Do it! I tried to in 2013, we stayed in Plymouth for 8 months in my sister in laws holiday home and bought a house, which fell through, long story, then we bought a house in saltash, which fell through. Swmbo missed the kids and we ended up three miles from where we'd sold. I still regret that we didn't manage to pull it off. One day maybe!
It's a beautiful area, the people are really friendly, but obviously during the summer months the touristy places are very busy, but we used to and still do enjoy the out of season when traffic is much easier and places are a lot quieter, we felt Plymouth offered the access to coast country and city life which was (is?) right for us but there are some fantastic properties available in the sticks.
Added bonus two mog centres!
We particularly like Noss Mayo, Newton Ferrers and the area around Bigbury on sea. Good hunting, and I hope you find your perfect place.