Would you stretch yourself for a bigger rental?

[formidap]

Currently live in a small one bedroom flat. We work from home 1-2 days a week.

A much bigger flat has come up to rent close to where we both work. It would be an extra £1000 in rent a month (our current place is very reasonable for London). It's a big two bed flat with a roof terrace. Currently we don't have any outdoor space.

We are expecting our salaries to rise next year quite significantly, and then the flat won't be a stretch. But for this year it would be. We'd still be able to save money for a rainy day.

Is it worth stretching for a bigger rental to improve quality of life? No tube in the mornings, much more space, and somewhere to eat dinner in the sun would improve our lives... but then £6k each extra in the bank would be good too.

No. You never know what might happen re expected salary rises. Don’t count your chickens before they hatch.

I’d say yes, would you not save on travel expenses? If you’re sure your salaries will increase then why not?

Nope, either can afford it without the increase or not. Personally I’d be too worried we wouldn’t get the increase, redundancy happened or anything major. Plus with the way things are just now it’s hard to tighten belts when we need to eat. My mum does say I always go for worst case scenario but in fairness that outlook has done me well!
Don't get me wrong it sounds like it would be amazing especially gaining an outdoor space but I’d be calculating all my pennies to see if on the wages we were on including nah unforeseen emergencies could we manage.

Are you saving to buy? If so, I'd be savig that £6k for your eventual deposit.

If not, I'd prioritise quality of life, provided you can afford it.

We can afford it - it just means that all of this year's salary increase goes on the higher rent. Next year's increase is in the contract so minus losing a job, it will come.

Are you hoping to buy eventually though?

5 years of saving £6k each a year is £30k each and £60k between you (if you eventually buy together). That's a fair chunk towards a deposit.

If u can afford it even if one of you loses your job then I’d go for it. It depends on what line of work u r in and job security. I can’t believe how many of our friends have been made redundant over the last 5 years. U know how secure your sector is. I think it sounds like a good move lifestyle wise but would always ensure I had enough to cover a few months should anything happen. If one of you were to go on long term sick do u have good sick pay for a decent time? All these factors mean what could be a great move could suddenly be a disaster if someone gets a broken leg and sick pay runs out. I know I sound like the prophet of doom but it’s how my brain works 🙈😂