Viewing 39 posts - 1 through 39 (of 39 total)
  • Moving to Devon – finances
  • Skipper
    Free Member

    This is a little strange to be posting on a bike forum, but I’d appreciate some thoughts from folks not wrapped up in our current situation!

    My wife, 1 year old daughter and myself live in Surrey, currently. We’re lucky enough that my salary allows us to break even each month with my wife staying home, We run two cars and live in a small 2 bed flat, but life is pretty good and sustainable.

    We’ve often talked about moving west, away from London – chasing the ideal of a quieter life, closer to outdoor activities/beach etc and I recently interviewed for and was offered a role in my field – on the edge of Dartmoor, in Devon.

    In theory – this is just what we wanted – an opportunity to move west, start a different life. The problem is simply that the salary is 10k less than my current, and we just break even at the moment.

    I’m hugely tempted by it, nonetheless – but am simply not sure that we can make the figures work.

    Does anyone have any thoughts/advice about general costs of living in Devon relative to Surrey? Is there anyone on here who’s made a similar move?

    Slightly vague post, I know – but would appreciate thoughts from folks not wrapped up in this, as I fear we’re massively overthinking it.

    Rockape63
    Free Member

    Also living in Surrey, there is always the temptation to use the ‘get out of jail free card’ to move somewhere cheaper and cash in.

    However, it doesn’t sound like you’ve moved far enough up the ladder to make it worthwhile. My immediate thought was to rent out your flat and rent down there initially, possibly buying eventually…..but NEVER selling the flat in Surrey.

    jam-bo
    Full Member

    look at your finances. a year a two ago we managed to shave ~20% off our outgoings without too much hardship. its amazing how the small things add up.

    as a resident of west devon, its not cheap cheap but I’m guessing its cheaper than surrey. depends where you want to live really. anywhere in south hams is gonna cost you, there are lots of nice alternatives.

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    matt_outandabout
    Full Member

    In theory – this is just what we wanted – an opportunity to move west, start a different life. The problem is simply that the salary is 10k less than my current, and we just break even at the moment.
    I’m hugely tempted by it, nonetheless – but am simply not sure that we can make the figures work.

    in 2008 I took a 20k cut in salary, and mrs_oab gave up work for a year, when we first moved to Scotland. Our income halved.
    I had a tied house with the job, so reducing one cost significantly.
    You cut your cloth to match your income. We had (and still have) relatively little, but my children have grown up around mountains and rivers, in a place where crime barely happens, with superb schools and good friends.
    I ride an 8 year old bike, we have two older second hand cars, we don’t have foreign holidays, our house is small (understatement) for the five of us, I was given my TV by family, I have to save hard to pay for last months new boiler and we regularly use our overdraft etc etc. It can be wearing financially.
    But, the benefits outweigh the stresses. I would do it again – and I and my family won’t be back in a city with the rat race again.
    My only regret/stress at the moment is having bought a flat in a Highland town 7 years ago, that we want to sell and reduce our mortgage, but cannot sell without losing our capital at present – and I do wish we could take a few more holidays in exciting places.

    JAG
    Full Member

    2008 I moved from the Midlands to North Devon.

    I found the cost of living was slightly higher and everything was just a bit more difficult to do.

    I think you have to move for the love of being in Devon. Be prepared for life to be more awkward than it is now. My nearest Tesco’s was 20 miles away in any direction. No shop was open after 7pm etc…

    Finances may be more difficult for you but you’ll be a rich man amongst the locals. Especially the born-in-the-area-locals.

    Eventually I moved back to the South West Midlands area in 2010. It wasn’t because of finances it was because the job was crap and not what I was led to believe it would be.

    ferrals
    Free Member

    Guess it depends how much you earn now, as in how much fo a percentage drop is it?

    In terms of cost of living its only really property thats going to vary significantly isnt it?

    hairylegs
    Free Member

    We used to live in Devon and did almost the reverse of what you’re planning in moving to Berkshire. We certainly miss the access to the moors and the sea and the generally quieter lifestyle. Having said that, although it’s still a bit of a slog to get anywhere, we have found ourselves getting away to both North and South Lakes, the Peak and the Lakes a lot more than when we were in Devon.

    The SW peninsula is quite geographically displaced from the rest of the country and certainly notice that now we have better access to airports, channel ports and more services and facilities than in Devon.
    As for finances, house prices are generally cheaper in Devon, but we found the cost of living generally higher. If you live out in the sticks like we did public transport isn’t a realistic option so every journey is by car. A 70 mile round trip to work or a 40 mile round trip to the nearest big supermarket/cinema/town centre can get a bit tedious and racks up the fuel bills. Odd things as well, SW Water bills are amongst the highest in the country because of all those beautiful beaches to keep clean!; fuel prices tend to be higher; and because lots of areas suffer rural deprivation or high seasonal unemployment you might find that there isn’t the range of goods and services you might be used to in Surrey.

    However, having said that, if you can balance the books and aren’t too fused about proximity to airports, big city facilities etc, then I think you’d generally live a better lifestyle, although personally I don’t think we’d go back. I guess we’re lucky living in still living in a rural area yet with good access to transport network etc.

    jam-bo
    Full Member

    Do it. living on the edge of dartmoor rocks.

    bamboo
    Free Member

    A 10k drop might sound a lot, but it depends what your start salary is. If you are on 60k then it’s probably not that bad (especially as you lose 40% to the taxman), but if you are on 30k it’s a much tougher pill to swallow.

    Also consider your day to day costs – will the commute cost more or less when you move to Devon?

    Mooly
    Free Member

    I moved to Devon with the family 8 / 9 years ago from the midlands and property was more expensive but apart from that cost of living is about the same.
    I went from Nottingham to Exeter so from city to city. If you`re moving for a job on the edge of Dartmoor then you can probably find a property that isn’t too expensive. Alternatively there are suburbs of Exeter and surrounding area that are really easy to access Dartmoor from – max 20 mins (depending on which part).
    Quality of life is good in Devon as you have access to loads of outdoor activity in rivers, moors and coast.
    It is difficult to cost calculate without knowing figures but I guess it depends on current salary and how much as a % 10k is.
    Life is slower in Devon and can be frustrating but generally pretty good.
    You will have to factor in the move buying a campervan and a wood burning stove.

    brassneck
    Full Member

    I’d do it in a heartbeat, and make the finance work. Renting your place out and renting locally would make sense even if only for a year or two, to sort where you want to live. If it included a tied house you’d be quids in.
    Major cost of living points are rent / mortgage and council tax, followed by utility bills, and accounting for likely higher travel costs.
    Away from the beaches you’d likely be OK. Places like Ivybridge seemed good value (dare I say it not quite the prettiest places, but easier to live and raise a family in) and reasonable transport links, but on the moors in 10 minutes if you wanted a balance.

    SiL lives in Chievenor and has a pretty low household income, but a good lifestyle (IMO)

    poolman
    Free Member

    I would keep the Surrey flat all costs, either borrow against it and buy something else in Devon or rent it out and rent again.

    You can only leave London once, too many unknowns to cut your tie. I read on here all the pension threads and am so glad I kept my flat there. In fact a few friends who had flats and got married/moved away kept them.

    Good luck, lots of advice on here and not always what you want to hear.

    Skipper
    Free Member

    Thanks for all the replies – exactly what I was after.

    I already own a campervan and a wood-burner sounds just the ticket, so guess we’d fit right in 🙂

    (At the risk of being too honest) I’d stand to earn +-40k and having spoken to recruitment consultants in the area that’s reasonable/good for the role.

    If I strip the decision back to bare bones I think it’s fear of the new and unknown that’s holding us back. Staying comfortable and with what we know seems (and I guess is) less risky than trying something new. Our hand isn’t being forced, and we have the luxury of choice – but it’s crippling. ‘Toughen up, princess’ is the advice I would give myself.

    Thanks for the views – really appreciate the input.

    PS – We’d keep the flat, no question, and rent first before using some of the equity to possibly buy a house down there.

    julioflo
    Free Member

    Skipper – what are are you thinking? I cant make any comparisons on the cost of living, as have always lived ‘down here’. But we have settled in Buckfastleigh and ended up starting our own business.

    The point I wanted to make is that property in the less glamorous towns such as Buckfastleigh and South Brent is really quite cheap. If you are happy to / can afford a commute, then you are pretty much midway between Plymouth and Exeter, 20mins drive from Totnes or Newton Abbott and ABLE TO RIDE FROM THE DOOR TO RAD MOORLAND TRAILS.

    And half an hour drive from the beach.

    jam-bo
    Full Member

    ^^^

    what he said. bovey tracey, buckfastleigh, ashburton. all nice enough places with easy access to the moors and easy commuting along the a38 corridor to plymouth or exeter.

    Plymouth is pretty cheap but getting around it or across it is shit. We’ve just employed someone who lives in plymouth and its quicker for him to get to us in Totnes 20 miles away than it was to go across to the other side of town.

    Exeter and around is more expensive but a lot more going on relatively.

    I live in Tavistock and commute across the moors to Totnes. We did look a while back at moving close to Totnes but its insane money without the wages to support it. Its the start of that South Hams weekend home bubble.

    tomd
    Free Member

    Does your wife have aspirations to work at some point? If so, it’s worth thinking about how the move might affect that. Also availability and costs of childcare.

    With the way taxes work here, the first £10k of her income is untaxed which makes some part time work really beneficial.

    br
    Free Member

    PS – We’d keep the flat, no question, and rent first before using some of the equity to possibly buy a house down there.[/I]

    If you’re not intending coming back I’d be inclined to sell it so you’re not running a property 200 miles away – this is what we did +4 years ago when we moved from the SE to Scotland.

    bigsurfer
    Free Member

    Not having lived in Sussex I can’t say for sure but it really depends on what you currently spend your money on. If you currently eat out lots go to the cinema buy new clothes and you expect it to somehow be cheaper in Devon doing the same things then you are onto a looser. If however you spend quite a bit on entertainment paying to get into places eating over priced food etc and you swap that for being content at home and doing largely free activities in the outdoors then life could be cheaper.

    We run our ship pretty close to the edge and rely on doing free or cheap activities. People grumble about the cost of parking but if 4 people get a day out on the beach for £6 or £7 then I think that is good value.

    As far as bills and overheads go I wouldn’t expect them to be cheaper, we have the most expensive water and waste bills in the country, council Tax can also be up there. There is a massive difference in the area of Devon that you choose. We live in East Devon because it is cheaper than Exeter, not as cheap as North Devon but more convenient for us. Coastal is ridiculously expensive know.

    bigsurfer
    Free Member

    If you can’t life a happy life on £40K in Devon then you have cut your cloth wrong.

    the-muffin-man
    Full Member

    If you can’t life a happy life on £40K in Devon then you have cut your cloth wrong.

    ^This!

    And sell the London flat and buy 2 in Exeter if you want to keep a rental income.

    poolman
    Free Member

    Don’t let remote management worry you. I live abroad and manage mine from here. Just this morning I got a plumber to repair a water heater and will pay him online. Just get good people.

    Re the 10k tax free, I would gift the rental income to your non earning wife.

    The only difference with me is I sold my more residential type flat to move away, and bought a similar priced but more letable one -more central location, 2 bathrooms etc. In the 10 years of ownership it has never been empty and I have had no problems.

    jam-bo
    Full Member

    We run our ship pretty close to the edge and rely on doing free or cheap activities. People grumble about the cost of parking but if 4 people get a day out on the beach for £6 or £7 then I think that is good value.

    national trust membership. free parking up and down the coast for ~£8/month for a family card.

    scud
    Free Member

    My two pennies worth.

    I moved from near Guildford to rural West Norfolk (where my wife comes from) one the plus side I love where i live, i love the pace of life, the fact that i am surrounded by fields, that i can buy eggs, vegetables and sloe gin from honesty boxes on surrounding houses, mostly i love not travelling 68 miles round the M25 each day.

    On the flip side, and its difficult to comment without knowing what you do for a living, i moved up here to work for an insurer, got made redundant within 18 months from there as they closed there rural satelite offices, went to work for another insurers, again made redundant within 18 months as they “centralised” operations. So make sure that your job is a secure one, and that you can see a future there in the coming years. If you have a steady income and you are enjoy your job, then you can take adjust to a salary cut.

    Skipper
    Free Member

    What I haven’t mentioned is that we’re just hoping to have my wife home until our little girl is 3.5 or so – and she’s happy to do so. After that, she’s happy and keen to go back to work and any concerns about earning enough should be dealt with – hopefully.

    luket
    Full Member

    I would have thought that for a lot of people costs in Devon with a bit of belt tightening and a bit more of a focus on doing things that don’t cost money (which probably comes more naturally in Devon) would not be far off £10k less in outgoings than a similar family’s in Surrey.

    We were lucky enough to move from London to Devon 10 years ago and my salary stayed about the same as it was, and roughly where yours will be, although in reality it was more akin to a promotion without a pay rise. We had two incomes and no kids though, so our situations don’t really compare.

    For what it’s worth I have no regrets about our move to Devon (now on the outskirts of Dartmoor).

    julioflo
    Free Member

    Meant to say earlier -Where are you thinking? Not What are you thinking? which sounded a bit rude. But Devon is fantastic, so still a no brainer…

    Dibbs
    Free Member

    My nearest Tesco’s was 20 miles away in any direction

    Sounds like Lynton. 😆

    Skipper
    Free Member

    Meant to say earlier -Where are you thinking? Not What are you thinking?

    We’re hoping to find a spot on the A38 – possibly Ashburton. Work would then be close by and we’d have an artery into Exeter for ‘big(ger) smoke’ type stuff.
    Did originally read your post as WHAT ARE YOU THINKING? 🙂

    If you can’t life a happy life on £40K in Devon then you have cut your cloth wrong.

    Thanks, yes, I was hoping someone would say this. The prospect of losing 10k isn’t welcome, but I know it’s still a good wage.

    This has all been very helpful – thanks for taking the time to fling thoughts in my direction.

    julioflo
    Free Member

    If you are looking at buying property and thinking of Ashburton, then you do need to look at Buckfastleigh. It’s the poorer neighbour to ‘The Gateway to the Moor’ and doesn’t have so many antique shops, or a fancy cooking school. But houses are considerably cheaper and it probably has better access to the moor, and a rad woods for razzing around in that Ashburton doesn’t have…

    Rockape63
    Free Member

    Meant to say earlier -Where are you thinking? Not What are you thinking? which sounded a bit rude. But Devon is fantastic, so still a no brainer

    Devon is fantastic in its own way, but parts of Surrey are also fantastic and have the added benefit of London, 2 airports, close to Europe and a lot more going on. So not a no brainer at all.

    zippykona
    Full Member

    My parents sold a 3 bed house in Surrey in 1991. They bought a 3 bed house in Braunton and a holiday bungalow in woolacombe which they let out.
    In 2014 they sold both properties and were only able to buy a 2 bed bungalow in Eastbourne with the proceeds.
    I looked at moving down in 1999. Even though the house prices were low the wages were even worse. I couldn’t afford to do it.
    If you can afford it,do it but coming back may prove difficult.
    However my friends moved to Crantock and their teenage son has gone from being an oik hanging around on street corners to one who has embraced all things outdoors.
    Sod it,go for it!

    brassneck
    Full Member

    50 > 40k – yup, I’d take that. Factor in how much you could chip off the mortgage by selling / buying or income from rental if you prefer it that way, you’re not going to be far off. Jealous now, it’s not an IT job is it 😀

    jam-bo
    Full Member

    and a rad woods for razzing around in that Ashburton doesn’t have…

    hembury? or is there somewhere else I need to explore?

    5lab
    Full Member

    its worth noting that there’s a couple of tax ‘breaks’ between the two salaries you’re looking at which will soften the blow – both married couple’s allowance and child benefit. Add in the fact that almost all the income you’re losing is probably in the higher tax bracket, you might only be a couple of hundred pounds a month worse off.

    suburbanreuben
    Free Member

    Devon is fantastic in its own way, but parts of Surrey are also fantastic and have the added benefit of London, 2 airports, close to Europe and a lot more going on. So not a no brainer at all.

    No, not a no brainer, not at all! I’m struggling to remember if anywhere in Devon has woods as big as Surrey’s.
    Suggestions on a postcard please for big Beech and Oak Woods on hills.
    Or anywhere outside the South East…

    zippykona
    Full Member

    Beeches or beaches? Tricky choice.

    suburbanreuben
    Free Member

    Beeches. Love ’em!

    jam-bo
    Full Member

    definitely no woods.

    or hills.

    or woods on hills.

    ^^^
    about 4 miles from ashburton by the way…

    suburbanreuben
    Free Member

    about 4 miles from ashburton by the way…

    Thanks!

Viewing 39 posts - 1 through 39 (of 39 total)

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