Is renting a super nice one bed a waste of money? (link)

[lewayveh]

Our current lease is coming up for renewal and is £2,200 a month. Perfectly nice flat and about 30 mins on the tube to work.

We've gone to view this place and it's so cool - would be great for hosting parties and it has outside space (current place doesn't). We can also walk to work in about 20-30 mins or bus in 15 min.

But it's an extra £12k rent a year which is a lot of money, slightly over 1 month's take home pay for both of us.

https://www.rightmove.co.uk/properties/155503808#/?channel=RES_LET

I'd it's only 25% of your take home pay

Would you not be better looking into saving and buying a property

In the long term (which comes along quickly)

You would surely be more secure and better off

Unless you are lot planning on staying in London for long, then renting that property makes sense

Bonkers. I say this as a home owner who buckled down and lived somewhere a bit crap for 2 yrs so we could aggressively save for a deposit together. We never looked back once we got on the housing ladder.

That monthly rent would buy you a substantial mortgage of £500k+ once you have a 10% deposit. Granted it won't buy you a loft conversion in Clerkenwell but today would buy this.
https://www.rightmove.co.uk/properties/145280441#/?channel=RES_BUY
or a brand new 2 bed here
https://www.rightmove.co.uk/properties/153367232#/?channel=RES_NEW

Great flat and I love the idea of being so central - what a dream to walk to work. Think about it as an experience for a year or two that you couldn’t afford / wouldn’t be practical if you were buying. A way to experience London in the most amazing way. I had a year living abroad for work and lived v centrally as I had no stuff and nobody else to worry about. It was great and made me a bit sad I hadn’t ever done that in London.
Also it’s still affordable enough that you can save for a deposit / go on holiday.

Twelve thousand extra a year to smack your head on the ceiling every time you sit up in bed? No, it's not worth it. Also, the TV attached to a pole made me laugh out loud.

That bed. That TV.

Looks nice. Totally impractical.

You can't get in bed, never mind get out of it, without cracking your head.

That TV. Middle of the room. Total disaster waiting to happen if you have guests over and you are entertaining.

It is certain to get clattered into because of where it's located.

Definite case of style over substance.

I always look for practical layouts in houses - and avoid those that look like they might have more but in effect have areas of dead unusable space or are not really rooms but glorified corridors.

You'd make better use of the space available in this place, if a dividing wall was put up to make an actual separate office which could double as a spare room!

Its stupid on numerous levels.

I’m not anti the idea of living somewhere expensive and fun, sounds like you are both earning well.

But not that flat for all the reasons mentioned. They’ve done a great job of dressing it but fundamentally it’s an awkward space with an unattractive view.

Where do you work… if City and you want to walk to work, I’d look at the area south of Angel, or Bermondsey. Wapping maybe if you don’t mind the area being quiet?

Great area and nice flat. But even so it seems like a waste. Why are you renting. Your salary is decent, you'd be better off saving the extra per month and buying.

The outside space.. while tempting, realistically you'll only use it a few times a year. It's not really worth it.

It's not a forever commitment when your renting. It's not a waste of money if it's something you'd love and can afford it.

I'd def rather do that walk than get public transport. Better for ur health too which is a wee bonus.

It's gone anyway.
Rented out alerady, apparenly!
Dodged a bullet there OP...
Congratulaions! LOL