Dream flat vs saving money

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We are renting and saving for a deposit but in no big rush to purchase somewhere. We are enjoying living centrally and know that when we buy we will need to move further out.

Currently our rent is £2,250. We have seen a flat in a “wow” location for £2,600. So it’s £350 a month more expensive. £4,000 a lot of money but is about half a month’s take home income for us.

It is bigger and much more central than where we currently are. We would never buy a flat like it because the mortgage would be almost twice the rent.

Do you think it’s worth renting a ‘dream location’ flat for a year or two when young and child free?

Nobody can tell you this, because the tangible and intangible benefits of living in a more central location will vary from person to person.

That's not gonna stop 1) people telling their own opinion based on their own circumstances and thinking you are the same or 2) complaining that £2,600 is a rip-off just because it would rent a 8-bed detached in their area or something.

But to me, it sounds as if you want to do it and are just wanting people to rubberstamp it. If that is the case then just go ahead and try it, the worst case scenario is that you don't like it, but you can just move again.

It sounds good, BUT:

Can you afford the flat AND the going out far more lifestyle that might be your main incentive to move AND can still afford to save at a pace you are comfortable with?

If the answer to all three of those is ‘yes’, do it. I am all for putting yourself in the most comfortable flat in the best location IF it means you are not desperate to buy a place - any old place - because you are climbing the walls in a rental that doesn’t suit you.

I would do it, assuming you will still be in a position to keep saving for your deposit. There is always a balance to be struck between living for now and saving for the future. How to strike that balance is a matter of opinion and personal preferences.

I wouldn’t - if you have that spare money I’d spend it on travel, experiences, etc whatever you enjoy. Plus saving for a deposit, sooner the better than wasting money on rent