Monthly Expenses

aimex

Not sure if this is the right place to post so sorry if it isnt!

Looking to move out within the next 6-9 months and to buy a 3 bed semi detached property. Have no idea about what monthly expenses we are looking at in total and therefore wondered if anyone had any ideas about that and amounts each month so i can attempt to do a budget!

thanks guys!

x

maninthestreet

Do you currently own a property? If so, how much is it worth, and what is the outstanding mortgage debt?
DO you have any other debt, e.g loans, credit cards, etc?
What sort of price are 3 bed semi-detached houses selling for in your area?

Premier_2

Are you sure buying a property is the right thing for you to do? What made you come to this decision without any idea of how much it would cost?

lisal0u

Hi,

Here's my monthly budget for the household:

Mortgage: £700
Fuel: £45
Food: £240
Diesel: £100
Car servicing: £35
Car insurnace: £? Pay mine off yearly
Council Tax: £97 (Band A)
Water: £16
Telephone: £11.60
Mobile: £35
Buildings & contents: £25 ish
Internet: £15.99
Loans
Credit cards
TV licence: £11 ish

I think that covers the big ones. If you look at this: http://www.moneysavingexpert.com/budgetcalculator.phtml

It will give you a good idea of all the other costs that can crop up.

Hope this help
Lisa

mlz1413

aimex wrote: »

Not sure if this is the right place to post so sorry if it isnt!

Looking to move out within the next 6-9 months and to buy a 3 bed semi detached property. Have no idea about what monthly expenses we are looking at in total and therefore wondered if anyone had any ideas about that and amounts each month so i can attempt to do a budget!

thanks guys!

x

As you say you will be moving out i'm guessing this is our first property, as lisal0u has said go to the budget calculator and put in all the expenses you have now.

Then chat to the owner of where you live now, both your parents and any friends who own or rent a property ask what they pay.

Then do your budget calculation again, if you can't get info from friends and family go and see a few rented properties and ask the agent what the council tax is and any estimated cost for utilities they can give you.

Remember you are aiming quite high up the ladder for a 3 bed semi so if you doubt you can afford it maybe you could rent for a short period to get a real look at what things cost.

aimex

Thanks for the replies. I will check out the budget calculator, thats great. Thanks for the breakdown Lisal0u - thats also really useful.

Yes, we are first time buyers - have no loans and pay off full balance of credit cards each month. currently living at home with parents.

Just wanted to start making a list of expenses so this is a really useful start. We do have a rough idea but wanted to compile a list as i said. and yes we have thought about it premier, hence the post.

xxx

maninthestreet

aimex wrote: »

Thanks for the replies. I will check out the budget calculator, thats great. Thanks for the breakdown Lisal0u - thats also really useful.

Yes, we are first time buyers - have no loans and pay off full balance of credit cards each month. currently living at home with parents.

Just wanted to start making a list of expenses so this is a really useful start. We do have a rough idea but wanted to compile a list as i said. and yes we have thought about it premier, hence the post.

xxx

How much do you have in savings? 100% mortgages have just about dried up.

aimex

hi maninthestreet - will not be getting a 100% mortgage and would not consider it anyway - silly idea if you ask me! x