I'm an empty nester and separated - mid 50s.
This time next year, we're selling the family house, going our separate ways and splitting the loot - no mortgage on it anymore.
I moved out a couple of years ago into a nice flat - bliss! (Wasting money on rent, sadly, but...that's coming through my wages and am happy to do so for 2/3 years).
Anyway, for a long time I've thought of moving back to London. Haven't lived there since the 90s, but often there, tbh.
75 per cent of my work is there these days, a couple of our bigger kids live there after Uni - not sure where the youngest one will go to uni yet.
Have always been a regular visitor to London and always enjoyed it. Friends there/near.
So, I'm gonna go back there while I have still have the energy...hopefully.
Even if it's just for 2/3 years maybe.
No chance of retirement for me - freelance for 25 yrs and not much of a pension really.
Budget: 400k -ish.
Area: Zone 1 preferably. Bloomsbury would be my dream...but I may change that.
Any thoughts?
I hear flats are very difficult to sell atm...good for prices going down/cheeky offers, but that may prove a problem down the line for me.
It'd be 2k a month on rent if I took that option; I think I'm gonna buy, tbh. Big deposit, small-ish mortgage - maybe 10k moving costs inc legal and stamp duty.
Pros?
Cons?
Thoughts/experiences?
I imagine myself gadding around town from galleries to coffee shops to theatres and bars - the reality would be quite different, I'm sure, but...maybe a bit of that, come on - I can dream!
Anyway...let me know if you think I'm mad, or am onto something.
Also, buying ex local authority housing looks the best bet for space/value; my kids have lived in those flats as students for a while...any thoughts on that as a potential option?
Thanking you in advance - and apologies for the lengthy ramble.