The cost of renting (as a tenant) ?

ReginaldBuren

Hello,

I have read many threads where people ask how much it will cost them to move in to this or that accomodation and what their numbers should look like. I've heard and understand the recommendations about how sharing is cheaper or relying on parents is good (which it can be, at least for saving). I am asking something a little bit simpler.

Is it possible, reasonable, feasible, for a man to live in a small rented flat by himself, on £1500 (that's after tax deductions) per month? I live very cheaply. No car, no TV, no credit card, no drinking, no biscuits (of any variety), I don't buy consumer electronics (my old tech is fine), travel is a grand total of £3 per day on the bus, broadband comes from the library, my food is mostly raw vegetables, fruit, eggs, fish and water and I have no intention of borrowing from anyone. I'm really asking whether it is reasonable for me to believe that I can live on that kind of money. I've had this job for a few months, so I've saved about £5000 from just not spending at all while living with my parents. The uncertainty here comes from not knowing what the other costs are for renting. Things like heating, electricity, water, maintenance, insurance/tax-type charges, moving-in fees. I've seen some places near me where the rent is £400 per month. I live in Northern Ireland so things like council tax and water rates are paid in a different way.

Thanks for any advice.

19lottie82

why dont you complete a statement of affairs (SOA) template and see what you come up with?

http://www.stoozing.com/msoc/soacalc.php

Carl31

isnt 1500 a month nearer 24k a year after tax?

18k is around 1200?

ReginaldBuren

Carl31 wrote: »

isnt 1500 a month nearer 24k a year after tax?

Yes. My fault. I shouldn't have said that £18000 number, it's not really my salary. What I meant is that after tax, I have about £1500 each month.

Carl31

ReginaldBuren wrote: »

Yes. My fault. I shouldn't have said that £18000 number, it's not really my salary. What I meant is that after tax, I have about £1500 each month.

well depending on where you plan to live renting somewhere on that money is doable, i have worked with people on that sort of money that manage it, as well as running cars etc

kyana

sounds perfectly do-able to me if rent is around £400. I think for someone on their own £150/month should be enough to allow for bills (although that's based on a studio and not a lot of heating!). Even allowing £200 for bills would leave you just over £200 a week for food/fun/clothes/shopping/saving.

Waino696969

You can easily rent as a single person for £1500 per month.

Especially if your biggest outgoing, Rent, is only £400 per month.

Niv

I live off that easily and I have a £600pm mortgage, tv, sky, car, cat etc

Niv

dimbo61

When looking at a place to rent make sure you raed the EPC ( energy performance certificate) which goes from A ( very good ) to G ( very poor /expensive to heat)
check the condition of the property and if renting a flat check to see if you have to pay management fees ( CUTTING THE GRASS/LIFT MAINTENCE ETC)
check the tenacy agreement very carefully and find out where the deposit will be registered.
You will have to pay the gas/water/electric/broadband+ home phone, TV licence , insurance, and buy everything you need for a new home

Out,_Vile_Jelly

If you live out side London I imagine you could live pretty well on that.

I live on my own in a 1 bed flat. I pay the following per month on basics:

Council Tax £94
Water ~£12 (definitely worth going on a meter- before getting it installed, they were trying to charge me over double this)
Gas & elec ~£25
Food ~£20

(I exclude rent as I live in Wimbledon, which would not be feasible on your salary)

If you are prepared to live in a houseshare you will save considerably on bills. Try and save at least 10% of your take-home each month for a Rainy Day.

ReginaldBuren

Thanks everyone. Your replies have been most informative and reassuring.