Countdown from £28k...

alt80

Congratulations mate. 🥂 Absolutely fantastic news, you’ve smashed it.

How you celebrating? Never returning here again lol?

Warehouse flat looks great, like that a lot. Other flat has a !!!!!! kitchen, tbh looks a crap flat albeit in an amazing location. £1800/m to pay bills/ everything else and have a life really isn’t a lot imo - are you sure you could do it without further debt? I’m accounting £1550 in variable spends (food/ fuel/ entertainment mainly, counts no utilities/ taxes/ insurances etc etc) - appreciate your food is going to be less as a single bloke and can forgo fuel in middle of London but you’ll have tube/ other transport and you’ll want to enjoy London life which is going to cost significantly more than life up here. Not to mention you might want to start getting a bit of action on the dating scene again. I’d say you’re going to be spending at least what I do on variables.

Glad you’ve got the log burner sorted out and work wasn’t as hectic today. If you were the one responsible for assessment saying Real Estate sector gonna hold up better than practically any other next year thanks for the vote of confidence lol. 

ryanm8655

alt80 said:

Congratulations mate. 🥂 Absolutely fantastic news, you’ve smashed it.

How you celebrating? Never returning here again lol?

Warehouse flat looks great, like that a lot. Other flat has a !!!!!! kitchen, tbh looks a crap flat albeit in an amazing location. £1800/m to pay bills/ everything else and have a life really isn’t a lot imo - are you sure you could do it without further debt? I’m accounting £1550 in variable spends (food/ fuel/ entertainment mainly, counts no utilities/ taxes/ insurances etc etc) - appreciate your food is going to be less as a single bloke and can forgo fuel in middle of London but you’ll have tube/ other transport and you’ll want to enjoy London life which is going to cost significantly more than life up here. Not to mention you might want to start getting a bit of action on the dating scene again. I’d say you’re going to be spending at least what I do on variables.

Glad you’ve got the log burner sorted out and work wasn’t as hectic today. If you were the one responsible for assessment saying Real Estate sector gonna hold up better than practically any other next year thanks for the vote of confidence lol. 

Haha, I think I’ve got the buzz aldrin problem as I feel a bit meh granted it’s not the moon but still ha. Think I need to read that book.

Yeah, those warehouse flats are the dream for me, amazing location and love the original features but they’re like £700k for a 1 bed

So the £1800 is after bills but still not loads. Deffo want to get dating again. Won’t have my car but also need to save and will no doubt be out every weekend. 

Heart says get a warehouse pad (would usually be a lot more so may not be able to afford one again anytime soon), head says get a normal flat for a few hundred less and have a bit more space in the budget.

Haha, not me I’m afraid, if that was the kind of stuff I was working on I’d be straight to the private sector

efes_shareholder

hi
that seems like such a lot of money - I know its all location , location , location these days but I think covid will potentially drive the cost of living in the city down as more and more companies take on the WFH concept and make it the norm , Certainly seeing that seems to be the case with a lot of companies I work alongside and many considering if they need to pay high rents in the capital for staff premises
I would urge you to get on the books with property gaurdian companies , certainly they arent the same standard of properties you are looking at but there are some unique concepts and with a little TLC they will feel like home. Flats are hard to come by but they do exist but i think you'd need to be on their "looking for" lists to get first dibs when they become available , this company for example had 1 bed flats in camden at 750 which is quite some saving 
https://www.vps-guardians.co.uk
If I were in your shoes then I would feel the next move has to be very well thought out in order to mantain the lifestyle you would like to live whilst allowing for living costs and entertainment without it becoming too tight.
You have a very good income , could a few more months of sacrafice allow you to maybe join the housing market? It seems a travesty that you could potentially lay out all of that money without there being an investment for yourself
I know its the same for many now days

warby68

I think this move is going to be tricky.
It must be tempting to go all out for exactly what you want as a reward for living as you have for a year and a half.
However if you 'indulge' yourself too much then all your other goals could go out of the window. 50% on accommodation? I know that happens in London but its a tough use of your good income if you want lifestyle and a future purchase as well.
Would it be worth for example taking a shared place for 6m and get back into the swing of things before you pick a prime location/style of property or even to bypass the higher quality rented lifestyle period to save up faster to buy? 
If you live centrally or too conveniently will it make other lifestyle spending creep harder to resist. Its a bit hair shirt to say don't make living too easy but hope you know what I mean.
I'm sure you know the score on all the options but it does feel a bit like temptation is out there all of a sudden  
PS Completely forgot what I should have said first - big big congratulations on debt free.

efes_shareholder

yes I forgot too - massive well done

alt80

Lol maybe you need to get on those projects, way out into private sector without sacrificing your income?

I think you need to read the book too mate. You should be absolutely buzzing but tbf I understand why you’re not especially with all the housing stuff going on too.

I’d love to do a warehouse development project, that one looks well done. Also like the industrial style if done well. Can just see that flat with a load of Timothy Oulton’s aviator collection https://www.timothyoulton.com/products-furniture-aviator-tomcat-chair.

Didn’t want to tell you to take a step back and start thinking a bit more with your head when you’ve just got debt free. That’s a massive achievement and you 100 deserve to celebrate. A shame for you its come when we’re still in lockdown imo can’t even have a proper night out. However, I struggle to see how you’re getting a way out of rented spending c50% of income on housing (rent + bills) and you have mentioned a fair few times you want to step on the ladder. You mention your relatives save money - probably doubtful but any margin in them lending you 5% down on for a HTB new build? Appreciate not going to be something as nice as those flats or in same location but at least your name would be on the deeds. You’d need to find 25% to pay back your relatives and 20% to pay back to the government in 5 years before it becomes interest baring but by that point you may well have met a girl and splitting living costs anyway. Idk as I’ve not done the renting life, 100 avoided and know it’s very different in London / more normal to rent at any income level etc. So possibly not helpful.

Can see where @warby68 is coming from re being less central = less temptation but can also see you’re a single bloke who wants a life. Do wonder if living somewhere further out but not a million miles away from London would suit. I’ve got a mate who lives in St Albans - seems a nice place to me and only 30 minutes into central London. Imagine a lot cheaper to live than London too.

Sarahwithlove

Sounds like if you want to save for your own place you are going to have to compromise on something. Either where you live or your social life as can't see how you will afford to do both. A new SOA based on living in London might be a good idea. 

enthusiasticsaver

A new soa sounds like that might be the way to go. My nephew works in the city and he is buying a brand new one bed flat for £300k in Purley, South London. I know that may not be possible immediately for you but I do wonder if going for somewhere in zone 3/4 will give you more for your money. 

pencakes26

Just caught up with your diary - many people have already said this but you've done so much in not amazing circumstances. I'd be very proud if I was you.

On the rent in London front, I completely understand the dilemma you face. I rent in London and have pretty much for most of my adult life. I am totally to blame for my debts, but I do believe London life has contributed to them. However, I have found a place to live now that doesn't eat up all my salary, allows me to put a good chunk towards my debts and mentally keeps me very happy. Yes it's in Zone 4, but the trains and tube are good and there's plenty to do locally too. I live on my own, and when I was single it was great for meeting new people and having a social life. 

I read somewhere that your rent/mortgage is should be a quarter of your salary, but in London if you keep it close to a third I think you're on to a winner IMO. Don't forget to watch out for council tax in the different boroughs - Wandsworth is famed for its low rate but neighbouring Lambeth is much more expensive. And they are very similar areas so it can catch you out. 

Naomim

enthusiasticsaver said:

A new soa sounds like that might be the way to go. My nephew works in the city and he is buying a brand new one bed flat for £300k in Purley, South London. I know that may not be possible immediately for you but I do wonder if going for somewhere in zone 3/4 will give you more for your money. 

I agree with @enthusiasticsaver here. I'm London born & bred but we have now nipped over the border into Surrey zone 5. Chessington is nicknamed little Fulham 🤣.  I'm not suggesting you do this as it would be too suburban for you but have you thought of zone 2 areas as a comprise?  MrM and I both work in the city and tbh it's dead at the weekends apart from tourist areas. Somewhere like Fulham or Clapham would have much more of a vibe to it.

You've done brilliantly focussing on the debt but you really need to plan the next move carefully. 

Good luck!