First house budget?

monkeyshavingexpert

Hi, I'm looking to buy a house with my partner. Neither of us have owned property before & don't know where to start budget-wise. I've had mortgage advice, but I'm afraid it wasn't very helpful. Here's a bit of background:

We're in our mid-20s, debt free, and our only (non-property-associated) bills are:

. tax, insurance, fuel for 1 small car
. public transport expenses (about £70pcm)
. food
. gym membership

we have a combined, post-tax income of £2700pcm & savings of around £18k.


Could anyone suggest what our budget might be & why?

SAP_Saver

budget for what? groceries, bills, or stamp duty and solicitors fees...

-Stamp Duty is 1% of house price under £250k and 2.5% for those over £250k
-Council Tax is around £100 a month maybe less maybe more dependant no your house size and your area.
-Elec and Gas can be from £30 to £70 a month dependant on the size of the house and usage.
-Contents and building Insurance can be upto £30 a month or as little as £12
-Water is dependant on if you have a water meter or pay the standing charge.
-TV licence is over £120 a year now
-food bills is up to you...

Hope this helps if not...
be more specific with your query so more people can comment.
Also if you want to look at budgets people post theirs on the debt-free-wannabe boards...

sarah_elton

Specifically, (1) a monthly budget and what you need to budget for? i.e. mortgage, council tax, utilities, groceries etc.

Or (2) actual buying budget? There's the one off costs of solicitors, stamp duty, moving, furniture/appliances etc.

richgirl

Also repairs and maintenance, again depends on the property, perhaps £50 a month budget ?

theGrinch

dont forget removal expenses, new furniture and homewares or repairs and changes you need to make to the property itself.

sarah_elton

SAP_Saver wrote:

-Stamp Duty is 1% of house price under £250k and 2.5% for those over £250k

Or nothing for properties under £120k.

SAP_Saver

sarah_elton wrote:

Or nothing for properties under £120k.

Sorry I forgot about this... where I live it is rare to find a decent property under £250k

sarah_elton

SAP_Saver wrote:

Sorry I forgot about this... where I live it is rare to find a decent property under £250k

Ahhh, well you could here but the price you would pay would be moving to deepest Essex.