Moving out to rent, proportion of wage?
Discussion
For various reasons I won't bore you with I am needing to move out and rent a place.
On a take home of £1800 what would you set your stall at rentwise? My OH has been doing all finances and I am a bit clueless with regards to other costs such as council tax and utilities etc.
Thanks chaps
On a take home of £1800 what would you set your stall at rentwise? My OH has been doing all finances and I am a bit clueless with regards to other costs such as council tax and utilities etc.
Thanks chaps
whats the cheepest you cen rent for and does it suit your needs? how much do you need to save, whats your other outgoings?
keep looking until you find the cheapest but suitable accomodation. I would suggest a 1 bed flat. im my ends of the woods they go for £550 to £600 each month + utility bills +council tax.
keep looking until you find the cheapest but suitable accomodation. I would suggest a 1 bed flat. im my ends of the woods they go for £550 to £600 each month + utility bills +council tax.
I've got a piece of string, how long is it?
There are so many variables with something like this.
If you can get a 3 bed house for £600, then why not! Most than likly it'll be a 1 bed for £650ish? Well looks like you might be stuck in a 1 bed if you need to run a car and take care of petrol, food etc as well.
Council tax on a 1 bed will be close to £100 a month. Gas, electric and water will be an other £50+. So £650 rent is now £800 for bills. Then management fees? £50+
Leaving you with £1k for litreally everything else, car, petrol, food, saving etc.
There are so many variables with something like this.
If you can get a 3 bed house for £600, then why not! Most than likly it'll be a 1 bed for £650ish? Well looks like you might be stuck in a 1 bed if you need to run a car and take care of petrol, food etc as well.
Council tax on a 1 bed will be close to £100 a month. Gas, electric and water will be an other £50+. So £650 rent is now £800 for bills. Then management fees? £50+
Leaving you with £1k for litreally everything else, car, petrol, food, saving etc.
Thanks guys, definately need a 2 bed so I can have an office. Not bothered about saving, happy to live hand to mouth for a while.
New developments local have a couple of 2 beds for £550 pcm. £250 pm is going out on regular loan commitments.
Just don't want to overstretch myself, I've got a little hobby business but don't want to factor that in as it is not regular/reliant.
New developments local have a couple of 2 beds for £550 pcm. £250 pm is going out on regular loan commitments.
Just don't want to overstretch myself, I've got a little hobby business but don't want to factor that in as it is not regular/reliant.
Glocko said:
Thanks guys, definately need a 2 bed so I can have an office. Not bothered about saving, happy to live hand to mouth for a while.
New developments local have a couple of 2 beds for £550 pcm. £250 pm is going out on regular loan commitments.
Just don't want to overstretch myself, I've got a little hobby business but don't want to factor that in as it is not regular/reliant.
So give us a figure after you pay the loan and any other debts. New developments local have a couple of 2 beds for £550 pcm. £250 pm is going out on regular loan commitments.
Just don't want to overstretch myself, I've got a little hobby business but don't want to factor that in as it is not regular/reliant.
£1550 still isnt bad to pay our £550 on a rental. still got a fair bit o' cash.
I generally allow 1/3 of take home for rent. Obviously this depends what you take home is. If it's only £600 you could be in trouble. If it's £10k then you can obviously afford to pay a much higher percentage. Where are you looking to move to?
Maybe work your finances backwards. Start with £1800 and deduct all regular bills, credit cards, DD's etc. Then deduct, travel expenses, car insurance, petrol etc. Then food and general living expenses. Then leisure and entertainment. How much have you got left now? Can you rent somewhere that you'd like to with what's left? If not, are you prepared to live somewhere less pleasant or reduce your expenditure elsewhere?
Maybe work your finances backwards. Start with £1800 and deduct all regular bills, credit cards, DD's etc. Then deduct, travel expenses, car insurance, petrol etc. Then food and general living expenses. Then leisure and entertainment. How much have you got left now? Can you rent somewhere that you'd like to with what's left? If not, are you prepared to live somewhere less pleasant or reduce your expenditure elsewhere?
HundredthIdiot said:
We did this a week or so ago.There is no percentage.
You do a budget - write down all your regular and planned outgoings including estimated costs of running a property. You take this total away from your net income and you have a figure which is the maximum amount you can spend on rent.
After that - it's all down to the area you live in, how lively the rental market is and the size of property you require to meet your needs.
O/T and maybe harsh but...
At say 7%, that implies you have debts of £30-40k!!!!!!!!!
That is nearly 2x your annual net income.
How in the hell did you manage to rack up that level of debt?
Frankly if I were you, forget about the second room, live in a hovel and pay off your debts.
Glocko said:
£250 pm is going out on regular loan commitments.
WTF????????At say 7%, that implies you have debts of £30-40k!!!!!!!!!
That is nearly 2x your annual net income.
How in the hell did you manage to rack up that level of debt?
Frankly if I were you, forget about the second room, live in a hovel and pay off your debts.
walm said:
O/T and maybe harsh but...
At say 7%, that implies you have debts of £30-40k!!!!!!!!!
That is nearly 2x your annual net income.
How in the hell did you manage to rack up that level of debt?
Frankly if I were you, forget about the second room, live in a hovel and pay off your debts.
What? That isnt logical. What if its a £2500 loan over a year? Glocko said:
£250 pm is going out on regular loan commitments.
WTF????????At say 7%, that implies you have debts of £30-40k!!!!!!!!!
That is nearly 2x your annual net income.
How in the hell did you manage to rack up that level of debt?
Frankly if I were you, forget about the second room, live in a hovel and pay off your debts.
You dont know the time period.
Also, 2x the guys income would be close to £60k
Edited by illmonkey on Tuesday 12th August 11:54
illmonkey said:
walm said:
O/T and maybe harsh but...
At say 7%, that implies you have debts of £30-40k!!!!!!!!!
That is nearly 2x your annual net income.
How in the hell did you manage to rack up that level of debt?
Frankly if I were you, forget about the second room, live in a hovel and pay off your debts.
What? That isn't logical. What if it's a £2500 loan over a year? Glocko said:
£250 pm is going out on regular loan commitments.
WTF????????At say 7%, that implies you have debts of £30-40k!!!!!!!!!
That is nearly 2x your annual net income.
How in the hell did you manage to rack up that level of debt?
Frankly if I were you, forget about the second room, live in a hovel and pay off your debts.
You don't know the time period.
As long as he spent it on a totally awesome motor then all is forgiven.
walm said:
O/T and maybe harsh but...
At say 7%, that implies you have debts of £30-40k!!!!!!!!!
That is nearly 2x your annual net income.
How in the hell did you manage to rack up that level of debt?
Frankly if I were you, forget about the second room, live in a hovel and pay off your debts.
ASSUMPTION = the mother of all fGlocko said:
£250 pm is going out on regular loan commitments.
WTF????????At say 7%, that implies you have debts of £30-40k!!!!!!!!!
That is nearly 2x your annual net income.
How in the hell did you manage to rack up that level of debt?
Frankly if I were you, forget about the second room, live in a hovel and pay off your debts.
kups!!!walm said:
illmonkey said:
walm said:
O/T and maybe harsh but...
At say 7%, that implies you have debts of £30-40k!!!!!!!!!
That is nearly 2x your annual net income.
How in the hell did you manage to rack up that level of debt?
Frankly if I were you, forget about the second room, live in a hovel and pay off your debts.
What? That isn't logical. What if it's a £2500 loan over a year? Glocko said:
£250 pm is going out on regular loan commitments.
WTF????????At say 7%, that implies you have debts of £30-40k!!!!!!!!!
That is nearly 2x your annual net income.
How in the hell did you manage to rack up that level of debt?
Frankly if I were you, forget about the second room, live in a hovel and pay off your debts.
You don't know the time period.
Renault Modus
Chevrolet Nubira Estate
walm said:
O/T and maybe harsh but...
At say 7%, that implies you have debts of £30-40k!!!!!!!!!
That is nearly 2x your annual net income.
How in the hell did you manage to rack up that level of debt?
Frankly if I were you, forget about the second room, live in a hovel and pay off your debts.
Glocko said:
£250 pm is going out on regular loan commitments.
WTF????????At say 7%, that implies you have debts of £30-40k!!!!!!!!!
That is nearly 2x your annual net income.
How in the hell did you manage to rack up that level of debt?
Frankly if I were you, forget about the second room, live in a hovel and pay off your debts.
You can't beat PH. You just know someone is going to come out with some claptrap like the above.escargot said:
walm said:
O/T and maybe harsh but...
At say 7%, that implies you have debts of £30-40k!!!!!!!!!
That is nearly 2x your annual net income.
How in the hell did you manage to rack up that level of debt?
Frankly if I were you, forget about the second room, live in a hovel and pay off your debts.
Glocko said:
£250 pm is going out on regular loan commitments.
WTF????????At say 7%, that implies you have debts of £30-40k!!!!!!!!!
That is nearly 2x your annual net income.
How in the hell did you manage to rack up that level of debt?
Frankly if I were you, forget about the second room, live in a hovel and pay off your debts.
You can't beat PH. You just know someone is going to come out with some claptrap like the above.I just did the math.
£30k would assume a 17 year loan at 7%. Probably a little long.
Over 5 years £12k at 7%.
Sorry.
ASS-U-ME - but really just me.
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