Countdown from £28k...

alt80

Ha reminds me of my mates leaving uni for London telling me they’re going ‘where the money is’ and I ‘won’t make anything up here’ etc They live in tiny flats, some doing quite well tbf, possibly earn more idk but not close in terms of property. Choice thing as I’m 100 sure they have better lifestyles in other ways. Facing up to my debt problem has really made me think about my life choices generally tbh. Not been easy so far at all.

You’re 100 right about architecture. Sister works 4 days but even full time, she’d earn less than you’re earning now mate in employed role (she’s no desire for own practice !!!!!! knows why lol).

Thanks Im hoping I’ll get there. Not aiming to get into debt again for stupid stuff, learn something from this journey and live within my means definitely my goal. Worked out with cards gone, RR paid I’ll have a good level of disposable. Sounds boring but I’m at the stage in life I want to work on setting wife and I up for life/ also there’s stuff I don’t need at my age etc ha. Never going to be a saint, still want an AM/ some level of lifestyle but don’t want the stress card debt/ too much on car finance and a load of PGs bring. Seriously considering not even moving house tbh.

From the ones you’ve showed on here the warehouse ones win hands down so long as the location isn’t adverse compared to the newer builds? I’d definitely deal on one if the location was right.

warby68

If its only £100 or £200 between a place you love and one you would only be making do with, then that £100 will be giving very good value.
I also believe if you're very happy in your home, it also lessens the need to be going out quite so much.
Gut feeling when you walk in a place carries a lot of weight - if you feel at home instantly it usually stays that way, if you have reservations they usually don't go away either.
Good luck @ryanm8655 I can see you committing to something fairly soon now.

ryanm8655

alt80 said:

Ha reminds me of my mates leaving uni for London telling me they’re going ‘where the money is’ and I ‘won’t make anything up here’ etc They live in tiny flats, some doing quite well tbf, possibly earn more idk but not close in terms of property. Choice thing as I’m 100 sure they have better lifestyles in other ways. Facing up to my debt problem has really made me think about my life choices generally tbh. Not been easy so far at all.

You’re 100 right about architecture. Sister works 4 days but even full time, she’d earn less than you’re earning now mate in employed role (she’s no desire for own practice !!!!!! knows why lol).

Thanks Im hoping I’ll get there. Not aiming to get into debt again for stupid stuff, learn something from this journey and live within my means definitely my goal. Worked out with cards gone, RR paid I’ll have a good level of disposable. Sounds boring but I’m at the stage in life I want to work on setting wife and I up for life/ also there’s stuff I don’t need at my age etc ha. Never going to be a saint, still want an AM/ some level of lifestyle but don’t want the stress card debt/ too much on car finance and a load of PGs bring. Seriously considering not even moving house tbh.

From the ones you’ve showed on here the warehouse ones win hands down so long as the location isn’t adverse compared to the newer builds? I’d definitely deal on one if the location was right.

Wouldn’t describe their lifestyle as better necessarily, different strokes for different folks. As I say, I do sit and think why on earth do people bother with London, it’s madness. Work all hours and get paid hundreds of thousands to live in a pretty normal Victorian terrace for anywhere else in the country or a flat

I think you’ve had the balance right to be honest, got yourself on the property ladder quickly but it sounds like you still enjoyed your 20s ha. I think it’s probably my late teens/early 20s I wish I’d been a little more savvy. The rich kids at uni were saving their student loans and using them to buy property, one bought a cheap house (with parents help) and let the rooms. I !!!!!! my student loan up the wall. Did have fun but I’d be buying those same people drinks on a night out If I had a property early I could’ve had fun and been secure but no regrets. Forgot to respond to the point about being “tied down”, it’s probably representative of some deep rooted issue I have but I guess it’s more the fact I wouldn’t feel I could just quit my job at the drop of a hat, or take a pay cut for a career change, or disappear and go travelling for a couple of years. I probably could do those things with planning and will probably never do any of these things anyway A mate of mine owns a house they let with his brother and has probably made a loss on it rental wise (it wasn’t bought as an investment, bought with an ex and things went sour and basically didn’t have enough equity to make anything after selling (would’ve lost money can what he put in to doing it up). I guess that’s what I mean by being tied down. A financial burden. Irrelevant anyway given where I am right now, have about £200 in my LISA Also get you on the temptations and comparing to the super rich point ha. It isn’t a healthy place if your mind goes that way, think I’m in control of those kinds of feelings now. It helps I have some kind of career plan now so can just focus on bettering myself. I think that’s the important thing.

That stuff is great to hear, I think you’re getting there on the mindset. Will have ups and downs on that front but the general trend in your thoughts is reflective of how far you’ve come. Your house sounds like a dream home to be honest but I know I could easily have the same mentality in terms of wanting more. I think if you can get back on it business wise and have a plan to grow it might help you. I can see you being in a position where you have the security of being set for life and the AM in all honesty. 

Location is great. Right by the river, two second walk to tower bridge. 10 minute walk to London Bridge Station. Shad Thames has lots of bars and restaurants, 15 minute walk along the river to get to borough market. The other place arguably tops that location (literally step out of your door on to borough market and a 5 minute walk to the tube) but Shad Thames would be a bit more peaceful (though still has a buzz about it). It’s basically a massive warehouse district that was developed some time ago. Has a lovely feel, cobbled streets and nice bars/restaurants/coffee shops etc. Would be my dream to buy a place around there. Could make a warehouse place so cool, would be like a hobby ha. Just need someone to split the mortgage with

warby68 said:

If its only £100 or £200 between a place you love and one you would only be making do with, then that £100 will be giving very good value.
I also believe if you're very happy in your home, it also lessens the need to be going out quite so much.
Gut feeling when you walk in a place carries a lot of weight - if you feel at home instantly it usually stays that way, if you have reservations they usually don't go away either.
Good luck @ryanm8655 I can see you committing to something fairly soon now.

I think you’ve hit the nail on the head again.

I’ve sent a cheeky £1400 offer on the massive warehouse place (was up for £1660 then reduced to £1520ish, though has now disappeared so not sure if that’s an error or could be because the tenant just got back from Italy so can’t do viewings for 2 weeks). Hopeful I could get it for £1450 assuming the second price was correct and would go to £1500 given the difference in space. Could host a banquet.

I also offered £1400 for the borough market place (up for £1560). The flat was ideal practically but doesn’t have a homely feel. Has everything (even plates etc. So wouldn’t need to buy anything). Includes heating and hot water so a bit of a saving but the living area is small. Two seater sofa and a tiny 2 person table and you couldn’t fit any more without making it claustrophobic. Couldn’t have mates over without having to head out pretty swiftly. Could see myself being out more to be honest. Lovely flat in its own right and amazing location but if spending a little more lowers that entertainment budget and gets me settled then it’s well worth it. Could easily host poker nights with mates at a warehouse place. Bottomless brunches were also something I did with mates a lot and could just do them at home and head out after to save cash Have people over for dinner, people to stay. Family could come up and though only a 1 bed there would be plenty of space with air beds/futon etc. Uncle has already said he’s crashing every Thursday after football Have mates over to watch sport etc. Would just be a completely different experience. 

I think that’s my mind made up ha. 

warby68

Home as a haven is not to be sniffed at, especially in the age of Corona.
You need to be comfy WFH as well.
Good luck with the offers, well one of them

ryanm8655

warby68 said:

Home as a haven is not to be sniffed at, especially in the age of Corona.
You need to be comfy WFH as well.
Good luck with the offers, well one of them

Haha, yeah. Thanks! Work supply a desk and there would be plenty of space for it ha.

Meant to add that the borough place said £1400 was too low and the move date too late. I would stretch to £1450 but tbh I think I could get the warehouse place for that, if not a small amount more and be much happier. So I’ve not gone back with a better offer. I wouldn’t mind moving sooner and can afford to but would feel a bit awkward with family. Sure it’s me overthinking but I still don’t want them to think I’m buggaring off now they’ve helped me out as it’s not like that at all and I am grateful.

Sarahwithlove

I think you have pretty much talked yourself out of the Borough place and you would just be settling if you went for it. I'd say stick with the warehouse one and see if you can get the rate you want for it. You want to make sure you are going somewhere that's gonna suit what you want and need rather than rush into it and regret it. 

ryanm8655

Sarahwithlove said:

I think you have pretty much talked yourself out of the Borough place and you would just be settling if you went for it. I'd say stick with the warehouse one and see if you can get the rate you want for it. You want to make sure you are going somewhere that's gonna suit what you want and need rather than rush into it and regret it. 

Yeah, agreed. I think I have two options, go for the warehouse place or wait for something cheap and liveable to come along.

Have emailed an offer anyway. £1400 per month, 2 year contract. Will see what they say. Would be amazing if I get that place.

alt80

Hope warehouse flat works out for you mate. If I were you from what you’ve posted if that one is not to be I’d hang out for another similar rather than going for a newer build that you’re not so interested in. Still spending a lot of money and not much difference in terms of cost. Having a nice res home to come back to possibly might really help your mindset on the spending front, easy to be out all the time when you don’t like where you live / can’t entertain etc. Sounds strange but you might wind up spending less. I’ve lived in flip projects - proper building sites / grandma world before I got started etc. Was in my 20s so out a lot anyway but can remember when I moved to next flip and it was in the !!!!!!/ building site phase, I was out at absolutely every opportunity, didn’t want to entertain from home etc so would spend an absolute !!!!!! fortune in restaurants/ pubs etc. Speaking from a place of experience ha. 

Never thought about property ownership in the way you have - actually find being on here a massive eye opener, good to gain a different perspective on life sometimes. It’ll be better to buy somewhere when you meet right gf tbh, better than her just moving in with you can create a home together as well as share mortgage payment. Again from experience always a bit weird living in previous house with wife it felt very much my deal rather than first home together etc and I know she found it difficult living there. Moved here as a home, chose it together etc first place I bought not just thinking about profit so kind of first home for me too in a way.

ryanm8655

alt80 said:

Hope warehouse flat works out for you mate. If I were you from what you’ve posted if that one is not to be I’d hang out for another similar rather than going for a newer build that you’re not so interested in. Still spending a lot of money and not much difference in terms of cost. Having a nice res home to come back to possibly might really help your mindset on the spending front, easy to be out all the time when you don’t like where you live / can’t entertain etc. Sounds strange but you might wind up spending less. I’ve lived in flip projects - proper building sites / grandma world before I got started etc. Was in my 20s so out a lot anyway but can remember when I moved to next flip and it was in the !!!!!!/ building site phase, I was out at absolutely every opportunity, didn’t want to entertain from home etc so would spend an absolute !!!!!! fortune in restaurants/ pubs etc. Speaking from a place of experience ha. 

Never thought about property ownership in the way you have - actually find being on here a massive eye opener, good to gain a different perspective on life sometimes. It’ll be better to buy somewhere when you meet right gf tbh, better than her just moving in with you can create a home together as well as share mortgage payment. Again from experience always a bit weird living in previous house with wife it felt very much my deal rather than first home together etc and I know she found it difficult living there. Moved here as a home, chose it together etc first place I bought not just thinking about profit so kind of first home for me too in a way.

Yeah I think you’re spot on, my other thought is I’d probably rather save for longer for the right place/location than rush to get on the ladder. The service charges on new builds are astronomical after a few years, it all seems a bit of a con but hopefully they’ll regulate that soon and introduce more competition. But after watching the panorama episode, a lot of Londoners have ended up worse off by buying their own place having been screwed over by service charges for stuff that wasn’t built properly in the first place. I know they’ll be the minority but it’s still eye opening. 

Spot on about being out all the time too...that’s what I had with my last two flatshares, I’d go out just to avoid being at the flat. It was my own fault for picking places based on price and trying to save some money but ended up back firing. That’s one reason I’d rather pay a bit more for somewhere I’ll want to spend time/invite people over. That did end up leading to the lightbulb moment though...as I was starting to run out of available credit to spend in the pubs/restaurants

Agreed on buying a place with someone. Will see what happens. Another thought I always had was buy somewhere outside London to get on the ladder and then let it, while renting in London but that was when that was the only way I could see that I could buy a place. Now buying seems more realistic.

Offer officially in on warehouse place, holding deposit paid. Was a more junior agent dealing with me and it showed Couldn’t build rapport for toffee and just kept saying cliché crap Trying to tell me they’ve got more viewings arranged when it’s been taken off of the website and I’ve been told that they can’t do viewings for two weeks because the tenant is quarantining The agent that showed me around the other one was less of a cliché. Not overselling and talking like a female Del Boy. Anyway, should hear tomorrow either way. Willing to go to £1450 for it. Also checked and it’s band E on council tax so a bit cheaper than the other place. Reckon bills should come in at around £250 on those grounds, will keep the £300 budget though.

Some bad news on the work masters. Basically, having sent out an email advertising it and me having wasted a load of time sorting the financial side out (after boss told me it’d be a definite yes if they didn’t need to pay for it), the chief economist is now saying they need to set up a protocol for deciding who does it so deferring letting anyone do it until the second intake next September. Typical Civil Service... It all makes sense, though I don’t know why you’d advertise it without having that in place and then communicating that... I guess they just didn’t expect anyone to be proactive enough to want to apply straightaway...

A bit annoying as that has been carrot making me think I could stick this job out, knowing I have a plan. Now it’s another 9 months to wait and I may not get a place on it, so could be more time wasted when I could’ve gone for the career change. Already making me think I’ve made the wrong choice as it’s a reminder of one of the frustrations of the civil service...there are no carrots for people who work hard...and my boss wonders why she can never get experienced people to join our team...it’s because they’re all content to cruise and take the pay cheque, as that’s the culture the civil service creates. Why would you choose a post that stresses you out and leads to working long hours when there is no bonus or anything for it.

alt80

@ryanm8655 Another big congratulations mate 🥂. When you hoping to be moved in by? FML re agent, some give rest a bad name. I am involved in agency and pick my staff really !!!!!! carefully lol.

BTL mortgage for best rates will require you to be a homeowner and there are a lot of tax implications especially as you’re a higher earner could be better to buy in an SPV Ltd but with just one, I wouldn’t say that makes sense either. Accountant is the best person to speak to if going down that route. You know where I am if you want to invest further north lol. Gonna be on here for a while keeping the accountability for my BS.

Makes sense re service charges etc. Real problem in London / leasehold flats generally but much higher in London usually.

100 understand choosing somewhere better - more expensive outlay but as you say more likely to want to stay in a bit more. Not to say you’re never going to go out ha. 

Sorry to hear about work Masters - I don’t understand the mentality of their decision tbh. Are you really sure no way for you to move to into the private sector? You must have some transferable skills mate.