced properties on rightmoves (under £300k) but not on the coastline.

@Teakind I’m looking for potential rental to start with and move in the future for a better quality of life outside London.

@Sickoffamilydrama @Teakind as an example there is this property but I don’t know the area.

www.rightmove.co.uk/properties/76411221?utm_campaign=property-details&utm_content=buying&utm_medium=sharing&utm_source=copytoclipboard

I'm afraid I don't know that area well apart from its near the Asda and I've stayed at the holiday inn it's a bit industrial. When I've driven past & not sure how easy it would be to walk into Poole or the sea.

This always seems a nice area and really close to open space and the town so might give you a nice lifestyle www.rightmove.co.uk/property-for-sale/property-100502045.html

Or this really close to the "posh" part of town and one of my favourite parks plus probably easily rentable to holiday makers.
www.rightmove.co.uk/property-for-sale/property-85639610.html

@Sickoffamilydrama thank you for the two property links. If I’m honest I’d rather a freehold house (no lease). The first one is a potential but I think I would really need to travel to Poole and explore the area, speak to local agents etc. It’s all new to me but as I get older I’d rather have quality of life than the hustle and bustle of London life.

Poole is pretty busy and built up to be honest. I wouldn't live there if I wanted a quiet coastal life. The property you listed isn't really in Poole, and I don't think it would make a great holiday let.maybe look at somewhere like Highcliffe, which is on the same train line into Waterloo. This whole stretch of coastline is definitely not cheap though.

@Cakecrumbsinmybra thanks for responding. I don’t really know anywhere around south other than spending a day or two as a tourist in Bournemouth, Christchurch and Worthing.
I’m just looking for suggestions of areas which are reasonably priced, near a coastline, good links into London and to start rent out and then live in few years. I’m a social person so being close to Poole etc would be great. Thx

Why buy now if you are not in a position to move there? Are you experienced in being a landlord? It’s not to be taken on lightly, especially in a property you hope to live in one day. It could get trashed / your tenants may not move out when you want to move in. There’s v little money in being a landlord these days (I have 6 properties I run essentially as a business). Maybe consider investing money now abd waiting till you can actually enjoy the property yourself.

Folkestones nice though.

@VanCleefArpels I didn’t consider the facts you have just said. It’s something I’d like to do in the year or so but it’s finding the balance of quality of life in a area which has things to offer. I’m 46 so not ready for retirement but just looking/investigating where to invest. Renting was a way of letting the mortgage pay itself until I’m in a stage to move. I get what you say about tenants but wouldn’t housing/rentals cover some of the issues you raised?

Have you considered the Norfolk coast? Not as good for connections to London but so much cheaper than Kent.

I don't think you've thought this through very well in terms of renting out a house tbh. You sound a bit naive. Also the combination of good transport links to London and cheap is not really achievable, houses get cheaper with poorer links to London.

I’m several years younger than you and we’ve moved from London to a coastal town (Folkestone) four years ago and never looked back. Is there a reason you don’t want to live there until you retire? There’s plenty to do for 25+ professionals in these areas and arguably a better community vibe too...

@DownstairsMixUp I’ve heard Deal is supposed to up and coming but I’ve not researched it properly yet. I’ve been to Margate a few times to visit friends and it’s been alright. I know in the summer it’s extremely busy with the London crowd with stretch of beach being popular.

@MrsJamin tbh this is why I reached out to the lovely people of MN. I’m just gathering advice/information at the moment before making any big decisions. Maybe my wish list won’t be fully accomplished but I appreciate the honesty and advice I’m reading.

@isreeh please do your research about being a landlord. Especially if you need to cover mortgage costs. You have to pay income tax on your income. Relief on mortgage interest is reducing to nearly nothing. You have to cover costs eg replace boiler, recarpet, furnishings (if renting furnished) which requires you to have a “float” of several thousand pounds. What happens when the tenant stops paying rent (as they have been during COVID)? How do you cover legal costs of evicting them? Can you afford to lose 10% of income to have the property managed or will you run the risk of a 4am call to tell you the hot water’s off? Honestly in your situation it’s just not worth the risk. Invest your money and then when you are ready to move to the seaside you will be able to choose your dream home without any additional cost and hassle

@FreeAmigos I’ve been living in London for 26 years and I’m feeling as I get older there isn’t much quality living in a over populated city. Don’t get me wrong I love London but thinking of places where I could invest and enjoy as I get older.

Poole is very, very run down and industrial. I definitely wouldn't take a holiday there, much less live there. The outskirts are pretty but the minute you step into the centre the deprivation is obvious. Boris' lot have trashed towns like this.

@VanCleefArpels my father rents out a house in London so I understand the some of the points you have raised. You are right, I do need to fully research all aspects of moving and how to manage the money side. At the moment with COVID in our lives it’s not possible but I’m just really thinking ahead how it could be possible.

The Creekmoor house is in an ok area. Not close to the beach though. You'd have to drive/catch the bus. It is close to Upton Country Park which has some lovely walks.

The ones in Poole, again aren't close to the beach. There is Baiter, Poole Park and the Quay nearby, but again, you'd need to travel for the "proper" beaches.

I'm local so if you want to message me questions, feel free.

@Grobagsforever interesting you say that. Someone else commented it’s a gorgeous place. Before making any decisions and when we can travel again I’d like to visit these towns and see what they are like. I definitely don’t want to go to a deprived area.

@MuddledUpAgain thank you and I may just do that as getting advice from locals is valuable. X