What sort of overall cost for renting.

[Deleted User]

PasturesNew wrote: »

You've not said what sort of work you do, but keep an eye on how much LHA would pay towards your rent if you were to be laid off.

At your age you'd get the local "shared house" rate and about £47/week dole to live off ... this would leave you with a serious shortfall in your ability to pay your rent if your income were to dry up.

It might be worth considering a studio flatlet as your first place. OK it can be a bit cramped if you're living, working, sleeping in one area, but it IS cheaper. You can save probably £200+ per month as you'll be paying less: rent, council tax, heating, insurance.

I work from home and live in one so I know what I'm on about ... but you've given no details.

I don't really need to disclose the way I'll be earning, right now I'm not sure. I'm in the process of launching a business, ideally this will be my main income, however I have a multitude of back up plans, including web development as a career. I'm aiming low - I think £500 is a low amount - so that I do have the safety net, as such, in case I do lose my income. I plan on saving up for months in advance, making sure I have at least 5/6 months rent backed up, so if I do somehow lose my income, I've got chance to go out and get a new job, I also have parents to fall back on in a worst case scenario, they're willing to board me if I ever hit financial hardship.

In regards to going with a studio apartment/flat, I like the idea of that and I've seen some really nice ones, however the price for a 'really nice' is similar to that of a nice large apartment. Also, if the afore mentioned business goes ahead, one of the bedrooms will be needed for an office, at least whilst the business is getting off the ground, whilst I don't have the capital for a proper office.

So yeah, a studio apartment won't be suitable I don't think, but in a worst case scenario and I do have problems coming up with the money, I'll probably go with one, but I would much rather spend an extra £200 on accommodation and live in a really nice place, as opposed to saving £200 and living in somewhere I'm not entirely happy with. I rarely go out and don't drink/smoker/drugs, so I make a saving over the majority of people my age there, which will help