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HELP! Renting flat vs staying at home...

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Comments

  • Schwade
    Schwade Posts: 307 Forumite
    If you stay and keep developing this reliance relationship with your mum, I have a feeling your mum is gonna want to move in with you in the future :)
  • DannyboyMidlands
    DannyboyMidlands Posts: 1,880 Forumite
    I'm a boy so will let others deal with the emotional side of this. From a purely financial point of view, if you have ambitions of buying your own house then you should stay with your mum until you do. With rent and bills it'll take many, many years longer to save a deposit if you move out. You might be moving on with your life but moving onto what? What's so great about handing over £750pcm to some landlord?

    Also, when you start your new high-flying job you should continue to live your £18k lifestyle. Save every penny of the additional earnings.

    Good luck.
  • rexmedorum
    rexmedorum Posts: 782 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    edited 24 March 2011 at 6:35PM
    DannyboyMidlands wrote: »
    I'm a boy so will let others deal with the emotional side of this.
    Steady on mate!!! I am one too and I definately value my independance & sanity highly

    DannyboyMidlands wrote: »
    What's so great about handing over £750pcm to some landlord?
    Well your own indenendance for starters, though surely you'd be looking more towards the cheap end of the market. If you are willing to sacrifice location you may be able to get soeing half decent for 500 or so. Which with your new job you should be able to aford.

    DannyboyMidlands wrote: »
    Also, when you start your new high-flying job you should continue to live your £18k lifestyle. Save every penny of the additional earnings. Good luck.
    Obviously :beer:
  • Opinion
    Opinion Posts: 401 Forumite
    edited 24 March 2011 at 6:30PM
    I think HazyJo has it down to a tee. And just to add to my own post, I've lived with mum, then nan, grandad and mum, then mum, then nan and grandad, then moved out, then moved back with mum/nan/grandad, then on my own. I can verrrryyy safely(and happily) say that moving out has MASSIVELY improved my relationships with all three. The first time I moved out and rented with a friend me and my mum would pass money between each other as and when we needed it, and that was fine. Now we each own our own places and our relationship is about as good as it has ever been; same with me/nan/grandad and mum/nan/grandad.

    I don't know where you live but the first place I rented was a two bed, split with a friend, at £750pcm, earning a couple £k a year less than you, with reasonably high outgoings, and I would do it again, and again, and again.

    I don't think you can put a price on freedom. The ability do what as you like(and your boyfriend) and come and go as you please--even if you end up just sitting your OWN lounge--is fantastic.
  • g_attrill
    g_attrill Posts: 691 Forumite
    At 44k combined and living at home you must have really really high outgoings? An SOA might be helpful. With both of you on 26k that should be enough to rent a nice place with a fair bit left over.
  • DannyboyMidlands
    DannyboyMidlands Posts: 1,880 Forumite
    Yes but the grass is always greener on the other side of the fence isn't it? Personally I was just as p*ssed off after a couple of years renting as I ever was living at home.
  • Marvel1
    Marvel1 Posts: 7,461 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 24 March 2011 at 8:41PM
    You are earning the same as me £18K a year and I'm living on my own with a mortgage, my younger sister moved out before me (I was 25 when I moved out) with her B/F and I continued to save and it paid off, only a small house (if you can even call it that) but it's mine and £300 is very cheap for you both combined.

    I can only suggest you write down you total outgoings, I use Excel and find ways to save on non-essentials.
  • franklee
    franklee Posts: 3,867 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    edited 24 March 2011 at 9:31PM
    I suggest you can't make any decisions till you've got on top of your budget. You pay rent £300 a month, which is cheap obviously but just how cheap depends on exactly what the £300 covers. Do you contribute towards the council tax and utility bills? If not then you will find renting far more expensive than the rent going from £300 to £750 pcm. What about food, washing power and other consumables, do you really buy all your own or does mum give you the odd bits here and there. With a high joint income (£18k+£26k) and being unable to save now there must be something seriously wrong, go to the debt free wannabe forum and do a full SOA. This will be essential regardless of if your decide to stay put and save for a house deposit or go renting.

    This sticky thread is the place to start:
    https://forums.moneysavingexpert.com/discussion/107280

    Even if you are now debt free or nearly debt free to it anyway as it'll help you save!
  • chloo
    chloo Posts: 287 Forumite
    what on earth do you spend your money on?!!!

    im 19 and my oh is 20

    im a full time student getting a grant and loan (5k per year) i work p/t and earn just over 7k so my incombe totals 12k per year

    my oh is a supervisor for a high street store and earns £600 per month

    we rent a flat for £530 per months and including bills food everything we each pay £490 per month now this does include a little over paying so we do have the money just incase the gas bill is higher than usual or our freezer defrosts and we have to buy a whole lot of new food sort of thing

    so in a year we jointly earnings are 19,200 and i try not to use my student loan if possible so i dont use 3000 of mjy 12000 per year we manage just find but run cars and manage to go on at least one or two hoilidays every year and have a little savings about £600

    you two need to sit down and work out who will pay what. you also need to work out how long it will take to save up your deposit on a house and maybe stay with you mum for the time being
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