FTB - Monthly Costs Plan

Venny

I am currently trying to plan ahead for when I move out next year into my own flat. At the moment, I am looking for a 1/2 bed leasehold flat, costing between £80,000 - £110,000. I have already looked at what my mortgage costs would be but would like some ideas of other costs that i will incur such as gas / electricity as well as min grocery costs people have been able to live on?

Thanks for any suggestions!

Red_Elle

I don't live in that kind of property, but to give you an idea of what to budget for, don't forget:

TV Licence
Telephone
TV (Sky, NTL, cable)
Broadband/internet costs
House insurance
Car tax, insurance, petrol (if applicable)
Gas, Electricity (ours is about £50 in total for both and we live in a 3-bed end terrace, with no double glazing)
Food (we probably spend about £200 a month, but this is way over what you can spend if you want to - we just don't need to be careful, so we're not )
Council tax (we're band A, which is the cheapest and cost £81 approx per month)

sashacat

you can check council tax for your area from your local council and think about water and whether your property will have a meter, most modern flats do. Also you need to think about the costs of the lease and the management charges...these last vary enormously and usually depend on the size of the complex/building and what's included eg outside painting/ lighting for hallway. haven't you got a friend in the area where you want to live , if so check with them

Red_Elle

You can check banding on here too:

http://www.voa.gov.uk/cti/InitS.asp?lcn=0

lynzpower

you might want to have a look on some of the threads on the debt free wanabee board, they certainly have the low down on the cheapest providers of all stuff you need

paint

Venny wrote:

I am currently trying to plan ahead for when I move out next year into my own flat. At the moment, I am looking for a 1/2 bed leasehold flat, costing between £80,000 - £110,000. I have already looked at what my mortgage costs would be but would like some ideas of other costs that i will incur such as gas / electricity as well as min grocery costs people have been able to live on?

Thanks for any suggestions!

Hi,

I live in a 1 bed flat. My fixed costs (i.e. the cost of 'running the household' but not including petrol, food, groceries, entertainment and miscellaneous expentiture) are as below:-

Council tax: 70.00 (band B, inc 25% single occupancy discount)
Car insurance: 23.23
Contents Insurance: 5.00
TV licence: 10.49
Telephone (mobile): 15.00
Telephone: 16.00 (BT for rental, talktalk for calls)
Life & Critical Illness: 22.50
Mortgage: 510.00 (balance about 76,000)
Broadband: 21.99
Ground rent: 12.50
Management charge: 48.66 (includes buildings insurance and water)
Electricity: 45.00
Car Tax: 12.50

Total: 812.87

Hope this helps.

mummytofour

Make sure one of the first questions you ask is how much is the Management charge is, last flat I was in was over £100 pcm and it was a pretty crap block!