Moving out - First time

[ironictwist]

Over the past 24hrs, I've had the realisation that the plans I had made for the next 2-3 years may go completely out the window, I'll know in the coming fortnight whether that's the case.

Regardless, my original plan of moving out of the family home at 25 to a lovely little place near my work in a hideously wealthy area is under fire (Along with the Chimaera!! )

It's become apparent that I may have to buy a place in Summer 2010, or at the least move out. I wasn't expecting to deal with this kinda stuff yet, but I know I need to seriously look at the prospect & just weight it up.

Could the folks of the P+P give me a better indication of what costs I'm looking at.

Rent/Mortgage
Council Tax
Gas
Electricity
Phone
Car insurance
Petrol budget pcm

What other costs am I missing? I know there are some really obvious one!

Also, here is a further scenario to get a number of viewpoints on:

Come Summer 2010, I could well be getting hitched, so of course we would need our own place. But am I crackers looking at a mortgage/renting with my income only just nearing the mid twenty mark bearing in mind my plans are looking to move into the borders of E.Sussex (Think areas around Forest Row/E.Grinstead for those that know the area).

Basically I'm looking for totally honest/brutal advice, because essentially whatever move I take will turn what was a well sorted/comfortably executable plan for my life into the total unknown for me.

Much appreciated ladies & gents

Forever yours,
Senor Twist

[Penny-lope]

But to name a few more

House insurance...buildings/content
Internet
Tv..licence
Sky/Virgin?

[1066]

TV Licence
Contents/Life Insurance (if you buy a place)
Internet
Food

etc

edit: not quick enough.

Edited by 1066 on Sunday 1st February 13:22

[JDMc]

Water Bill











FOOD......

[metro lover]

i moved out for 6 months and didn't recieve 1 ball, except rent

[Penny-lope]

metro lover said:

i moved out for 6 months and didn't recieve 1 ball, except rent

Why would you want a ball? I'd be more worried about bills

[B17NNS]

A lot of those questions only you can answer.

Mortgage - what can you comfortably afford to borrow?
Petrol - depends on the vehicle and mileage covered.

A few things to also consider...

Socialising
Mobile Phone
Water Rates/Meter
Broadband
TV Licence/Sky/Virgin WHY
Pension
Vehicle Insurance
Vehicle maintenance
Road tax
Christmas/Birthday Presents
Clothing
Holiday
Buildings/Contents Insurance

Create a spreadsheet and put all your outgoings in one column and all of your income in the other. Break everything down into monthlies.

But be warned - it is a scarey exercise.

Edited by B17NNS on Sunday 1st February 13:26

[robinhood21]

+ Time. Cleaning, cooking, washing (clothes etc), and weekly shop.

[metro lover]

Penny-lope said:

metro lover said:

i moved out for 6 months and didn't recieve 1 ball, except rent

Why would you want a ball? I'd be more worried about bills

ha ha, i meant bills but because i've got a one track mind and was looking at a ball i said that

[Nickyboy]

ironictwist said:

Rent/Mortgage Minimum £500
Council Tax Band A £100
Gas Budget for £50
Electricity Budget for £50
Phone £40 a qtr
Car insurance Depends on car/age etc
Petrol budget pcm Depends on car/mileage
Water Budget for £40
TV Licence £15
Home insurance £50
Mortgage insurance £35

Thats based roughly on me in a 2 bed ex council flat.

Obviously if you want things like Sky/Broadband then you have to add them on

[Penny-lope]

B17NNS said:

A lot of those questions only you can answer.

Mortgage - what can you comfortably afford to borrow?
Petrol - depends on the vehicle and mileage covered.

A few things to also consider...

Socialising
Mobile Phone
Water Rates/Meter
Broadband
TV Licence/Sky/Virgin WHY
Pension
Vehicle Insurance
Vehicle maintenance
Road tax
Christmas/Birthday Presents
Clothing
Holiday
Buildings/Contents Insurance

Create a spreadsheet and put all your outgoings in one column and all of your income in the other. Break everything down into monthlies.

But be warned - it is a scarey exercise.

Edited by B17NNS on Sunday 1st February 13:26

Now stop it, you're going to put him off

Also got to think about things like...the washing machine breaks down, or the boiler...call out charge, plus charge to get it fixed. You lose your keys...cost of changing locks. Or daft things like....would you have a pet? Cost more than you'd think. Yep the list is pretty much endless.

But it's worth all the cut backs. Nothing like having your own place and space

[Matt..]

I have a spreadsheet and simple accounts application to keep track of all my finances, you really need to do the same.

I would estimate your expenses (inc food) will hit at least £1,100/month.

[Penny-lope]

Nickyboy said:

ironictwist said:

Rent/Mortgage Minimum £500
Council Tax Band A £100
Gas Budget for £50
Electricity Budget for £50
Phone £40 a qtr
Car insurance Depends on car/age etc
Petrol budget pcm Depends on car/mileage
Water Budget for £40
TV Licence £15
Home insurance £50
Mortgage insurance £35

Thats based roughly on me in a 2 bed ex council flat.

Obviously if you want things like Sky/Broadband then you have to add them on

How much is your house insurance

Mine has never been more than £350 a year.....and at the mo, since I am only renting, it's only £75

And if you go for a pack deal on your TV/Phone/Internet..you save a bundle

[metro lover]

ironictwist said:

Rent/Mortgage Minimum £500
Council Tax Band A £100
Gas Budget for £50
Electricity Budget for £50
Phone £40 a qtr
Car insurance Depends on car/age etc
Petrol budget pcm Depends on car/mileage
Water Budget for £40
TV Licence £15
Home insurance £50
Mortgage insurance £35

Bringing any woman you want back at anytime you want... PRICELESS

Edited by metro lover on Sunday 1st February 13:39

[Jasandjules]

Buildings and Contents insurance
Mortgage and/or Income Protection Insurance
Life Assurance
If the car isn't bought, the loan for it, and car tax.
Food will be more expensive than you think, and eating out/takeaways

If you can, perhaps share a flat with a mate or two to split the bills?

[AndyBe]

You're 25, and not expected to deal with this kind of stuff yet ?

[HRG]

ironictwist said:

Over the past 24hrs, I've had the realisation that the plans I had made for the next 2-3 years may go completely out the window, I'll know in the coming fortnight whether that's the case.

Regardless, my original plan of moving out of the family home at 25 to a lovely little place near my work in a hideously wealthy area is under fire (Along with the Chimaera!! )

It's become apparent that I may have to buy a place in Summer 2010, or at the least move out. I wasn't expecting to deal with this kinda stuff yet, but I know I need to seriously look at the prospect & just weight it up.

Could the folks of the P+P give me a better indication of what costs I'm looking at.

Rent/Mortgage
Council Tax
Gas
Electricity
Phone
Car insurance
Petrol budget pcm

What other costs am I missing? I know there are some really obvious one!

Also, here is a further scenario to get a number of viewpoints on:

Come Summer 2010, I could well be getting hitched, so of course we would need our own place. But am I crackers looking at a mortgage/renting with my income only just nearing the mid twenty mark bearing in mind my plans are looking to move into the borders of E.Sussex (Think areas around Forest Row/E.Grinstead for those that know the area).

Basically I'm looking for totally honest/brutal advice, because essentially whatever move I take will turn what was a well sorted/comfortably executable plan for my life into the total unknown for me.

Much appreciated ladies & gents

Forever yours,
Senor Twist

Your outgoings will nearly always exceed your income for the first twenty years or so. Welcome to adulthood and the realisation that your parents done a lot for you over the years

[john_p]

AndyBe said:

You're 25, and not expected to deal with this kind of stuff yet ?

I KNEW this thread wouldn't get off the first page without a comment like this

[okgo]

AndyBe said:

You're 25, and not expected to deal with this kind of stuff yet ?

Surely you would want to grow up?

I deal with all that at 20. Couldn't imagine living at home now.

[djmck30]

Matt.. said:

I have a spreadsheet and simple accounts application to keep track of all my finances, you really need to do the same.

I would estimate your expenses (inc food) will hit at least £1,100/month.

About right IMO

Me:

(all monthly)
Rent £850
Council Tax £120
Utilities £70-100
Virgin media bundle £30

So budget on about £1,100/month about right to keep the flat - that's before you visit tescos (you will spend 2x more than you think - all those cleaning products/washing poweder etc. add up)or the petrol station or set money aside for car tax/insurance/servicing fund.

Still, do it regardless - you're 25 FFS and need to start making your own way in the world.

If you're earnings aren't up to this solo, consider sharing with a mate. This can be a good laugh and basically halves all the costs except food & car. But make sure your friendship can handle this!