Buy the flat you want to live in or a cheaper one?

[Muttarpradesh]

Aware that we are in a hugely privileged situation. DP and I are looking to buy our first flat in London together.

Our ‘achievable dream’ very large one bed is roughly £800k in a super central location. Walk to work and can walk to anywhere in central London really. Downsides would be that we’re more likely to feel stuck in our high pressured jobs, but we are both workaholic city types.

Or we could get an ok one bed somewhere a 30 minute commute to work for £500k. We’d be fine there but would probably need to move in a few years. Benefit is that we could probably afford the property on one salary in the first few years.

There is no middle ground - if we’re not going to live centrally we’re not bothered about spending anymore than we need to on a place to live.

Or live centrally but in a 500k-ish one-bed. They exist south of the river for instance - Shad Thames, Lambeth North, Kennington, nice enough places and walkable across the bridges, but just not as mega central or swanky as you might be aiming.

I would choose the walking distance flat.

I am in a different, but similarly privileged position, at the moment and I am discounting anything that isn't an easy walk into town - I hate commuting and like walking and choose that as my first priority.

Go for the dream. You are young and have no kids, so it is going to be a more fun lifestyle and no time taken for commuting. You will have more for your next property too if you are paying a higher mortgage.

I’d go for the 800k er

if you don’t fancy it in a few years you can sell up but you’ll have had the benefit of enjoying living centrally.