Discussion
Me and 2 friends (22 and 18) were looking into renting a 3 bedroom house between us.
Providing someone would rent to us as we are all young.
If we had £700 per month rent, what other bills would we be expecting monthly?
As in how much would food, electricity and water be monthly.
Trying to see if we could afford it.
Providing someone would rent to us as we are all young.
If we had £700 per month rent, what other bills would we be expecting monthly?
As in how much would food, electricity and water be monthly.
Trying to see if we could afford it.
If you're thinking about whether you can afford it, then you probably can't.
At your age, rent guarantees may well be required (parents, etc).
Bills can be as much or as little as you want to make them, depending on the energy-efficiency of the place you're thinking of renting.
Likewise, food.
Also don't forget the cost of council tax, TV Licence, broadband, contents insurance (which landlords may well require in a furnished property) etc, over and above food and utilities.
At your age, rent guarantees may well be required (parents, etc).
Bills can be as much or as little as you want to make them, depending on the energy-efficiency of the place you're thinking of renting.
Likewise, food.
Also don't forget the cost of council tax, TV Licence, broadband, contents insurance (which landlords may well require in a furnished property) etc, over and above food and utilities.
Mobile Chicane said:
If you're thinking about whether you can afford it, then you probably can't.
At your age, rent guarantees may well be required (parents, etc).
Bills can be as much or as little as you want to make them, depending on the energy-efficiency of the place you're thinking of renting.
Likewise, food.
Also don't forget the cost of council tax, TV Licence, broadband, contents insurance (which landlords may well require in a furnished property) etc, over and above food and utilities.
Ive never done the maths to see the costs. If we all earnt £1000 a month each could we afford it.At your age, rent guarantees may well be required (parents, etc).
Bills can be as much or as little as you want to make them, depending on the energy-efficiency of the place you're thinking of renting.
Likewise, food.
Also don't forget the cost of council tax, TV Licence, broadband, contents insurance (which landlords may well require in a furnished property) etc, over and above food and utilities.
Time to get the calculator out.
In addition to the rent (payable in advance), there will be the deposit (up to two month's rent in some cases), plus letting agent fees (who can charge what they like for what amounts to 30 minutes work in drawing up the tenancy agreement and conducting credit checks, yet £800 isn't unheard of).
Sure you want to move out?
In addition to the rent (payable in advance), there will be the deposit (up to two month's rent in some cases), plus letting agent fees (who can charge what they like for what amounts to 30 minutes work in drawing up the tenancy agreement and conducting credit checks, yet £800 isn't unheard of).
Sure you want to move out?
Mobile Chicane said:
Time to get the calculator out.
In addition to the rent (payable in advance), there will be the deposit (up to two month's rent in some cases), plus letting agent fees (who can charge what they like for what amounts to 30 minutes work in drawing up the tenancy agreement and conducting credit checks, yet £800 isn't unheard of).
Sure you want to move out?
I live on a farm miles from everything. Have 2 younger brothers who are pains in the arse. In addition to the rent (payable in advance), there will be the deposit (up to two month's rent in some cases), plus letting agent fees (who can charge what they like for what amounts to 30 minutes work in drawing up the tenancy agreement and conducting credit checks, yet £800 isn't unheard of).
Sure you want to move out?
Slow said:
Ive never done the maths to see the costs. If we all earnt £1000 a month each could we afford it.
Is that £1000 before or after tax?Can any of you cook your required dinner every night or will it be takeaway food?
Whereabouts in the country would you be moving to? This tends to have a weighting on your bills.
If we say roughly per person, per month:
Rent + council tax: £290
Electricity: £30
Gas / other: £30
Sky tv + broadband + line rental: £20
TV licence: £5
Water bill: £20
Contents insurance: £20
Weekly food shop (not including takeaways) + household stuff: £250
Entertainment (cinema, games console etc): £100
Mobile phone: £35
So that's £800 a month excluding Beer, takeaways, running a car, clothes, travel to/from work.
There's plenty of scope in that list to cut down and save yourself a packet of money, but you won't want to at your age
e.g.
Rent + council tax: £290
Electricity: £20 (turn everything off after you use it and turn lights off)
Gas / other: £10 (don't have the heating on, put a jumper on instead)
Freesat/view + broadband + line rental: £10
TV licence: £5
Water bill: £10 (have showers instead of baths, don't waste water etc)
Contents insurance: £20
Weekly food shop (not including takeaways) + household stuff: £150 (value and own brand stuff, raid the clearance shelves, stock up on pasta, rice and other bulk foods).
Entertainment (cinema, games console etc): £0, stay in and watch the telly and borrow games.
Mobile phone: Pay as you go, £5 top up a month
Now down to £520 a month per person.
Edited by eltawater on Tuesday 18th June 20:12
Don't forget one big problem, who's name will be on the agreement? Your Dad? What if it all goes wrong? Who foots the bills then...
Please don't take all the advice as negative, we're just trying to let you see every angle before you dive in.
Well done for even asking, a lot of people don't think through such big decisions.
HTH Matt
Please don't take all the advice as negative, we're just trying to let you see every angle before you dive in.
Well done for even asking, a lot of people don't think through such big decisions.
HTH Matt
To give you an idea of upfront costs. I am about to move into a 1 bed flat in Kent.
Referencing: £180 (for two people)
Deposit: 1.5 months rent
Holding fee: £400. (Goes towards first months rent.
Also don't forget council tax is paid over ten months not twelve. Although you can request the council bill you over 12.
Referencing: £180 (for two people)
Deposit: 1.5 months rent
Holding fee: £400. (Goes towards first months rent.
Also don't forget council tax is paid over ten months not twelve. Although you can request the council bill you over 12.
It all depends where you live in the country. When I finished university I was earning about £1,100 after tax and found a house share where I was paying about £370 a month with most of the bills included (just had to pay for phone and internet from memory). This was in the West Midlands.
Unless you're going to live in the middle of a city I'm sure you will be able to find somewhere you can afford and you will be able to eat but you will have to accept that there will be a massive drop in disposable income. In terms of food, you will be fine with a £35 weekly budget so long as you are sensible with what you buy and happy to make your own lunches and cook from scratch the majority of the time.
Unless you're going to live in the middle of a city I'm sure you will be able to find somewhere you can afford and you will be able to eat but you will have to accept that there will be a massive drop in disposable income. In terms of food, you will be fine with a £35 weekly budget so long as you are sensible with what you buy and happy to make your own lunches and cook from scratch the majority of the time.
King David said:
It all depends where you live in the country. When I finished university I was earning about £1,100 after tax and found a house share where I was paying about £370 a month with most of the bills included (just had to pay for phone and internet from memory). This was in the West Midlands.
Unless you're going to live in the middle of a city I'm sure you will be able to find somewhere you can afford and you will be able to eat but you will have to accept that there will be a massive drop in disposable income. In terms of food, you will be fine with a £35 weekly budget so long as you are sensible with what you buy and happy to make your own lunches and cook from scratch the majority of the time.
http://www.zoopla.co.uk/to-rent/details/28628870?search_identifier=6f9463c2759d06f07a6ca4cad8082c11Unless you're going to live in the middle of a city I'm sure you will be able to find somewhere you can afford and you will be able to eat but you will have to accept that there will be a massive drop in disposable income. In terms of food, you will be fine with a £35 weekly budget so long as you are sensible with what you buy and happy to make your own lunches and cook from scratch the majority of the time.
That is the sort of thing we would be wanting, would be £61 a week each in rent.
Would that sort of thing be affordable?
Slow said:
http://www.zoopla.co.uk/to-rent/details/28628870?s...
That is the sort of thing we would be wanting, would be £61 a week each in rent.
Would that sort of thing be affordable?
I dunno, would it? That is the sort of thing we would be wanting, would be £61 a week each in rent.
Would that sort of thing be affordable?
That's £60 a week before you bills, so have a look at what other people have said about the likely monthly expense there. It's also worth calling up the agent who will be able to tell you what the deposit will be and how much the council tax is each month.
It's unfurnished as well apart from the white goods so you will need to have enough money for some basic furniture (or beg, borrow or steal from family) before moving in.
To be honest if I were in your situation I would be looking for house shares locally to you where a lot of the costs are all included and your room is ready furnished so there is a far smaller initial outlay. That will give you a better idea of the costs of living away from home and how good you are at budgeting your monthly spend.
Rather than looking at property search websites have a look at placed like roomshare.com and gumtree as well as your local rag. The downside of this is might be hard to find a place where all three of you can live.
Like others have said, this shouldn't be taken as a negative post, just one that looks at all the facts. Moving out of home for the first time should be one of the most exciting and liberating times in your life. There is no away of avoiding a massive drop in disposable income but it gives you the opportunity to become your own man and discover a lot more about who you are.
If you can afford it then go for it, but do make you consider what it will be like to have about £40 left each week to spend after the bills and food etc.
It's unfurnished as well apart from the white goods so you will need to have enough money for some basic furniture (or beg, borrow or steal from family) before moving in.
To be honest if I were in your situation I would be looking for house shares locally to you where a lot of the costs are all included and your room is ready furnished so there is a far smaller initial outlay. That will give you a better idea of the costs of living away from home and how good you are at budgeting your monthly spend.
Rather than looking at property search websites have a look at placed like roomshare.com and gumtree as well as your local rag. The downside of this is might be hard to find a place where all three of you can live.
Like others have said, this shouldn't be taken as a negative post, just one that looks at all the facts. Moving out of home for the first time should be one of the most exciting and liberating times in your life. There is no away of avoiding a massive drop in disposable income but it gives you the opportunity to become your own man and discover a lot more about who you are.
If you can afford it then go for it, but do make you consider what it will be like to have about £40 left each week to spend after the bills and food etc.
On top of your rent there is likely tho be the Council Tax, Electric, Gas, Phone and Internet to pay for. You'll probably consider Sky HD 3D Plus Fibreoptice Virgin Tivo to be an essential too.
Aside from that you need to be very clear that you are signing a legally binding Contract. This contract will convey responsibilities on both you and your landlord. On top of this there are statutory responsiblies too.
You should be very clear that your rent is due every period without fail and (for the purposes of this basic explanation) there is no legal defence to not paying it. Secondly, a fixed term contract is just that. Again you have no legal right to just walk away mid-term. READ the contract before signing it. If you don't understand something ask someone - not the Agent of the LL - there are plenty of online resources / forums - Landlordzone.co.uk , moneysavingexpert.co.uk .
If you pay a deposit / bond it must be protected in one of the approved schemes AND you given the Prescribed Information regarding it's protection within 30-days of the tenancy starting.
If there are gas appliances they must have a Gas Safe certificate AND be tested every 12-months.
Aside from that you need to be very clear that you are signing a legally binding Contract. This contract will convey responsibilities on both you and your landlord. On top of this there are statutory responsiblies too.
You should be very clear that your rent is due every period without fail and (for the purposes of this basic explanation) there is no legal defence to not paying it. Secondly, a fixed term contract is just that. Again you have no legal right to just walk away mid-term. READ the contract before signing it. If you don't understand something ask someone - not the Agent of the LL - there are plenty of online resources / forums - Landlordzone.co.uk , moneysavingexpert.co.uk .
If you pay a deposit / bond it must be protected in one of the approved schemes AND you given the Prescribed Information regarding it's protection within 30-days of the tenancy starting.
If there are gas appliances they must have a Gas Safe certificate AND be tested every 12-months.
I would also think of your long term goals. Are you eventually going to want to buy a house? If so, can you afford to save for a deposit?
I have rented since I was 18. At the time (2008) I earned £15k a year in a call centre which was roughly £1k per month. I lived with my partner who was too ill to work (Crohn's Disease) and couldn't claim a penny in benefits because a) I earned too much to claim Income Related Benefits and b)The OH had never contributed NI to claim Contributions Based Benefits. The rent at the time was £350 per month for a 1 bed flat. f
k me it was hard. We had the basic everything. Basic Sky, no mobile contracts. I had to run a car to get back and forth to work (Insurance alone was £200 per month) plus running costs.
We are a lot better off now with 2 kids, I have a decently paid job and the OH is in much better health and works nights in a care home. Our rent is now £500 per month and, although much more comfortable, we could probably still cut down on things.
Even worse, coming back to my first point about buying a house, is that we cannot afford to save for a deposit to buy a house. If I were you, I would be keeping this in the forefront of my mind. If you did decide you wanted to buy somewhere, would your parents be happy for you to move back in so you could save?
Just another perspective on things.
If it helps, my basic outgoings (council tax, gas, electric etc) are £870 per month, roughly.
I have rented since I was 18. At the time (2008) I earned £15k a year in a call centre which was roughly £1k per month. I lived with my partner who was too ill to work (Crohn's Disease) and couldn't claim a penny in benefits because a) I earned too much to claim Income Related Benefits and b)The OH had never contributed NI to claim Contributions Based Benefits. The rent at the time was £350 per month for a 1 bed flat. f
k me it was hard. We had the basic everything. Basic Sky, no mobile contracts. I had to run a car to get back and forth to work (Insurance alone was £200 per month) plus running costs. We are a lot better off now with 2 kids, I have a decently paid job and the OH is in much better health and works nights in a care home. Our rent is now £500 per month and, although much more comfortable, we could probably still cut down on things.
Even worse, coming back to my first point about buying a house, is that we cannot afford to save for a deposit to buy a house. If I were you, I would be keeping this in the forefront of my mind. If you did decide you wanted to buy somewhere, would your parents be happy for you to move back in so you could save?
Just another perspective on things.
If it helps, my basic outgoings (council tax, gas, electric etc) are £870 per month, roughly.
Edited by Mikeyplum on Wednesday 19th June 13:42
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