Accomodation descision - save money or be happy

beadgirl87

Hi,
I have a bit of an accomodation issue and I have decided that I need to sort things out and do something about it. Firstly when you read my situation I know I have been very very lucky and luckly my parents are in a position where they can help me. A few years ago we were very poor and I think they are enjoying not having to worry about money anymore.
I currently live in a house which my parents bought to rent out. They bought it for me and a friend to live in in our last year of uni (also good place to put their savings etc) now it is nearly 3 years later and I havn't been paying rent, but acting as a sort of in house caretaker, keeping the upkeep of the house, dealing with the 1 to 2 tenants we have and generally overseeing everything. Only about 6 months ago did I manage to find full time work and have been working hard to pay off debts and I could never have done this if I was paying out rent.
They also bought me my car and 1 year insurance which I am paying back and they paid off my Career Development Loan for me, again I am paying that back to them.
My finances are
£400 overdrawn (intrest free, no charges)
£6100 of Career Development loan (Intrest free) to parents
£1890 Car (interest free) to parents

I am paying back £200 a month to parents and about £100 a month to overdraft.
I have £200 set aside for car expenses (Aiming to save for car tax and insurance)
I have just finsihed a job and looking for a new one, and I have about £500 to last me, which I can use for 1 month to 6 weeks I think.

Now the problem. I am 24 and starting to get a bit fed up of living with strangers. It is only this year that the problem has cropped up. I am living with first year students and they are just a bit stupid. One moans all the time and they other stays in his room all day. There have been general sharing issues, freezer full of 1 person food, no room for mine, fridge gets turned off, food nearly goes off, my kitchen implements damaged beacuse they don't use them right, heating on non stop all winter. And I have realised that I want to live on my own, or with someone similar age and who I know. Me and bf have been together over a year but both not ready to move in together.
There is a freind of mine who is looking to move soon so I suggested to her about living with me and I would enquire about the rent.
I had spoken to my mum and mentioned the 2 of us living here and paying enough to cover all of the bills and mortage, approx £400 to £500 a month for 2 of us plus £100 council tax. Now my dad says that if we want to live here it will be at the same rate of money he is getting now which is £600 a month. He doesn't want to get less money, which is fair enough, this is the first year out of 3 they are making money off it. He also said again how me living here with the tenants saves them hiring a letting agency so is saving them money.

So I don't know what to do. I don't have a job, not a clue what job I'm going to get, something in my field or a admin temp job. If I move out I would feel very insecure in case I lose a job as alot of places want employed people only. If me and my friend lived together I think we could get something better and cheaper than £600 a month.

An approximate breakdown living in the house with my friend:
My income temping would be around £800 a month,
£365 rent, council tax, tv internet
£200 debt
£100 overdraft
leaving me £140 a month.

If I stay with the students:
£95 council tax , tv, interent (student discount on council tax, £7 for tv and internet)
£200 debts
£100 overdraft
leaving me £400 a month to overpay debts, save for future house etc.

I don't know what to do, their tenancy runs out in july so it is a while off. My dad is keen for these 2 to stay on, but not sure I could deal with another year of them. Even though it would mean I can pay stuff off quicker.
I also have no job, no money for a deposit elsewhere and would be worried about doing any temp work, if I lose a job I might loose my house.
I also sort of think it is time I entered the real world and paid for my accommodation like everyone else does.

Any advice people? I hope that I have not come across ungrateful in this, because I am very grateful to my parents, I am trying to figure out the best descision for me.

nzseries1

I guess ultimately, the only person who knows whether the annoyances of living with these other people outweighs the cost of having your own place is you.

But if you want my opinion, after flatsharing with other people in London for three years, and now having lived on my own for three years, I definitely prefer paying extra to live by myself, even when I think about how much extra I could save if I shared. I'd only go back to sharing with others if I knew them and I knew that it would work out.

antonia1

If your overdraft is only £400 and you are paying off £100 per month, you should be free of it by the end of July, giving you £220 per month to live off. I know what you mean about living with strangers, I've been flat-sharing since I started uni, and I'm now 26 (so that is 8 years) and I'm starting to get desperate to move in to a place on my own.

theoretica

Could you and your friend find a third person who you want to live with? Makes the rent your dad wants more affordable and gets rid of the undergraduates.

bouncydog1

Although your dad is keen on those particular tenants staying, do they want to? A solution could be to find a third person to share with you and your friend of a similar age and ensure that you set some house rules.

IMO you would be better staying in the house that belongs to your parents as that way they get a caretaker, and you are helping them as they have helped you.

Alternatively if the current tenants want to stay then you need to set some house rules and ensure that they stick to them. You may find that they actually want to live during 2nd year with their Uni friends, which will help you out as you could go to option 1.

[Deleted User]

I certainly don't think that you should be considering moving out in to privately rented while you are unemployed - if nothing else I don't think that you would pass the credit checks necessary!

And you would be putting your friend at risk if you couldn't cover the rent - at least where you are you have the (very generous) bank of mum and dad!

Could you and your friend not find a third person to share your parents place - some one of similar age, similar life stage, friend, friend of a friend - someone that would fit in better with your current lifestyle - which would also make the rent affordable for all of you?

D9

monstermuncher

I agree with finding another person. You could even advertise on gumtree for someone you don't know, and set ground rules when they move in. They're more than likely going to be better than students, and you'll be living with your friend anyway so will feel like you have back up.