Single person, just bought house

widget1974_2

As the title says I have just bought a new house (had it for a great price) and I am single. I havent moved in yet, that comes this weekend and I am worrying about the costs of everything and with only one income coming in. Property isn't really large enough to get a lodger. Has anyone got any ideas to help me out?

poppysarah

What did your pre-house buying budget say?

1 bedroom place? Or just small?

widget1974_2

Its 2 bedroomed. Original price £154,950 I got it for £137,000. Luckily I dont have a 100% mortgage

dean_ham

You have bought a house with out working out a budget of what you can expect to pay out each month and if your current takehome salary would give you a decent living after all the outgoings......

God...

No wonder house prices have gone out of control.

poppysarah

2 bed so you could have a lodger. You should perhaps have the smallest bedroom yourself so you get more income from it?

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4017804
Worth a read on that. Don't forget you can charge rent and half of bills. Until you get someone claim your 25% discount on council tax.

lilac_lady

If you pay every essential bill by direct debit when you get your wages then divide what's left into the number of weeks in the month and stick to your budget, you should be ok. Save something every month to start an emergency fund to cope with unexpected expenses. Good luck!

lagi

were you living at parents before? or renting?

Of all the things your going to be paying out for, you will only get discount for council tax for being a single person.

Everything else, gas, electric, 2 different water bills, t.v. licence, internet access, mortgage, insurance will all come from you. Thats not including any other extras you may do outside your house, like gym membership, car costs, socialising.

Would make the littlest room your own and rent the big room if your struggling.

( I may have even missed some, worth getting the spreadsheet out and seeing what your total monthly outgoings are going to be. I hope you are fine but you need to know what your budget is.)