Time to stop sponging and start renting.

Werdnal

TBH, as a first time renter with no previous references from other LLs, I would want proof of earnings, before I even considered renting to you, and I am sure many other letting agents/LLs would stipulate the same. I seriously doubt whether you would be able to convince many (if any) that you could afford the rent! You will also need to stump up for referencing/admin fees, which could add another couple hundred £ on your bill before you move in!

Scratching around for odd bits of cash that family members owe you to try to make up the difference is not really constructive. Once that cash is gone, its gone, so it may get you out of a tight spot this week, but what about next week?

If you do find somewhere to rent on your current financial standing, you will find it a very dull, boring, hermit like existance - staying in night after night on your own, under the duvet as you cannot afford the heating, with just your online friends for company as you cannot afford a social life, eating beans on toast every night as thats all you can afford to buy. Is that really better than living with your parents? I think it would drive me nuts very quickly.

Remember, IF at this stage, you fall behind with your loan payments, or get in trouble paying your rent, you could blacken your otherwise unblemished credit history for a long time to come, and scupper your future renting/loan/mortgage status.

I personally do not think it is worth the risk, ... either look for a house share/lodger type arrangement (this will give you a renting history/reference too, which will help you to move on to something better when you can afford it), or stay put. Last thing you want is to stop "sponging" as you put it, off your parents, then have to go back with tail between your legs to borrow money off them to cover your rent, an unexpected bill, or worse still, ask for you old room back!

Annisele

BitterAndTwisted wrote: »

Handing over pay-slips and bank statements as part of the tenant referencing process could show your plan up to be unaffordable.

I'd go even further. I think that if the tenant referencing process doesn't show that the OP can't afford the rent, then the LL is cutting corners on that process. If LL is cutting corners there, where else is he cutting corners?

Arguably even if the OP can persuade somebody to let to him at that price, he doesn't want the aggravation likely to go with it.

Odette

When I moved out of mum and dads two years ago I did the same as you, adding up everything (I mean everything, food, £100 to go out per month etc) but I was worried when I had £200 extra after everything a month if I could afford it!
Like many have said, it really isn't the way to do it, unless you have overestimated (Im talking if you iphone is £26, call it £30 just in-case) everything and have stuff left over. I realise this isnt what you want to hear but please don't make a big mistake now otherwise you may never dig yourself out a hole.
Have you thought about house-shares? A few of my friends still do it and my ex bf was in one. Its a good way to meet new people and the houses are sometimes super nice!

bclark

You can't seriously be planning a move that you know you can't afford and your calculations don't even include food etc.

It's crazy talk and can't work. I want a 5 bed detached house with land and a swimming pool but I can't afford it so I can't buy it!

Overall_Victory

hi all. thanks again for your feedback

to cut a long story short, ive had a very miserable last few years and have had so much to deal with from my warring parents (between each other that is) ive had virtually no social life and living with my parents is no longer an option in a village 15 miles from any even small sized town. it must end. and forgive me if im willing to spend a few £ to actually enjoy myself for a little while. but enough of the life story, it's tedious for all concerned.

it's hardly BONKERS is it? at ANY point in time i can sell the car. comparing it with other cars on autotrader, it seems to be worth about 6k. i owe 5.25k on it. i can give it up anytime. i dont want to. but i can. i am intelligent enough to realise that if spending 150-200 month more than i earn then£150/month+£36 for a tank of petrol is a bit of a luxury and is unsustainable long term. i only mentioned the loan because it's a possibility.

jayss, my car doesnt need repairs (just had a service) if it does, then that's what savings is for! emergencies. i have more than enough clothes/shoes...i had thought of those other things and have factored those in. thanks for the compliment.

bravehearted, im a him, not a her. i know nothing's set in stone and will work towards the worst case scenario. i have actually 2 friends who are very keen on flat sharing who cant do it right now but are keen in the near-mid future. my sister's house sale could take months even years, i will count that 1k as lost until it returns. you do actually raise one could point in that im seeking validation. to be honest i thought id have 1 or 2 more people saying "enjoy it fr a little while but it cant go on forever so have a fallback option/s" im gonna lose money. sure i aim. who hasnt? but like i said. i can give up the car anytime and break even.

fyi, 3 people have already said they have gifts for me. im hardly relying on people to buy me gifts to furnish the flat.

bitter and twisted; i've already worked out the 40% thing, hence my 375 limit. i said id like to try get them down from 395-375. they seemed pretty keen to still arange a viewing for me...

werdnal, hi.

everyone has to be a first time renter/buyer at some point. i can prove my salary at 13,1k. it's on my pay slip. why would i not be able to prove i could afford it? 40% of earnings is what the rent would be. i have 6.5k in cash. id even be willing to pay 6 months worth of rent at 2.25k in one lump sum+deposit if i had to. who's not gonna let me somewhere with that offer? im hardy going to be banging my parents door down for my old room back at any point in the next 2-3 years at least. if i know i cant sustain the car long term and that it's penalising me heavily....i'll get rid. fact. i'm not the social type and just because i said i'll "buy a blanket" instead of putting the heating on doesnt mean to say id be happy to scrimp on other things. my comment in hindsight, does sound obtuse. but im good at putting up with rubbish situations so if i do find myself ultra-short (unlikely) of cash, i think i could cope or at least have the ability to make a "right, this cant go on" decision.

BitterAndTwisted

Well, you've talked me into it. I suggest you do what you intended all along and get this place. Good luck. I have a feeling that your savings won't be as substantial for long. One thing I have learned in this life is that people who've never lived on their own before and therefore have not needed to budget properly have absolutely no conception of how expensive it is to run a home, especially when they're doing it alone, never mind having a social life of some sort. Don't say we didn't warn you.

Soundgirlrocks

Overall_Victory wrote: »

mrs z, if i found "somewhere cheaper" i would have to find somewhere at 250/month to break even. imagine the misery of such a place!

It's perfectly do-able, my best mate lives in a shared house in London £55 a week, it isn't flashy and it's a small room (although she has squeezed a small double in there!) and it's been the one of the best places she has live because she can afford it and still have a life! Not to mention the friends she has made living there. No offence but you sound fairly young, living in a shared house would probably be a good experience for you.

19lottie82

OP I have to agree with the others I'm afraid. On your wage you're really going to struggle. To expect to run your own home and a car on a 13k wage isn't realistic. You can't spend more than you earn that's a simple fact. What will happen when your savings run out? You also need money for unexpected costs that, trust me, WILL, arise.

Instead of slowly drip spending your savings that you have worked so hard for, why don't you make a compromise (or two)? Realistic ideas include....

- get rid of the car
- take on a flat share rather than your own place
- get a second job at evenings / weekends

Werdnal

I can never understand why people come here (or to any forum for that matter), ask for advice, and even when the majority reply suggest it is not a great idea, continue to argue their case.

OP you have obviously made up your mind, so why ask us? Go, move out, do it!

Good luck!

Mrs_Z

Originally Posted by Overall Victory
mrs z, if i found "somewhere cheaper" i would have to find somewhere at 250/month to break even. imagine the misery of such a place!

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Oh, the innocence of youth! You call it 'the misery of such place' - I call it harsh reality.

Beggers can't be choosers (not for long anyway

Still, it'll be a good experience for you - it'll be a (costly) mistake but one that will teach you to budget and separate the necessities from like to haves.

Wish you the best of luck!