Want to Move ... Do I Deserve a Spot of Luxury ... Should I Blow 90% Income on It?

PasturesNew

OK, so that sounds a crazy idea, right? But I really fancy a change and as I can only afford property that is less than LHA would pay out (and I don't get benefits), then to get a "bit of a nice place" (that most of you lot would poo-poo for being small), I figure I have to pay about £100/month more than the LHA rate to get a bedroom, a bath, a fridge/freezer and some private outside space (balcony).

Now, I've looked and at the bottom end of the market there's not a lot that doesn't look grim.

But I've found a couple of apparently splendid shiny places ... but I am tight as a duck's 4rse and am holding back from potentially renting one just because rent + basic bills will take 90% (if not more) of my monthly income.

However, I feel I deserve it.

Go on, agree with me. I do deserve it don't I. And I should phone the agents and start viewing Monday ... please tell me I'm right

They're not furnished, but I can get a blow up lilo and a bean bag.

I do deserve it, don't I!

wageslave

I am the wrong person to ask. I am a sales person, I spend my entire working life telling people they deserve it.
Can you afford it? That's the killer question.

PasturesNew

Well, yes, I can afford it. But I'm tight. I'll just have to either earn more (out of my control a bit) or dip into savings.

I was thinking of a maximum of a year.

wageslave

If you do the dipping into the nest egg thing, where does that leave you a year from now?
Think about the answer. Proceed from there.

barnaby-bear

PasturesNew wrote: »

OK, so that sounds a crazy idea, right? But I really fancy a change and as I can only afford property that is less than LHA would pay out (and I don't get benefits), then to get a "bit of a nice place" (that most of you lot would poo-poo for being small), I figure I have to pay about £100/month more than the LHA rate to get a bedroom, a bath, a fridge/freezer and some private outside space (balcony).

Now, I've looked and at the bottom end of the market there's not a lot that doesn't look grim.

But I've found a couple of apparently splendid shiny places ... but I am tight as a duck's 4rse and am holding back from potentially renting one just because rent + basic bills will take 90% (if not more) of my monthly income.

However, I feel I deserve it.

Go on, agree with me. I do deserve it don't I. And I should phone the agents and start viewing Monday ... please tell me I'm right

They're not furnished, but I can get a blow up lilo and a bean bag.

I do deserve it, don't I!

A balcony would remove your google streetview issues :rotfl:- you can afford it and you have noone else to answer to for whether you dip into savings to live - no pockets in a shroud - if the new place will improve your life for a year without damaging whatever long term plan you have then yes it sounds worth considering - how much extra a year over the current scenario are we talking £2k? A lot of people blow that on a holiday - money/housing aren't investment vehicles fo rme their about quality and balance of life and if it means you don't have to go out into the street for a ciggie or have randoms wandering up to your window from communal gardens then that might be worth it.

Fire_Fox

It depends what your savings are for. If you have saved for a specific thing that you couldn't otherwise afford then don't spend them on renting. If you are saving for the rainy day that never comes and, actually, you'll probably never need them for anything else then go ahead, live a little.

SouthCoast

My luxury, executive, designer apartment in a gated community has a balcony with stunning views.
I also have the advantage of having the whole block to myself as my neighbours rarely turn up.

It costs £100 a month more than the LHA and is funded from capital.

P.S. I was only going to rent it for 6 months, but have been here for 5 years!

Catblue

In your shoes I'd go for it, PN.

I know you've got a few bob from your previous house sale and that your current place is not terribly well insulated for sound (I'm not stalking you - I just take an interest in your posts ), so why not?

If it works out too pricey, then you can always tighten your belt in a year or so and move into a smaller place.

Just make sure the new place has good sound insulation and is cheapish to heat over the winter.

wageslave

It is a long life PN and there are no white knights to rescue us.
The short answer is no. If you cant afford it, you dont deserve it.
Jam tomorrow? Well hopefully.

PasturesNew

Well, these are the figures, etc:
Current: £350 for a small studio, can't see if it's sunny outside, nothing to look at outside, not being able to see the sun makes me not open the curtains most days. 2am, fancy a cig, I get reasonably dressed and creep outside and crouch down beside the road pavement, where drunks and weirdos potentially pass.

Potential new: £575 for a 1-bed shiny new flat right on a beach with french doors onto a large balcony overlooking the beach. If I can get the sunny side (bet those beggars are pricier) then it'd mean throwing open the french windows and looking down onto the beach and out to sea, with the sun flooding in. 2am, fancy a cig, I'd step out onto my private balcony in my jim jams and smoke.

Overall, it'd probably cost me £250/month more than where I am now , but quality of life would be better. So £3000/year, which would mean I'd have to up my income by about a further £5k to pay for it.

It's annoying interest rates dropped or that'd have paid for it all.

P.S. and I can invite hot men back to my cool pad

barnaby-bear

wageslave wrote: »

It is a long life PN and there are no white knights to rescue us.
The short answer is no. If you cant afford it, you dont deserve it.
Jam tomorrow? Well hopefully.

There is also the saving for a rainy day but not realising it's raining.... live on bread and water for a long while only to spend it all in one rapid flurry of capital destruction in a care home.... PN is independent and has no dependents but also isn't getting any younger - her capital is her's to spend at the best possible time to get optimal use from it... we've done the scrimping and saving and sacrificing quality of life / our own time (mainly DiY in our case) for long term financial security but it's a fine line between knowing the value of your own time/quality of life..... they don't have an hourly rate defined for putting up with living somewhere a bit basic with noisy neighbours and no private outdoor space so the equation is quite hard to calculate.