Where Should You Live If You Want to Pay Off Your Mortgage Quickly – Town Or Country?

Where Should You Live If You Want to Pay Off Your Mortgage Quickly – Town Or Country?

In the section of “Mortgages, Money and Magic” where I go through the rules to be followed when looking for a suitable property, I often refer to your “town”. I hope that I didn’t offend any of my readers who live out in the country, but this book was really aimed at urban dwellers.

If you are unaware of the situation in the UK, it tends to be that housing is much cheaper in towns than it is the countryside. You may feel that this is due to a higher demand in the countryside but in reality property take a lot longer to shift out in the country. The reality is a lot sadder.

Take two council estates. One in the country and one on the edge of town. Even if the properties were exactly the same, the asking price on the country property would be considerably more. This is mainly because of the perceived benefits of country living – and an air of snobbery!

The same applies, even more so, for private residencies.

In my plan there is no room for paying a premium for snobbery. If two properties are the same then you should always select the cheaper one. If the family from hell live next door then I would make an exception, but to assume that this is more likely in town is bare faced snobbery – nothing less.

The other aspect of my preference for town is the end game of my plan. I didn’t go into this in “Mortgages, Money and Magic” but if I was to be sitting mortgage free in ten years I’d rather be in town than in the country for one specific reason: rental demand.

Essentially I would remortgage the property onto a BTL and take the cash to fund my life plan. Now, the private rental market is always, always going to be higher in town than in the country. The typical rental profile is a young couple looking to get on the ladder. The more factories you have in your town the greater the chance of your property renting. If you are in a quiet little village then I can guess that the rental demand is likely to be next to nothing.

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