I want out!

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sonic91
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I want out!

Post by sonic91 » Sun Aug 12, 2007 4:14 pm

Bottom line: I am too old to be living with my parents (though I am not old, exactly, I feel that as I am 22 in a few weeks time I need to move out). My friend and I have decided to rent a flat together, splitting the rent and all bills 50/50. We think it's a good idea, as we both want out from our parents' houses and we don't want to live alone (I had the house to myself a few weekends ago and is was boring and lonely!) We both have fairly low income jobs (without giving too much away we collectively make around [rough guess] £1500 per month) and a 2 bedroom apartment in our area costs about £600 per month to rent. Do you think we would have enough money to live on if we were to persue this plan? (We are both complete dunces when it comes to renting and property, but my brother is an estate agent with over 5 years experience, so I can learn from him!)
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woody.cool
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Post by woody.cool » Sun Aug 12, 2007 4:32 pm

I was in a similar boat a few years back & I'm still renting.

However £1500 sounds v.low - and with the rent being £600 p/mnth you'll be pushing it a bit, especially after bills and food have come out of that - it'll leave you with little 'flash money' (as I like to call it) - meaning you won't be able to go out on the p!ss as much.

I would try to look for something cheaper if I was you - but that's only MY opinion - others may disagree. One thing I do agree with, is the need to move out from your folks - it was the best thing I ever did.

Basically you have to calculate for the following expenses:

Rent (well this is the biggy, and the most obvious)

Gas bill - one of the most expensive commodities - you may not have to in a flat if you only have electric

Electric bill - this is another expensive (ish) bill - especially if you have no gas and therefore have electric heating

TV Licence - You'll need this is you want to watch TV (legally)

Car Tax - only if you drive

Car Insurance - yet again - only if you drive

Council Tax - the one thing that most people forget about. The problem with Council Tax is that it's the only bill you can get sent to prision for not paying, you can duck & dodge utility bills (although you may get black listed & in trouble with the bank) but the Council can put you behind bars for not paying Council Tax (or so I've been told)

Water - Yep! That's right! That lovely clear liquid that comes from the tap has to be paid for (you'll either have a water meter as most do, or you'll pay a fixed charge)

Food / Shopping - well you have to eat something - believe me, learn to cook, it's a lot cheaper than keep buying take away.

Phone bill - if you plan on having a land line phone, you'll need to pay for that - the bill will be separated into service charges & call charges.

Mobile phone bill - if you have a contract phone - it's obviously gonna need paying too!

Credit cards - one thing I'm not too good with myself.

Most of this is just common sense, but it all mounts up - this list is not exhaustive.
One recommendation, when it comes to Gas & Electricity, due to the de-regulation of the market, you are able to choose which Gas & Electricity provider you go with - shop around for a good deal & another tip - make sure the Gas & Electricity meter(s) are well maintained - Gas meters are more economical if looked after - this should be the landlords responsibility.

If you have a pre-payment meter (you put money on a card and then take it home and stick it in the meter) you're on the most expensive plan there is. Example: if you spend £5 on Gas (pre-payment card), £1 of that is service charge, meaning you only get £4 worth of Gas - RIP OFF!

One final bit of advice - if you find somewhere and like it - before you can move in the landlord/letting agent may require you to put down a 'security deposit' & at least a month's rent up-front. For me that was around the £2,000 mark - I had to put down £850 Security Deposit and 1.5 month's rent upfront (1 month = £550).

If there's one thing I can advise - DO YOUR MATHS, Make sure you can afford it between you.

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Post by Sega2006 » Sun Aug 12, 2007 6:14 pm

Slight continuation on car tax, if the car is over 25 years of age then road tax is free but you will still have to pay for everything else though.

I still live with my parents but free rent and food is great

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Xesh
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Post by Xesh » Sun Aug 12, 2007 6:33 pm

woody.cool wrote:However £1500 sounds v.low........
You think that's low! :shock:

I've got my own house (mortgage) and all the other bills and I only get £1000 per month. Mind you I don't own a car or mobile phone. In my area it was actually cheaper to mortgage a house than rent it. To rent a house in my area would cost around £600-700 per month. My mortgage is half that! On top of that I managed to get my house when the prices were at their lowest about 12 years ago. That wasn't due to any cleverness on my part though, just dumb luck.

You also have to factor in things like life/buildings/contents insurance and internet access as well.

Also if you live in an area that has cable it may be cheaper to get a package deal (phone, TV, internet and mobile) although you will still have to pay the TV license even if you don't watch BBC. :evil:

Just make sure that you have a good look around and see what's available. If there's no rush for you to move out don't just take the first thing that comes along. If you do you my regret it later.

If you're renting make sure to factor in any deposit/advance rent that the landlord may want and check the terms and conditions to see what you can and can't do. With the last place that I rented the T&Cs said that I wasn't allowed to make any modifications to the house without asking the landlord. If I made any changes then the landlord was within his rights to either increase the rent or throw me out for breach of contract. That is a bit extreme but it is something to consider.

Just make sure you read any contract before you sign it otherwise you may get caught out. It may be an obvious thing to say but many people will sign anything official looking without reading it first. I've had a couple of cases where I caught some requirement that I was not otherwise told about.

Anyway good luck. :)

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Post by Dudley » Sun Aug 12, 2007 7:11 pm

1500 net or gross?

I make an amount not entirely unconnected with that if we're talking net. My rent with council tax is £560 (+ all other bills). I drive a car (but not to work) and I have no payments on it.

I end up pretty ok moneywise.
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Post by Elgin_McQueen » Sun Aug 12, 2007 9:18 pm

Also have to factor in the flatmate, if two months in they decide they want to move back home again you'll be in for a lot of lonely nights.


:evil: If however they decide that they will stay sometimes at the flat to have a party every few days with only 5 mins notice fou you, you may find pissed off landlord and neighbours don't make good references.
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djcarlos
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Post by djcarlos » Mon Aug 13, 2007 3:06 am

I reckon go for it mate!

If you want it to work, it will... you may have to make a few sacrifices that's all.
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woody.cool
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Post by woody.cool » Mon Aug 13, 2007 3:10 am

Xesh wrote:
woody.cool wrote:However £1500 sounds v.low........
You think that's low! :shock:

I've got my own house (mortgage) and all the other bills and I only get £1000 per month.....
I only get £1000 - I was referring to the fact he said they earn £1500 between two people - for one person to take home £1500 is bloody good for two people to earn as little as that is a bit tight.

Also my rant is that the cost of living is rising but the wages are not rising at the same level and therefore there are more & more people getting into debt and having money problems.

On that subject when I moved away from my folks I was taking home (after tax & insurance) only £650 a month. Luckily I was going in with my bro. Now it's a different story, different job, more pay, cheaper area to live. :D
Last edited by woody.cool on Mon Aug 13, 2007 3:37 am, edited 1 time in total.

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Post by Antiriad2097 » Mon Aug 13, 2007 3:29 am

Do it. Your parents will thank you for it - they're probably more cheesed off with the current situation than you are. Free B&B is taking the mick at 22, you ought to be paying your way. I've got kids leeching off me just now and its not fun when cash is tight already, I have my own debts to pay and a life to live that doesn't revolve around giving you lifts home etc...
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sonic91
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Post by sonic91 » Mon Aug 13, 2007 3:34 am

We make around £1500 net between us per month, and neither of us drive (I've got a moped which I'm going to use eventually), we both have PAYG mobiles. We both realise we are going to have to make sacrifices but that's life. We are prepared to make sacrifices in order for this to work, but we are going to need a TV, so we'll have to split the TV licence fee (well, I have a lot of consoles that I'll need a TV for!) but we have decided to split everything. I was hoping to move out before Christmas but that doesn't seem realistic enough, maybe February or March. Anything else I should consider? (BTW, my parents don't seem all that happy that I'm still living at home, especially since my older brother moved out when he was 19! [but he moved in with his girlfriend]).
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Lay hold on Eternal life.

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Post by Bub&Bob » Mon Aug 13, 2007 3:37 am

You may find that you will be unable to get a rental agreement with that salary though - Some expect your salary to cover at least 30% of the monthly rent - You may have to find a guarantor :cry:
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woody.cool
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Post by woody.cool » Mon Aug 13, 2007 3:38 am

Bub&Bob wrote:You may find that you will be unable to get a rental agreement with that salary though - Some expect your salary to cover at least 30% of the monthly rent - You may have to find a guarantor :cry:
That's what parents are for :lol:

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Post by Antiriad2097 » Mon Aug 13, 2007 3:40 am

Assuming they trust you. There's no way I'd sign for my kids as they're terrible with money. One seems to have a total disregard for bills and treats them as things to be paid as and when she feels like it, even if that's several months and a threat of court action later.
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woody.cool
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Post by woody.cool » Mon Aug 13, 2007 3:42 am

Antiriad2097 wrote:Assuming they trust you. There's no way I'd sign for my kids as they're terrible with money. One seems to have a total disregard for bills and treats them as things to be paid as and when she feels like it, even if that's several months and a threat of court action later.
:shock:

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Post by Antiriad2097 » Mon Aug 13, 2007 3:42 am

I blame the parents ;)
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