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?

I really regret not renting in Clerkenwell or somewhere walking distance to the office before we bought a flat. Go for it.

The commute isn't the real reason is it, 10 mins is nothing. But if you want to live in a swanky apartment and you can afford it then go for it

If it's your dream and you can afford it, do it.

900 quid a month is a really nice mini break every month. I think I’d prefer to spend it on experiences.

Go for it. It's so fun to live where the action is, just for a while. You've got the rest of your life to live somewhere sensible.

I once had a tiny luxury flat from which I could see the Eiffel Tower and I loved it. It only took me 10 mins to cycle to work though and was on a great non- touristic shopping street.

For me it would have to tick 3.5 out of 4 of these boxes:

• amazing local amenities (cafés, restaurants, shops, bars, galleries, hairdressers, not just pretty buildings and rich people)
• beautiful flat
• within 20 mins of work
• good transport links to elsewhere in the city

You can do sensible flats and savings when you step down from the current job

The 10 minutes reduction in commute would put me off spending that much more a month.

Almost a grand a month extra sounds like an eyewatering amount for a slightly fancier rental, but then if it provides access to amenities and lifestyle you enjoy year round then that's probably a better decision than it being blown on a couple of holidays.

It wouldn't be my choice but if you want to and can afford it, why not

What is the location like?
I have a flat in a fab central London location (isnt a high spec flat) but the location is amazing
I wouldn't pay for a high spec in a rubbish location

Where do you work, and where is this dream area?

Would you still be able to save money for a deposit? If so, why not? Although I would probably aim for a shorter commute.

Hard to comment without knowing the specific areas.

I agree with wanting to knock the commute down even further. We moved (bought) a place which allows a 25 min walking commute to our offices, and the improvement in quality of life is immense. So much easier not to deal with public transport, strikes and engineering works.

I'm not sure niceness of location and high spec is all that important when you work very long hours. You basically spend most of your life asleep when at home, and everything in the area is closed by the time you get back.

Oh I'd go for it..

This could be a really positive experience for a short period of time. I'm imagining walking to work and having a wonderful cafe to visit for brunch every weekend. Of course it's true that as some posters point out, if you stay where you are, you could use the money on a great holiday etc but that's still temporary whereas a more centrally located flat could give you pleasure every day.

Do it! Life is short, and for living.

if the shorter commute going to improve WLB then go for it. 100%

I'd do it for the experience if all my finances were in order and financial plan was on track

I’d do it. Once you settle down with a mortgage, children, pets etc then your options to be impulsive dwindle.

Live your dream whilst you can, plenty of time to make sensible decisions in the future.

Just do it

I did this about 10 years ago. The area I lived in was, and still is, my favourite place I have lived, it was brilliant.

Definitely go for it, you are unlikely to forget the experience in a hurry.

I would. We did. Best 18months of our lives.

Is it 45mins on transport vs 35mins on foot? Or still on transport? We live out in z3/z4 border now but I'd have definitely considered paying that amount more to be able to walk to work or walk from z2 into z1 for example. I HATE commuting on the tube so much.

You work in finance but don't own a property and are thinking about paying £3k a month of someone's mortgage? That is wild

It's more than just cutting the commute down a bit though, it sounds like you're keen to experience life in the lovely new area and enjoy a plush new place. Finance salaries are high; if it's what you want, just do it. It doesn't have to be forever.

My concern would be when you decide you want to save money and have to lower your standards to do so. I’d rather save that £900 quid now and not get used to nicer things.

I once flew business class to Australia, I would never go back to Australia because I couldn’t do it in economy, I can’t afford it business again.

that’s how I’d feel about the flat.

If you can afford it, go for it! That rent is pretty standard in London