Countdown from £28k...

warby68

I think I could live there if I wasn't middle aged, married, mum, carer, employee and with a business all up in the north. Just a bit tied these days....sigh......every now and then you wonder about a different life. It always reminds me of the linear choice I had to make as a graduate recruit many moons ago. Was for a bank and had to choose London or elsewhere. I chose elsewhere for lifestyle reasons way back then. Haven't regretted it apart from the odd 'what if'. Career slower but lifestyle suited me more. In those days, a Northerner in London was a bit of a circus freak as well lol. Bought first house within 2 years.

Sarahwithlove

SOA looks pretty good and think you'll probably find a few categories are bit less and some a bit more so a good basis. Food wise 200 should be plenty especially if you're gonna be eating out a lot with your entertainment budget being so high. I have 200 a month and I don't eat out hardly at all. 

vixx_123

I also think gas and electricity could be less. I think we paid barely anything in a flat 😅 and about £60-70pm in a three bed (cold) house (although I'm stingey with putting heating on - currently in thermals, hoody and blanket and there's snow outside!!)

ryanm8655

warby68 said:

I think I could live there if I wasn't middle aged, married, mum, carer, employee and with a business all up in the north. Just a bit tied these days....sigh......every now and then you wonder about a different life. It always reminds me of the linear choice I had to make as a graduate recruit many moons ago. Was for a bank and had to choose London or elsewhere. I chose elsewhere for lifestyle reasons way back then. Haven't regretted it apart from the odd 'what if'. Career slower but lifestyle suited me more. In those days, a Northerner in London was a bit of a circus freak as well lol. Bought first house within 2 years.

I guess we all have those " what ifs" in life, haha. We all have to make choices and that's a pretty amazing set of achievements. Sounds like you have a great balance.

It is a bit eye watering remembering how expensive London is ha. Even down south my salary is quite decent. But in London it's nothing. I do love the lifestyle there though. One day I'll probably move out, where my money will go further. Hopefully meet a northern girl so I have a reason to move somewhere cheap, or welsh I jest.

It's quite weird to think of a northener as a circus freak, London is full of people from all over the country and the world nowadays. One of the things I love about it. People are far more open minded.

Sarahwithlove said:

SOA looks pretty good and think you'll probably find a few categories are bit less and some a bit more so a good basis. Food wise 200 should be plenty especially if you're gonna be eating out a lot with your entertainment budget being so high. I have 200 a month and I don't eat out hardly at all. 

Yeah I think you're right, as long as it isn't crazily off then should be ok. It seems as though council tax will be a little more but some other things will be less and to be honest I could probably cut down the emergency fund but would be nice to have a grand stashed away for piece of mind. That's good to hear. I do hope to spend more time at home and cook more than I used to. Especially in the week. But can eat well without breaking the bank I think. I'm not the greatest cook so won't be cooking anything extravagant unless it's to impress a date

vixx_123 said:

I also think gas and electricity could be less. I think we paid barely anything in a flat 😅 and about £60-70pm in a three bed (cold) house (although I'm stingey with putting heating on - currently in thermals, hoody and blanket and there's snow outside!!)

Yeah my friend said they pay £70 in a house, so I reckon less too...especially if hot water and heating is included but will probably even out with the council tax.

Update:

Almost at the end of the crazy period with work. I think I might be in line for a small bonus, my boss intimated as much (They range from a £50 amazon voucher to £250 cash and in really exceptional circumstance they can be higher so daily mail readers can calm down ha). That'd be nice though, even a £50 voucher will pay for some stuff for a new flat. Tend to reserve the higher bonuses for the junior staff as their pay is terrible for London (wish it was like that when I joined ha). More importantly though, found out I can get the masters funded. So that should mean I can start that in February (unless my boss makes a complete u-turn). Will be really chuffed if that's the case.

It's a sign of how this debt clearing journey has been more than just clearing debt. It's been a mindset thing and a personal journey. Got the promotion I should have gone for years ago, got me working hard and being driven again, got me planning out my career for the first time (beyond just planning to leave). I can't rememver who said it but someone made a point a while back when I got the promotion that good things start happening when you start to focus rather than spending/going out partying all the time to escape the self doubt and tough cards that life sometimes serves up.

On the flat front, identified a few others. Having done the SOA I think I've decided to up my budget to £1450 for an amazing place, though not going to pay it for what I perceive as run of the mill. Got a few virtual viewings lined up. The modern place in an epic location and a warehouse place, plus a run of the mill modernish flat thats a tiny amount cheaper. Really keen on the warehouse place I posted, it's disappeared from the website again but the agent sent a video tour earlier so hoping it's still available. It is massive, would be great for entertaining. Small kitchen relative to the size of the rest of the flat but no smaller than any other 1 bed, it's just the rest of the flat is so vast. Also love old buildings with a bit of history. A shame I'll never afford to buy a place like this in London as see so much potential in it ha. @alt80 I can see why you'd love a warehouse development, remember you asking why I was drawn to doing buy to lets one day and it's because I just get so excited by property, see potential in the places etc. I sometimes wish I'd become an architect, would love it. Here's the youtube video of the flat:https://youtu.be/_44vm2pGIu8

Seeing it in video makes the kitchen look small where the rest is huge (talking London flat sizes here )

alt80

@ryanm8655 How is band f in London £150/m? My house is band f and its £245/m lol.

Fantastic news re bonus and Masters. Been a brilliant week for you, again massive congratulations. All coming together for you now, I'm absolutely made up for you mate.

Can't get over the £1450 on rent though, sorry. Also don't get your other comment about the mortgage 'tie down'. I've always had a mortgage since uni and never felt it was any different to mates who were renting apart from not being in a position of potentially being told to leave and also being able to add value and make something at the point of exit - it's all money going out for housing and we all have to live somewhere imo. If you want to move but can't sell a place, can always rent it etc. Perhaps it's not seeing it from the other side and there's something I'm missing but the whole idea of renting stresses me out but happy to be a LL though so idk.

100 agree re older places, why I live where I do. Said before on my diary I have a bit of a high ornate ceiling fetish lol. Absolute dream for me is a Regency place in The Park (gated development of mainly Victorian property on outskirts of Nottingham city but there are a few Regency places). IMO only place in the city better than where I live. I'd like it hardly touched, upgrade kitchen/ bathroom fittings and modernise decor but restore all period features 100 dreaming. Sort of place I'd like 6/7 beds, detached, c.£1.5M and very seldom on the market for right one. 

You and I same re property, never got old for me. I absolutely live for it, need to with my business choices lol but never once regretted that side of life. My sister is an Architect - she loves it. 

@warby68 100 been there with the 'what ifs' too haha seems @ryanm8655 has his whole life ahead and I'm somewhat envious of that not gonna lie, world is his oyster etc. I never did the London thing or the single life really - a lot of people I went to uni with went to London, so I also very much made a life choice to stay in uni town.

TheAble

Congrats on becoming debt free
I must say though I don't understand the need to spend £800 on entertainment - what on earth is that going on? Surely your next priority is to build up a deposit to buy your own place so you don't have to pay these expensive rents? We're all different of course but I personally couldn't spend that much on entertainment even if I tried/wanted to.

ryanm8655

alt80 said:

@ryanm8655 How is band f in London £150/m? My house is band f and its £245/m lol.

Fantastic news re bonus and Masters. Been a brilliant week for you, again massive congratulations. All coming together for you now, I'm absolutely made up for you mate.

Can't get over the £1450 on rent though, sorry. Also don't get your other comment about the mortgage 'tie down'. I've always had a mortgage since uni and never felt it was any different to mates who were renting apart from not being in a position of potentially being told to leave and also being able to add value and make something at the point of exit - it's all money going out for housing and we all have to live somewhere imo. If you want to move but can't sell a place, can always rent it etc. Perhaps it's not seeing it from the other side and there's something I'm missing but the whole idea of renting stresses me out but happy to be a LL though so idk.

100 agree re older places, why I live where I do. Said before on my diary I have a bit of a high ornate ceiling fetish lol. Absolute dream for me is a Regency place in The Park (gated development of mainly Victorian property on outskirts of Nottingham city but there are a few Regency places). IMO only place in the city better than where I live. I'd like it hardly touched, upgrade kitchen/ bathroom fittings and modernise decor but restore all period features 100 dreaming. Sort of place I'd like 6/7 beds, detached, c.£1.5M and very seldom on the market for right one. 

You and I same re property, never got old for me. I absolutely live for it, need to with my business choices lol but never once regretted that side of life. My sister is an Architect - she loves it. 

@warby68 100 been there with the 'what ifs' too haha seems @ryanm8655 has his whole life ahead and I'm somewhat envious of that not gonna lie, world is his oyster etc. I never did the London thing or the single life really - a lot of people I went to uni with went to London, so I also very much made a life choice to stay in uni town.

Yeah, some bits of London can be quite reasonable. Maybe it’s the population density, have like 50 flats in a space where you’d have a couple of houses ha. That and a 1 bed flat in London is band F

Hear you on the buying versus renting but that’s just another thing current me is paying for as a result of past me. Could’ve scrimped through my 20s and cobbled a deposit together but I wouldn’t have had such a great time. I don’t have the same anxiety on that front given at one stage I thought I’d never be debt free, let alone buying a place. I know it’s a lot but pre-covid I’d have been paying that to live in a !!!!!! flat to be honest. I could probably find a place for £1250 that would do the job as a place to live but it wouldn’t get me to my own place much quicker, I’d have an extra £4800 after two years. That is a lot, don’t get me wrong but it still leaves me well short in London. I’m happy to take it slower.

Yeah, I do wish I’d got into property as a career, whether as an architect or even as a property lawyer for big stuff (commercial and big developments) to get some skills I could apply in my own way. Did bump into some property guys on a night out once (a group of younger lads, you lot love a party ha) had this exact conversation and they advised getting into property modelling. They were from further afield and down for some conference.

Haha, I know what you mean by world is my oyster etc. But I’ve got a lot of work to do to get anywhere near what you’ve achieved in both personal and business/career!

ryanm8655

TheAble said:

Congrats on becoming debt free
I must say though I don't understand the need to spend £800 on entertainment - what on earth is that going on? Surely your next priority is to build up a deposit to buy your own place so you don't have to pay these expensive rents? We're all different of course but I personally couldn't spend that much on entertainment even if I tried/wanted to.

That won’t go that far in London, basically a date a week and a day/night out, maybe the odd meal out. Plus I’ve been mega constrained on the enjoyment and independence front for the last 15 months and do want to live a little. I feel I’ve got a plan. It’ll get me to my own place slower than I could with further sacrifice but the last year or so has been a real slog. I need and deserve a break I think. As I’ve always said, I’ll never be the penny pinching sort drinking water at the pub to save cash (nothing against that) but it’s about being balanced, staying debt free, saving regularly and budgeting. It’s not something I’ve managed before and like with dieting, don’t want to starve myself and end up giving up. Down the line priorities might change but I need a break and I need my own space too. Initially I suspect I may save more anyway as life won’t be normal for some time yet. Would be nice if I could max my LISA by April but will see. Selling my car will help.

Completely understand your point though.

alt80

Mate it wasn’t intended as a criticism on your lifestyle choices. Can see how you can have a much better lifestyle in London than I do up here - usually have a blowout weekend once a year or so in London. Love it and 100 understand why you want to be there, nowhere else in uk like London imo but personally for me, it wouldn’t be good - spending/ envy demons would be worse than ever, know that and I couldn’t live the tiny space life renting or owning just not for me. Can see why you want to be there though iyswim. 

Could definitely use your skills in property modelling etc. Architects train for 7 years, most take 8-9 and unless at the top of their game don’t earn that much also you need to have a flare for it. I can earn a lot more just doing some secured lending work as a RICS Valuer on commercial then lots of other work out there too- architecture not worth it IMO unless you’re really passionate about design. 

I don’t earn too badly so know what you mean but have spent too long spaffing it up the wall, so you’re better off than me on the day to day right now.

ryanm8655

alt80 said:

Mate it wasn’t intended as a criticism on your lifestyle choices. Can see how you can have a much better lifestyle in London than I do up here - usually have a blowout weekend once a year or so in London. Love it and 100 understand why you want to be there, nowhere else in uk like London imo but personally for me, it wouldn’t be good - spending/ envy demons would be worse than ever, know that and I couldn’t live the tiny space life renting or owning just not for me. Can see why you want to be there though iyswim. 

Could definitely use your skills in property modelling etc. Architects train for 7 years, most take 8-9 and unless at the top of their game don’t earn that much also you need to have a flare for it. I can earn a lot more just doing some secured lending work as a RICS Valuer on commercial then lots of other work out there too- architecture not worth it IMO unless you’re really passionate about design. 

I don’t earn too badly so know what you mean but have spent too long spaffing it up the wall, so you’re better off than me on the day to day right now.

Yeah. Completely know what you mean on the London front. It is bizarre that very well off people are living like paupers in tiny houses/flats I can see how some people just wouldn't get it at all and I can see why others would sort of get it but decide it's not for them.

Agree on the architecture front, one reason I never went that route. One of my mates is an architect, earns a steady wage from the day job, not bad for outside London, and does a bit of work on the side. He's using it well though, has a rental he did up himself and a house he has done up himself and him and his missus' plan is to expand that until he doesn't need to work and can just maintain them. But yeah, in general, I couldn't imagine spending all that time and money studying to not be paid well...

Once the debt is gone you'll be laughing. Plus having the headspace to develop the business more...

Viewed a few places today. Another warehouse place, they really are impressive and beginning to think they're worth the extra. Absolutely massive compared to everything else. Had a look at a cheaper old new build and it would do the job but no storage and not at all homely. Just a place to crash basically. Same with the other newish build place with the plush finish, great location but uninspiring and without the entertaining space of the warehouse places. Also saw the current tenant had a meaty sound system so clearly noise isn't an issue...