Can i afford it....

loulybooly

Ok so, id love a house of my own, i earn just over £700 a month (in the middle of looking for a new job) you think i can do it?
How much around would i have to save each month to start me off you think?

Im new to this!

(wrong forum im sorry! i just know il be put into ALOT of debt)

KME91

When i lived alone i rented a betsit in Worcester, which cost me 390 a month, council tax was £60 a month, water another 10, gas and electricity another 20, tv licence was 9, then on top of that i had to pay for food, transport, phone, insurance, emergencies etc. it was tight, and that, amongst other things was how i got into 40 grand debt. bear in mind this was five years ago and everything has gone up considerably since then.

if you can share with someone it'd be easier. my brother and his partner rent a big house together, they pay 450 a month each for everything, except food and going out and stuff.

you'd need to save a deposit, to rent it's normally a months rent in advance plus the first month's rent on the day you move in and you may also have to pay estate agent's fees. you'll also need to buy furniture, and possibly hire a van to help you move, although i've always got family and friends to do that with their cars.

To buy you'll need at least a ten percent deposit, to get a mortgage, so where i live a two bed house is £120 000, i'd be looking at around 12 grand deposit. plus fees which i'm not so big on, but someone else will be along to help you soon no doubt.

it can be done, but it depends on the cost of homes in your area, and it also depends on how much of a budget you can stick to.

loulybooly

Thanks alot, helped a deal