Great value flat vs more space

[Friendlyfyrr]

Currently renting a really nice one bedroom apartment. It’s quite small. But we have painted it (with permission) and made it our home for the last few years. Everyone who visits says it’s lovely. It’s cheap too.

We have seen another flat which would cut our commute down from 40 minutes on a bus to 15 minutes by foot. It’s a lot more expensive but it’s double the size of our current flat. It has a small study (which could be used for guests). It has a balcony too.

We are now in a quandary over whether to stick in our current lovely place or gamble and move to the bigger one. We are unlikely to find such a nice and cheap flat as our current one

Can you afford the £ increase?

I mean the commute being less than half and walkable would swing it for me, along with extra space (especially the balcony which I loved when I rented!).

Yes we can do. Although more money for saving is always nice.

Is the quality of life increase worth the price increase? That's the question you need to answer.

You will save on bus fares. But will have higher utilities. And council tax?

What are the savings for? House/flat deposit? Holidays? Having children in the future?

It sounds like you're very attached to your current place. Is the lack of space becoming an issue? Or the commute? Or are you happy where you are but just wondering about alternatives?

For me, the change from a 40 minute bus ride to a 15 minute walk to work would mean a significant increase in quality of life, but it depends how you feel about it. Would you use the study/guest room a lot? Are you saving to buy? In which case the increase in rent might be more of an issue.

Given the state of the economy, I think it might be wise to stay.

That’s a fair point. The rent would be around 1/3 of our take home pay. Leaving about £5k a month take home for living costs.