Help With Renting!

jogib

My Fiance and i are planning to move out of our parents houses' and start our own life by renting a flat together.

We know what we are looking for and have found many, many properties that we are interested in.

The thing we are having problems with is trying to work out all of our finances to see if we could afford the flat and save simultaneously.

I have made a list of things/bills that i know i will have to pay for, but I'm pretty sure i have missed a lot out.

so here is the list so far:

• The Rent (obviously)
• Water Bill
• Gas Bill
• Electricity Bill
• Council Tax
• SKY TV
• Broadband
• Phone Bill
• TV License
• Petrol Bills
• Insurance
• Mobile Phone Bills
• Food/ General (toiletries etc) Shopping Costs
• Possibly Renting a Parking Space

Is there anything else i have forgotten?

Please help, i appreciate any serious input.

Thanks.

clutton_2

Letting agents fees - could be a few hundred pounds or nothing at all depending on who you rent from

Pepzofio

Road tax, car maintenance & MOT costs.
Insurance - you haven't specified what you mean but remember you'll need car insurance AND contents insurance.

Do you have any hobbies/subscriptions you've forgotten about? I always forget my gym membership... (maybe I should use it a bit more often!)

jogib

Oh yea thats a point!,
I have a tendency to spend too much on beauty appointments, so i will have to sacrifice those!

beffyboodle

Don't forget contents insurance- It's wise to have this

Credit check costs - we had to have this done, it costs even if you pass it! Ours was £140


Do leave yourself some money for food and other household essentials too.

Hope this helps.

Pepzofio

Oh, and in upfront costs think about all the furniture/household items etc you'll have to get. I'd make a list of everything in your parent's house - even down to the contents of the kitchen drawer - and think about whether you're going to need to get one!

I already had a lot of stuff (kitchen equipment especially) and managed to get loads more (hoover, sofas, table/chairs mugs/cutlery etc) donated from relatives. I thought I'd covered everything, but still found I had to buy loads of stuff -

Bathmats
kitchen roll holder
mug tree
bathroom storage thingy
ironing board
washing line
fish slice
can opener

to name but a few!

I know it's not all essentials and you won't need everything the day you move in, but even if you're planning on buying it gradually, you'll need to factor it into your budget. (And a certain amount of it you will need up front - for instance your initial 'big shop' is likely to be MASSIVE, as you'll be buying ALL cleaning products/toiletries/food cupboard staples rather than just replacing bits you've run out of.)

Remember to make use of your local freecycle/charity shops!

Welshwoofs

• SKY TV
• Broadband
• Phone Bill

I'd look to roll those 3 into one by getting a bundled package...much cheaper than paying separately.

What about such things as dental costs and prescriptions?
Clothes?
Holidays?
Car servicing?
General entertainment (pubs, restaurants, cinema etc)

jogib

Hi All,

thanks for all the help so far!

As well as getting a list together of all the things i need to pay for, i also need help making a list of all of the furniture and possessions i will need to buy, again i have started this list, but it is too long to mention.

So if there is anything that you feel i might forget (either through your own experiences, or just through guessing) this would be very helpful too!

Thanks Again!

JoGib

adg1

When I moved into rented for the first time, I was a bit shocked about just how expensive it was - we live in London but I'm sure most things are similar except rental amounts.

Bills: Rent/Council Tax/Water/Electric/Gas/Telephone-Internet-TV/

Personal: Mobile phones/Gym memberships/Hobbies/Eating out and take-aways/Your respective commutes to work - bus/train passes etc. Lunches whilst AT work - remember a £5 sandwich etc every day is £100+ per month.

Other: Car costs (Tax, permits for parking, breakdowns)/Petrol/MOTs and running costs

Furniture: Can be as simple as saucepans (damn expensive), crockery.

Are you looking for furnished properties or unfurnished? Go for unfurnished if you can as you then build up your own collection of things that you can take with you. Make sure teh basics are there - beds, sofas, table and chairs, coffee table, cupboards, drawers etc so you can move in, then acquire the rest as you go along. Spreads the costs nicely if you do it this way.

Budget for weekly shopping. My wife and I spent about £60 -70 per week for the two of us, though shopping around will reduce costs. Also do online shopping as there are more price matches between people like waitrose and tesco - best for less and all that.

General shopping and spending money - clothes, shoes etc. A good pair of man shoes is a lot of cash nowadays. You can budget for your entire wages to be eaten with living costs, but its always nice to have your own money to spend on whatever you like.

Finally, renting a house costs money - you will have to stump up a 6 week deposit (normally 1 month - 6 weeks rent), your first months rent and any agency admin fees. Assuming the property costs £800pcm and agency fees of £250 (quite normal around here) this would be around £2150 as an initial outlay. There should not be any other costs associated with moving in other than actual move costs (vans/people helping etc). Check-ins to the property are the landlords responsibility as are inventories (you would cover the cost of a check out when you leave).

I think thats about everything I can think of but I'm sure someone will add what I have forgotten soon!