FTB, advice needed for choosing from St Albans or Finchley?

[Zuriya]

I’m a single mother living with my 11 years old daughter, currently working on buying our first home after decade of moving around, we are so excited that we could finally settling down in a place of our own to build a lovely life.

Our budget is around 1.3~1.5 million with support from my boyfriend and family. So we are extremely fortunate that we do not need a mortgage. But, as the funds are not our own, it is important that the property investment is as safe and if profitable as possible in the long run.

We are currently renting in Kingston Upon Thames, we loved it but as my daughter practices fencing (sabre) for many years now, Kingston do not have sabre school for my daughter to continue pursuing her passion. There are only 3 decent sabre schools in and around London, namely Salle Paul Fencing Club (at Hendon, NW9), Camden Fencing Club (at Fufnell Park, NW5) and Paul Davis Fencing Academy (at St Albans). So it’s left me with little choice but to relocate. That’s why I ended up in Finchley and St Albans, as both locations have less than 30 minutes commute time for my daughter to attend daily training sessions.

Also, in addition to the expensive tuition for fencing, I can't afford to pay for private school on my own, even though I have what sounds like a good budget. So accessible to good state school is a must for us. In addition, to keep up with family expenses, I may need to rent out some rooms to friends I trust.

I have been working as a designer myself, most of time I work from home and freelancing, so I don't need to commute to London very often. But I can't stay away from London because it's where all the networks and activities of our industry take place. I am also thinking about start up my own business related to tangible product development, so workshop spaces for handwork and prototyping would be really useful for me.

I'm very indecisive between these two places at the moment, after visiting on our own, asked all my friends and checked tons of comments on internet. Both of which seem nice, have their own characteristics, and similar house prices. I noticed Finchley is much more diverse than St Albans, which could be more welcoming for expats like us. However, Finchley house price, rental yield and turnover figures appear to have performed less promisingly than St Albans over the last five years.

I would really appreciate it if somebody could give me some insight to help me with the decision and remind me of aspects I've missed. Or if you have better places recommendations please do share.

Many thanks!

Yes your reference to “sponsor”, boyfriend putting money in and rental yield has a few red flags for me.

Who is planning on renting it out- won’t you be living there? If you want to sell it then will you be able to do so? Whose name will be in the deeds/ mortgage? What would happen if you split up with the boyfriend?

With all of this in mind would you not be better buying a smaller house on your own without all of these potential difficulties? Or using boyfriend/ parent/ sponsor money to buy a rental flat to generate an income?

I’d definitely choose St Albans of the two, but might it be a good idea for your DD to do trial sessions at each academy to check that there’s not one that she prefers, since this is the driver for the move? I’d also try to be pretty central so she can get herself to/ from activities/ train station when she’s old enough to do so. Yes you won’t get a huge amount for your money in the better areas but that’s because they offer a lot in terms of quality of life. Schools are good too- but do check catchments and/ or waiting lists if there is a particular school you’re gunning for.

If it were just me and my DD I’d be looking at something like this and then putting extra money away to generate income/ for uni fees etc.

https://www.rightmove.co.uk/properties/153847385#/?channel=RES_BUY

Harpenden is fab - loved living there.

Nice points, as my sponsor is most interested in investment property, and I need a house to live in, so that our mutual interests met I guess?

You don’t have to spend all the budget to get a return on your investment though.

St Albans is a cultural desert and not that nice IMO. Harpenden is nicer if that's near enough. I'm team Finchley.

St Albans has 4 theatres and an outdoor theatre festival at the Roman theatre. Live music at the Horn. Odyssey cinema is great. It’s not Bristol or Brighton for culture yes, but St Pan is 20 min away for West End etc

I’d say it takes more like 45 minutes+ if you include the journey from the platform at St Pancras to the steps of the West End theatre!

I think you answered your own question with your countryside priorities 😀. Your daughter’s needs are important, but you know what teenagers are - we‘ve all been one! She might turn round in 2 years and say she doesn’t want to fence any more - you never know. It sounds as though in St Albans/Harpenden you can say ‚hey but I am living in beautiful countryside’. Many posters have given great examples of the benefits of London - and I am a diehard Londoner - but the reason these places cost similar is that they have different upsides for different people.

What is a sponsor? Why is a boyfriend stumping up over a million for a place for you to live? So many questions..

Finchley is a dump. I don't know St Albans but I know North Finchley and it is sad, ugly and soul destroying. So many nicer places to live.

We looked at St Albans and it’s lovely (we have family there) but trains expensive if you need to commute to London and we decided we’d rather put that towards a mortgage. Also houses near the centre usually don’t have parking but you have more to spend than we did so maybe that’s not a problem for you (you’ll be able to afford it).

I wouldnt want the tricky and precious teenage years of your DD compromised by randoms living in your home. Privacy, security and refuge is what she needs for those decisive years. Is this the first time she will live with your BF? What if that relationship ends?

I would prioritise raising your DD and ensuring her emotional development is optimised by the calm, peaceful, private, table home environment you provide not risking or sacrificing it to support the financial investments of others. Let them manage their own stuff.

Schools in St Albans / Harpenden are excellent (look also in Wheathampsted / Hatching Green / Redbourn) as all these are 10-15 mins from St Albans. Competition for the schools is fierce though so I would see what you can find on the doorstep of the school you like best. They will hold their value because of the school, but you will also get a bit less for your money for the same reasons.

Don’t forget to check what proposed new development does for the school’s catchment area.

I live near St Albans and travel to Finchley frequently. St Albans is pretty but dull. I miss the diversity of London.

Parts of Finchley near Dollis valley green walk and area near Finchley towards milk hill east gorgeous and green. The area around FC station is dodgy but go near the viaduct and surrounding.