SOA for rented property

MrWillyWonka

Hello all,

Me and my fiance will be moving out to a rented property next month, it will be our first place together and we would appreciate some advice as to monthly costs. The house is a modern 2 bedroom mid terraced house (middle of three houses) with a double drive and large garden so we are happy! According to the existing tenants, the heating bill is minimal because of the heat from either neighbours!

Anyway, here is an estimated SOA relevant to living costs, do we need to budget more or less for any of these and anything I'm missing?

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1538
Partners monthly income after tax....... 1354
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2892

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 700
Management charge (leasehold property).. 0
Council tax............................. 93.67
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 12
Mobile phone............................ 56
TV Licence.............................. 12.26
Satellite/Cable TV...................... 0
Internet Services....................... 12
Groceries etc. ......................... 150
Clothing................................ 50
Petrol/diesel........................... 140
Road tax................................ 7.5
Car Insurance........................... 67
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 15
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 25
Entertainment........................... 75
Holiday................................. 0
Emergency fund.......................... 75
Total monthly expenses.................. 1675.43


Assets
Cash.................................... 13000
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 2000
Total Assets............................ 19500

No Secured nor Hire Purchase Debts

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


Monthly Budget Summary
Total monthly income.................... 2,892
Expenses (including HP & secured debts). 1,675.43
Available for debt repayments........... 1,216.57
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1,216.57

Personal Balance Sheet Summary
Total assets (things you own)........... 19,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 19,500


Many Thanks.

coinxoperated

MrWillyWonka wrote: »

Hello all,

Me and my fiance will be moving out to a rented property next month, it will be our first place together and we would appreciate some advice as to monthly costs. The house is a modern 2 bedroom mid terraced house (middle of three houses) with a double drive and large garden so we are happy! According to the existing tenants, the heating bill is minimal because of the heat from either neighbours!

Anyway, here is an estimated SOA relevant to living costs, do we need to budget more or less for any of these and anything I'm missing?

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 700
Management charge (leasehold property).. 0
Council tax............................. 93.67
Electricity............................. 30
Gas..................................... 25
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 12
Mobile phone............................ 56
TV Licence.............................. 12.26
Satellite/Cable TV...................... 0
Internet Services....................... 12
Groceries etc. ......................... 150
Buildings insurance..................... 0
Contents insurance...................... 8
Other insurance......................... 0
Total monthly expenses.................. 1126.93[/b]


Many thanks.

Firstly, a SOA should contain your incomings and outgoings. There's little point in checking the costs or us advising you what needs to be reduced or could be increased if we don't know what your general income is.

Electric/Gas costs seem low. I would personally allocate £60pcm for each. Its doubtful you will use quite this much every month, but its better to be a bit over rather than under. Its horrid getting a big bill at the end of a quarter/year.

Check which supplier the gas / electric is and see if you have the rights to change it should you be able to get a better deal.

I would also have a small emergency fund. Its all well and good having a furnished house with fridge freezer etc etc, but if the supplied fridge freezer packs up on a sunday morning, your going to probably need to get another pretty quickly and Landlord won't feel your urgency in most cases!

Again, if its unfurnished, a little emergency pot will put you at ease. If the hoover breaks, you get a water leak and need someone out quicker than the landlord can get them.

The truth is you have no idea what the Landlord will be like and you won't until you have a problem, so it's better to have a little back up yourself!

Good luck and I hope you have a lovely life together!

Fire_Fox

I think electric and gas seem fine. I spend less than that on energy for a two bedroom electricity only flat (much more expensive than gas) but I am quite frugal. Just be sure to read your meter and submit the readings regularly the first winter, don't abuse the tumble dryer or the electric power shower.

Groceries is fine if you cook meals, too low if you eat a lot of ready made or branded food. Presume you are accounting for travel to work separately.

MrWillyWonka

Hi coinxoperated and Fire Fox, thanks for your advice.

coinxoperated, I have updated our SOA with everything included if that is more helpful. High car insurance is based on upcoming car insurance figures after an at fault accident by the OH earlier this year. Both mobile phones are locked into a contract until next summer. We chose the current location because it worked out cheaper for OH to pay for more petrol and I walk to work rather than having to pay for a second car (public transport not viable) hence the high fuel.

After being in some debt some years ago I am far more money concious now and spend a lot of time browsing these forums, including the home cooking - where I think I can make the biggest saving.