House Prices UP 3.5% YOY. Land Registry

dean_ham

I made my calculations on an 80k mort.

Mortgage £80,000ish over 22 years @ fixed rate of 5.25% = £500 Per month in mortgage payments.
Council Tax = £90
Water = £50
Electric = £50
Gas = £50
House Insurance = £20
Food = £200
Broadband = £30
Sky = £30
Tv Licence = £15
Mobile £30
Telephone = £25
Money for car repairs/tax/maintenance = £50-100
Petrol = £120
Car Insurance = £50
Savings for a raining day/hollidays/etc etc between £200-500

Im just guessing to be honest, but i dont think im far off?

Anyway I make that £1560-£1860 depending how much i save.

OK with out saving any it will cost £1360 a month to run.
Dont get me wrong, i dont need broadband/sky. But thats only an extra £60.

I live in a non LLU area so my broadband will cost roughly £30 and also i have no freeview in my area so £15-30 for sky will be needed tbh.

Anything ive overbugeted/underbugeted?

dean_ham

Also £200 a month for food will be for 2 people. But i want to make sure i can live on my own if the person leaves so... your talking £1250-1300 to run the home for 1 person.

Woby_Tide

OK fair play at least you've thought things out. Can only compare with ours but being regional these won't necessarily match but(based on 3 bed det):

Water: think ours is £30 in total(we pay seperate companies for water in and out but on a meter)
Gas/Elec current DD is £74 but think according to my calcs should be £60 for us
Telephone £25 can probably be changed with various deals out there
Also up to £1000 for car expenses seems high-ish

those are only obvious differnces, but everyone classes different things as 'running a house'. i.e. mobiles, broadband I wouldn't class as nescessary to running a home, mobile would be personal cash, still a cost but just changes calculations.
Including savings as being a 'household cost' will also make 'cost of living expensive', you should work in reverse about what is left after core bills and real living, then that gives you savings/personal spending money. But that's all just my opinion

nelly_2

Actually dean is thinking about it properly, remember the person on here a bit back who was going to buy and only left himself with 60 quid a month an had forgot about food???

Well he'll be on the repo list by now.

All dean's expenses are about living not just the house and hes absolutely right too life is for living and not being stuck in a massively over expensive pile of bricks.

Ian_W

Dean's right, BUT .....
actually, he's comparing apples with oranges!!

Virtually all the costs he lists are the price [worst case mostly, but best to be cautious] of living as an adult, independent of parents, NOT of buying a house.

If/when he leaves home and sets up on his own or with his GF all those costs will fall to be paid whether he rents or buys with only a few exceptions:
Mortgage - substitute rent
Buildings insurance - still have to cover the contents
Repairs, maintenance, improvements.

I don't know what the cost of renting a similar property is in the valleys of South Wales but the difference twixt the 2 [+ the 2 other costs] is the REAL cost of owning rather than renting. Both have their up and down sides, it's really for individuals to choose which is right for them given their circumstances at the time.

Just goes to show, depending on your point of view,
how valuable your parents are -
Or what a moneypit kids are!!

Doozergirl

A property which costs two or three times your annual salary is not really what most of us would consider expensive at this point in time, is it? Really?

I think Dean's overestimated his expenditure purposely as it adds to the drama of the post on just how rubbish his life apparantly is - the sums don't add up! Our outgoings are about that for a family of four. Forgive me for being so blunt, but I sense a little petulance.

:cynical face:

CTT_2

Personally speaking I don't really care whether prices go up or down as where I live on the edge of Dartmoor more than compensates for this. I am happy in my house and thats all that matters. My house is worth alot more than I paid for it but if it were not it is still alot cheaper than renting and I am not answerable to anyone.

meanmachine_2

CTT wrote:

Personally speaking I don't really care whether prices go up or down as where I live on the edge of Dartmoor more than compensates for this. I am happy in my house and thats all that matters. My house is worth alot more than I paid for it but if it were not it is still alot cheaper than renting and I am not answerable to anyone.

Er yeah thanks for that.

It's alot cheaper because you bought it before rampant and unsustainable house price inflation.

Think about if you had to buy it off yourself and then work out just how well off you'd be.

I try not to fraternise with smug homeowners myself, but of those that I do allow into my circle of friends, none of them, when asked, would be able to buy their own homes now at 2005 prices.

Makes you wonder who IS going to buy them from them in the future...

dean_ham

Doozergirl wrote:

A property which costs two or three times your annual salary is not really what most of us would consider expensive at this point in time, is it? Really?

I think Dean's overestimated his expenditure purposely as it adds to the drama of the post on just how rubbish his life apparantly is - the sums don't add up! Our outgoings are about that for a family of four. Forgive me for being so blunt, but I sense a little petulance.

:cynical face:

THE PROPERTY IS ONLY 3 TIMES MY ANNUAL SALARY IS BECAUSE I HAVE NO CHOICE BUT TO LIVE IN A DUMP.
I will be paying £80k for a house that was built 125-150 years ago that was built for miners on an edge of a mountain.

"Overestimated my expenditure purposely to add to the drama?"
I am 20 years old, i have only a rough idea of how much the cost of living will be... im asking for peoples advice if my estimate on track... most people have said im roughly correct with my estimate... and you give a sarcastic answer like that.

"The sums dont add up".... OK you show me where it doesnt add up.

"Our outgoings are about that for a family of four. Forgive me for being so blunt, but I sense a little petulance. "

I dont really care if you have a family of four, what difference is the outgoings going to be if you have 4 people living in a home compared to 1 person living in a home. Food bill?
Dont worry all your family allowance and tax credits will cover that anyway.

And wouldnt you have a little 'petulance' as you put it. If in 2 years the average price around your area goes from £20-25k to £80-100k.
Just thank your lucky stars you arent a FTB at this moment in time.

Woby_Tide

dean_ham wrote:

I dont really care if you have a family of four, what difference is the outgoings going to be if you have 4 people living in a home compared to 1 person living in a home. Food bill?

I'd say the following items on your list are affected depending on a 1 person v 4 person household
Council Tax(single person discount)
Water(if metered)
Electric(will be less)
Gas (likely to be less, read George_Brays infamous 1 person gas routine on the Gas/Elec Forum and your bills certainly won't be £30 a month)
House Insurance (contents will be slightly reduced)
Food (covered as you say)
Telephone (depending how old family members are could be much higher)
Savings for a raining day/hollidays/etc etc between £200-500, again all circumstantial

The other option if you are buying 2/3 bedroom is option of girlfriend moving in as 'lodger' or having a mate rent a room. Shares some of th ebills, pays fair part of rent allowing you to have even more lifestyle outside of work plus someone to knock around and spend the spare money with, certainly at your age imagine there are quite a few in similar circumstances if you wanted that route