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Original poster

Renting a stupidly expensive flat for “the experience”

62 replies

Zamzamthe · 08/10/2023 19:15

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?

OP posts:

Theredjellybean · 09/10/2023 07:58

We did this before buying our flat.. problem is we loved the area so much had to find the money to buy and stay in it !
Still love it now...
But 2900 pounds a month for a one bed even by London rents is high .I'd want a shorter commute.
Finance implies either canary wharf, bank and city location or possibly Mayfair if it's private equity roles.
2.9 k should get you a lovely one bed right in centre of those locations

TheCurtainQueen · 09/10/2023 08:05

That’s really not expensive rent for London. I would expect a couple working in finance to be living somewhere much more expensive than that tbh.

If you are really both in finance then that would be an absolutely tiny % of your salaries going on rent.

2023usernameNew · 09/10/2023 08:17

Sounds like you have stable jobs and you’re young, you don’t mention children either.

i would say live a little, but only because it sounds like you’ve always wanted to live in that area.

the 10 mins of commute you’d save aren’t worth the extra money though.

Lovethatforyouhun · 09/10/2023 08:26

Being young in London and living the life doesn’t last forever. Do it.

TwigTheWonderKid · 09/10/2023 08:32

I don't think the gain of 20 mins a day is a good trade for an extra £900 a month but could you find somewhere even better/ closer? Where do you work and where is the new flat? If you just had a 20-30 minute walk to work that would be worth it.

HashtagShitShop · 09/10/2023 09:03

It would depend.

Your current fixtures and fittings, are they "ok" or could they do with a spruce up? Are they in urgent need of repair? Can they be done to a higher standard and give you the finish you're after, even if you bargain with your landlord to pay some of the cost of its OK for a longer term rent? (he'd get the new kitchen, you'd get to pay the difference etc)

Your commute to work, if it only cuts off 10 mins it's relatively close to where you are now. Is the night life etc really that different to where you are now?

Your working time, will you be off enough to enjoy it? Or do you work say 6 to 9 and only have 9 hours and every other Sunday off?

Is there anywhere nearer where you work that's similar content and cost wise? To pay almost a grand more a month I'd want a much shorter commute that would remove the travel fee that would eat into the "extra" as a saving.

Nomoreclots · 09/10/2023 09:06

You work in finance but can't decide if this is worth it?

minipie · 09/10/2023 09:13

What are your hours like? Are you actually going to be at home much by the time you’ve taken off time in the office, gym, socialising?

And what’s the area you’re in now like - is it nice (just not as swanky as the more £££ area) or is it a bit meh?

TheHappinessEnigma · 09/10/2023 09:17

Go for it.
It’s not even that crazily expensive for a good London address.

HappilyContentTheseDays · 09/10/2023 09:20

As I've said before on MN I'm a great advocate of renting.
Go for it. As you say, it's for the experience....assuming you can afford it, of course.

The joy of renting is exactly the "experience". You get a chance to live in your dream home/lifestyle or whatever. You'll either love it and look back on that time with fondness, or you'll realise it isn't what you thought it would be and you'll get out. Renting is ideal because you can just pack up and leave (apart from tenancy restraints) and don't have to worry about selling up and so on.

To all those who are saying renting is money down the drain....no, it isn't. You pay the money to have the place you probably couldn't afford to buy, or for the experience of living there etc. Yes, I know some people don't have a choice, but in this case, the OP does have a choice. If they have a lovely year living closer to work and living with a luxurious kitchen so what? It's their money, they work hard to earn it and if this makes them happy, great....it's worth it.

And if they like it so much they choose to stay for the long term, that's also great. The rent pays for a lifestyle which makes them happy, which presumably is what we'd all do if we had the money....

Go for it OP and enjoy it!

Karmatime · 09/10/2023 09:26

There are lots of things that are ‘not worth it’ that I would do/buy if I could afford it. Business class travel, hair and beauty treatments, gorgeous shoes to name a few. Blowing extra money on renting a fabulous flat if you would love the experience is no different really.
Lots of my friends would spend on a luxury car which is something I have no interest in but whatever floats their boat - have no interest in boats either!
So long as you are not compromising on your long term financial security then go for it.
I would love to have your dilemma!

Yocal · 09/10/2023 09:37

This is dependent on so many variables that you have not talked about.

If you are being paid well and want to spend a year/decade in central london whilst you are young then if that's your dream/goal then do it!! You will create many memories and it will be a life experience few can afford. If nothing else you will find out if you need more greenery and open space in your life!

If your goal is to reduce your outgoings and maximise your incomings then maybe don't, unless you can make the maths math.

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