Renting a stupidly expensive flat for “the experience”

[Zamzamthe]

DP and I are fortunate to earn a very good wage from high stress careers (finance). We work long hours. We currently rent a one bedroom flat about 45 minutes from work door to door and pay £2,000. We have seen a gorgeous high spec one bedroom flat for £2,900 a month. It would cut our commute to 35 minutes door to door. We’d essentially be paying an extra £10k a year for the new kitchen/bathroom/carpets/fresh paint, and for living in a very very sought after area. I’ve always dreamt of living there for a while.

Would we be insane to spend this sort of money on what is essentially similar to what we have now?

Well, it's your money....

I suppose if it's a place you always wanted to live and that's the going rate....will you be there enough to benefit though?

people are judgey, some people would say this is nuts but not bat an eyelid if you spent £10k on a holiday.

Yes you would be insane, why not buy a property with your very good wage.

Or you could stay in your shite hole (which is 4x my rent on a three bed house btw) and buy

For that money I would want a shorter commute.

We don’t like East London. It’s a ver bad time to buy centrally.

This is what I thought too. If the extra money halved your commute time then brilliant but if it’s only 10 mins then is it worth the extra cash you could save/spend on an amazing holiday?!

Buy a normal house/flat and Airbnb a glitzy one for a week.

This. It's money down the drain

That extra 900pcm is costing each of you £11.50 per ten minute time saved.

Only you can decide if it's worth that to you.

20 mins back a day and you get to live in your dream area in your dream flat?

You are only young once, enjoy the life you can afford.

I've done this. I assume you mean you'd live in a really nice area, say, near Mayfair or surrounds, and commute to the City? It's really cool to feel like "one of the beautiful people" and have celeb sightings at your local café, even if you just do it for a year. And then you can say when you're older "oh yes my local was just next to the Houses of Parliament/the Ritz/Hyde Park" etc and point it out to your kids. I used to enjoy sliding down my sunglasses just as I exited my building and smiling beatifically at tourists :)

On finance salaries £3k between 2 of you isn't outrageous, if you're happy with the trade-off of reaching other financial goals slower. I'm assuming you're not at heating-or-eating point!

I wouldn't do it just for nicer countertops though... only if you love the area. You can have nice countertops when you're an MD and move to your five-bed in Surrey :)

She didn't say it was a shit hole. And no one asked what your 3 bed wherever cost. so unhelpful!

I would much rather buy in your situation, but if you want to rent the more expensive place and can afford to then why not.

I wouldn’t say crazy. It’s where you live and important and it sounds like lifestyle will be better. If it’s still affordable to you just go for it.

I’m not sure I could be arsed to go through the stress of moving for only saving 10 minutes on the commute and a new kitchen. Presumably you can afford it though and you know if it’s it worth it to you. It’s your money and other people will spend £10K on other things you deem frivolous.

Put it in your pension instead, while you can.

Need photos to compare

Can you afford it? Do it.

If it's your dream I'd do it for a year, but it does seem a bit nuts as a long term option

Would it make a difference to your travel costs?

Just go for it! I presume you're young, and that only happens once. Will you have twinkling night cityscape views? Hope so and enjoy.

Yeah, why not? You've got the cash, enjoy it!

I think for me I'd want to have a sub 10 minute commute to justify the extra expense.

Honestly, if you would love the experience and can afford it without having to cut back elsewhere then go for it. As a pp said, many people can afford to blow that on a holiday.