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I've done a fair few of those in all shapes and sizes. If you don't mind the cold, want to engage with some very interesting people, get into shit for being involved with said people, try new shit, wake up in a daze, and generally suffer a bit for the life of it. You'll enjoy it.
Mind you, it's become really popular, so prices are up, and it doesn't attract as mad a clientele as it used to.
One of last place I stayed in, a single dad moved in with his kid, which we all found puzzling and later on lead to some heated arguments.
One the other hand, I once lived in a disused college in marylebone, had a swing in the patio and projected movies almost every evening. Summer was good that year.
If you can now afford it, hell yeah go for it.
Does anybody have experience of living in big artist warehouse spaces, like this:
I'm prepared for cold as I've never lived anywhere with double glazing or central heating