SOA estimated values

tiggerjj

Hi everyone,

I am trying to work out my budget with buying a house and therefore do an SOA. But until I get into the house I have no idea what my bills are going to be as I have never lived in a comparable property.

So im looking for some advice as to estimate values for all the things I dont know.

The house is a small 3 bed mid terrace. It has gas for cooking and no heating at the moment, I plan to install a new boiler and gas central heating.

All help gratefully received,

[Deleted User]

gas/electric should be no more than £70 month,building/contents insurance £20 depending on area,water £32 month,council tax around £100(over 10 months),other things will depend on you

tiggerjj

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2066
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2066

Monthly Expense Details
Mortgage................................ 454
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 60.6
Electricity............................. 40
Gas..................................... 30
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 10
Mobile phone............................ 30
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 8
Groceries etc. ......................... 70
Clothing................................ 20
Petrol/diesel........................... 25
Road tax................................ 9
Car Insurance........................... 27.5
Car maintenance (including MOT)......... 17
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 7.75
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 250
Emergency fund.......................... 0
Personal Pension........................ 200
Total monthly expenses.................. 1340.85


Assets
Cash.................................... 13000
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 146000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 90000....(454)......3.6
Total secured & HP debts...... 90000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,066
Expenses (including HP & secured debts). 1,340.85
Available for debt repayments........... 725.15
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 725.15

Personal Balance Sheet Summary
Total assets (things you own)........... 146,000
Total HP & Secured debt................. -90,000
Total Unsecured debt.................... -0
Net Assets.............................. 56,000

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.



Opinions?

moneyuser

tiggerjj wrote: »

Statement of Affairs and Personal Balance Sheet
Monthly Expense Details
Council tax............................. 60.6
Is this over 12 mths?

Electricity............................. 40
Gas..................................... 30
Too high? I live in a 3 bed terrace as well and have a dd of 42.5 which covers gas/elec. Always in credit.

TV Licence.............................. 10
Usually £12?

Buildings insurance..................... 20
Contents insurance...................... 7.75
Too high? I currently pay £20 for both in an area that isn't very nice.

Opinions?

Do you have debt? (apart from mortgage)

niccatw

Have a look at your bank statements over the last 6 months-1 year. Your grocery budget looks good - but is it right? I only ask because I thought I was spending £80 per month, but since keeping a spending diary, I realise that's where my spare cash goes!

You have enough of a surplus that you should set up an emergency fund - invaluable when you have a place of your one! I don't have own due to my debts but have had to siphon money from debts to various emergencies over the last few months (things like your oven blowing up, your radiator or windows leaking... essentials you really can't leave)!

Also, have you looked into the need for life assurance/mortgage protection/critical illness cover? I'm still trying to work out what would suit me best so I'm afraid I can't give any advice. Just maybe something you might want to consider, even if you then disregard it.

Other than that, I think it looks a healthy SOA.

Good luck and have fun in your new home .

tiggerjj

I spend 8 months out of the UK during the year and when im away I dont pay for food, hence low bills for that, gas and electric im guessing as i havent moved in yet

mortgage and life assurance wise, due to my job it will be very expensive to get cover and i will change job later on, am considering cover at the moment.....
my building and contents quote is high due to needing extra cover for being away 330 for the year i think...

the cash is my rainy day fund

good to hear that it seems ok, hoping to overpay on the mortgage and get it paid off much sooner than 25years

tiggerjj

oh and no debt at all, not in overdraft, student loan paid off, bought car with cash one credit card paid off by DD end of the month

Tixy

Hi tigger - as someone living alone if you are on a water meter 'average' usage works out about £10-12 per month so could be quite a bit less than your budget. As you are away such a lot a water meter makes much more sense than a fixed charged. Gas & Elec will depend on how much time you spend at home and how frugal you are. £70 should be the max I would think, some people would be able to manage on quite a bit less (maybe around £40), as you won't be there such a lot yours will probably be much less in the months when you are away.

Council tax - you will get a 25% discount for being a single person - but £60 is probably not far off (after discount). What area of the country are you in?

TV licence is I think £13 now, but if you pay by monthly DD for the first 6months you pay double (so you have always paid in advance), so it would be £26 for the first 6m.

Certainly looks like you'll easily be able to cover your outgoings though.
Will you save up for the boiler in advance or buy on credit and repay? Assume you have already thought about all the other expenses of moving in (any furniture you need to buy etc).

tiggerjj

the council tax i have looked up and taken my 25% off so that one should be correct

furniture wise, the sellers are leaving everything and for freeeeee!!! its not all that pretty but i have time to save for the replacements,

i have 5k which i forgot to put on the SOA for new heating oops

i know some of the values are estimates, but i just wanted to get an idea of whether i will eating baked beans for the foreseeable future or if i could affors spagetti hoops as well

thanks for the posts

savingmummy

tiggerjj wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2066
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2066

Monthly Expense Details
Mortgage................................ 454
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 60.6
Electricity............................. 40
Gas..................................... 30
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 10
Mobile phone............................ 30
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 8
Groceries etc. ......................... 70 add a bit just iincase
Clothing................................ 20
Petrol/diesel........................... 25
Road tax................................ 9
Car Insurance........................... 27.5
Car maintenance (including MOT)......... 17
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 7.75
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 0 include a bit for this. meals out, cinema, pub/club etc
Holiday................................. 250
Emergency fund.......................... 0 id start one of these especially as you have no debt and a lovely suplus!
Personal Pension........................ 200
Total monthly expenses.................. 1340.85


Assets
Cash.................................... 13000
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 146000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 90000....(454)......3.6
Total secured & HP debts...... 90000.....-.........-

Monthly Budget Summary
Total monthly income.................... 2,066
Expenses (including HP & secured debts). 1,340.85
Available for debt repayments........... 725.15
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 725.15 LOVELY:D

Personal Balance Sheet Summary
Total assets (things you own)........... 146,000
Total HP & Secured debt................. -90,000
Total Unsecured debt.................... -0
Net Assets.............................. 56,000