Please help me move to my dream home

tori.k

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 4

Monthly Income Details
Monthly income after tax................ 600
Partners monthly income after tax....... 1083
Benefits................................ 133.
Other income............................ 0
Total monthly income.................... 1756

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 156.3 (band D property)
Electricity............................. 86 (we use £55pm in our current home and around £30 a month in oil, this house water will be electric and has some nightstore heaters so i guess it will be about the same)
Gas..................................... 0
Oil..................................... 0
Water rates............................. 55 (sww say's it all this is what we use now)
Telephone (land line)................... 50 (this includes internet and basic sky im not allowed to lose this)
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 10
Petrol/diesel........................... 80 ( this is just my car will be adding extra miles to work from new house DH sort's his fuel from his business account not the housekeeping &son pays his own)
Road tax................................ £28.00 this is for 2 cars we have 4 between us son pays his own and one is a works car
Car Insurance........................... 166 this is for 3 cars as we help our son with his insurance with luck this should reduce next year when he has a year's driving under his belt with luck he should be able to pay his own
Car maintenance (including MOT)......... 0 ( DH takes care of this)
Car parking............................. 28
Other travel............................ 20 ( bus fare for youngest)
Childcare/nursery....................... 0
Other child related expenses............ 90 ( eldest gets his child benefit each month other than food and a bit towards his car insurance so he can get to work/college he now keeps himself, youngest gets £10 in sub's for air cadets)
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 36
Presents (birthday, christmas etc)...... 25
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 50
Total monthly expenses.................. 1722.63


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 2500
Car(s).................................. 36000
Other assets............................ 0
Total Assets............................ 38500

No Secured nor Hire Purchase Debts

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


Monthly Budget Summary
Total monthly income.................... 1,756
Expenses (including HP & secured debts). 1,722.63
Available for debt repayments........... 33.37
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 33.37

Personal Balance Sheet Summary
Total assets (things you own)........... 38,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 38,500

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

Hi everyone i was hoping to pick up some ideas from the clever people.

I've been given a fantastic dilemma a chance of my dream home to rent from my parents, now DH has said if i can make the penny's work without lowering our standard of lifestyle too much we can move, I need to find away of shaving £50pm off the above SOA but im unsure if i can cut the cloth anymore, im hoping someone will see something i've missed.

there would be extra cost to go out in the new place as it's fitted with a multi fuel burner and i have no idea how much this would cost to run, as we have oil at our current home. i dropped my hours this year as i moved from nightshifts to days I do get overtime during peak times (not included) but my basic wage has dropped by half due to losing the night rate and losing hours, going back to night work isn't an option, DH's earnings have dropped this year (SE) we only get CB each month due to higher wages last year.

Goldblend_2

Not an expert . but I'll add my penny's worth

How exciting about the potential new home.. Car parking £28 PCM
Could you find parking free and walk the rest of the way at all? :j

frooglefraggle

Could you not get lower Contents insurance? i searched the web and i had mine for £6.00 with freezer cover and only a £50.00 excess?
Also £28.00 in parking?? can you not find a free parking space?
The food shopping bill switch down maybe one or two brands save maybe £5.00 a week also try buying reduced food items and freeze them.

There's £54.00 already

Allypops

If your income has changed so may your entitlement to Tax Credits. Try giving them a call.

ajbell

so is no one going to mention £36000 worth of cars?.

R_P_W

If I'm reading it correctly based on your current income and your predicted costs for the new property you will only have £33 a month surplus? You want to find a further £50 a monthn to shave off costs?

This still only gives £88 a month to play with which isnt a lot. What if your assumptions on electric are off by 20% or something breaks that needs replacing/fixing?

NOt wanting to be negative but all sounds a bit too close to the wire for me. Or is it much different to your situation now?

tori.k

Thanks for the ideas. to clarify the parking is actually garage rent (forgot to state) and would still be necessary this is a private arrangement and very cheap compared to the one we rented from the council at £50PM

yes it is a lot on cars but DH would lose a leg before he gave up his caterham the outlay was high but the maintenance is cheapish as its not in regular use. the skoda and roadster are used daily and we help DS with the cost of his micra.

The £88 would be fine as that is our worse case. i've work my numbers using to my basic wage and DH's lowest income i do get overtime but as it never guaranteed so i never work our budget to maybe's. we can rent the house we own now for more than our very small mortgage but i want to keep the extra aside to use to maintain that house. worse case we would have this place to return too if really needed.

The new property is very very unique and in the middle of nowhere it's the last house my father designed before he retired it is part of there nest egg so still have to make an income from it but are getting to the age that they will have to get a company in to take up renting and maintaining the property, so what they have offered to me is the usually rental minus the maintenance company's fees.

Kids wont be at home forever (with luck) and our living expenses will drop to reflect this, I just don't think I will be ever be able to retire if i want to live there.

it's a heart over head situation we have a comfortable life really not lavish by any standard but our running cost are low and the extra income gives us options for travel that we wouldn't have in the new house, at least while the kids are at home. income wise in effect we will be taking a step backwards about 5 years. to sum it up we now live in a council tax band A property and would be jumping to a Band D.

DH worry is that we have a safe life we can at a push maintain our current outgoings for a few months if anything happened without dipping into our retirement savings, the new place we couldn't.

tori.k

Allypops wrote: »

If your income has changed so may your entitlement to Tax Credits. Try giving them a call.

i'm to scared to do this as DH income is so variable, I don't understand how they get the numbers they do i don't think they do either and don't want to run the risk of ending up with an overpayment.

bargainbetty

You want to move to your dream home. Your partner/kids think that cable TV and a caterham (nice car) are more important. It seems that this might be slightly more your dream than your family's....?

Perhaps you could sit down as a family and decide if this is something all of you want to do right now, if at all. Perhaps your parents could rent out the place for a year or two to give you time to build a nest egg, or a deposit etc.

tori.k

No the kids they love the place, just DH, yes it's my dream and not his, we have always been quite outdoor people a house to DH is just somewhere he get's his head down location is neither here or there to him aslong as it's within this general area for work, it's just 11miles further out in the sticks in his eyes yet it has the land i want in mine. he's being practical he doesn't mind stepping sideways in life but not backwards at our age, i just need to get the numbers to work in my favour, having land means work this he is willing to do as long as he get's to kick off his wellys and watch the googlebox at the end of the day.

A nest egg is an idea, i suppose it feels like it is the right time for me, the idea came up 2 years ago before the last tenants moved in, we decided the kids were a little too young to be so remote at the time. i guess im afraid we will always find reasons not to do something rather than do it.

AFK_Matrix

Not to put a downer on you at all, but renting from family can turn into a nighmare. Would you parents be happy to kick you out if you don't pay etc? What if yoru DH is changed and you can't afford it anymore? Have your parents read up on all the responibilities they face as a Landlord? There a ton of pitfalls to this idea. Go to the Housing section on here and start reading or post up there to read of what horror stories can happen.