Life crisis - about to complete on a flat. Should I pull out?

[waytheleaveswork]

I lived and worked in the city centre for 8 years until I left my ex H. Moved back in with my parents a 45 minute commute away from work.

Have saved up for a year to buy my own flat in the same town as my parents as can't afford a place in the city.

About to sign contracts but having a major freak out. Suddenly realised I want a bit more fun city living (am 32) before I settle down.

Am sociable but is it total insanity to rent in a house share instead of buying my own flat?

Feeling so lost. WWYD? Have worked so hard for this freedom and don't want to mess it up.

By the flat rent in the city and rent out your flat. Good to be in the property ladder

@waytheleaveswork

Bristol.

Great city! As someone who likes city life myself, I think I’d be inclined to let this property go - part of the charm of city life is having so much right on your doorstep, isn’t it? I still think it’s a good idea to buy, but if you go for the studio-in-less-nice-area option, as long as you make sure to buy somewhere you can easily sell, you can upgrade to a larger property/better area in time. Or move to the suburbs then if the novelty of city living has worn off.

I should also say ive done the city living thing in the way you describe albeit in London. I was 27, and 30 when I left. I was super excited for it initially, but the whole situation got old quickly. I was very ready to leave much sooner than I was able.

Just to add, While buying the flat and renting out is a good idea in theory, I’ve found having tenants is asking for trouble/anxiety.

I think what PP has said about 'hammering savings' isn't the best approach.

Remember, even if your outgoings on a room rental / mortgage are the same every month, you will be building the equity in your property too every month with a mortgage, at a much much faster rate than you could accrue interest on savings. Buy the flat AND save I say!! A two-year plan is what you need....

Buy the flat. I bought in a boring commuter town about an hour from several different cities - yes it's quiet here but with transport links I can get anywhere from Manchester to Edinburgh for a day trip! I also could afford a 2 bedroom semi with garden, drive and potential to extend rather than a 1 bed flat.

I went through the exact same thing when I bought a flat aged 21 (4 years ago)- I was terrified and even convinced something dire would happen with the management company! Within a month I realised it was the best thing I’d ever done, there was nothing better than sitting by my fireplace with a glass of red wine! I bought a beautiful converted Victorian townhouse apartment overlooking a park in a commuter town.
Now I would give anything to go back to those times! Enjoy it. Do you really want the politics of a house share? It’s not all best friends and shared roast dinners! You can still have nights out but that won’t be for a good while anyway. You won’t earn any interest in the bank so better to have the money in property.

I moved abroad to work within 8 months of buying my flat but it was a wonderful time. I still own the flat and have now paid the mortgage off thanks to ex/DD’s dad but live in the Middle East now.
Do it!!

But something is niggling to throw caution to the wind and I really worry that 45 mins each way is too long a commute

I've spent years working somewhere that needs a one hour commute each way - sometimes longer if the trains are messed up. I quite like it, it's a chance to read in peace and, in particular, to wind down at the end of the day. I'd regard 45 minutes each way as a doddle.

Have you decided what to do?

Thanks for your support everyone.

I pulled out of the purchase and felt such relief.

Within 48 hours I'd sorted a decent house share, 15 mins cycle from work, in an area where I can afford a 1 bed, so I'm going to try that for 6 months and reassess.

Thanks again for your kindness. What an exhausting week!