The costs of renting

ginger03

Hello,

I'm looking to move out of the family home and into my own place. I can't afford to buy anytime soon so I'm planning on renting a flat and attempting to save up a deposit over the coming years.

I'm trying to work out how much I'll need to set aside each month for bills, but I'm finding it difficult to do this. Would someone be able to provide a list of costs that come with renting?

I'd also like to be able to estimate the cost of utilities but I can't seem to find any sort of online calculator.

Any help would be much appreciated!

Thank you.

engineer_amy

Main things are
Council tax/rates - depend on tax band (get from the council?)
Electricity - depends on usage. Mine for a single person in a three bed semi works out at approx £17 per month
Gas/oil - usage dependant
Water - we don't have water charges in NI but I gather it works out cheaper to have meter installed
Contents insurance
Television/phone/broadband - basic packages can start pretty cheap £20 pm, increasing with additional channels etc
TV licence -£12.12 pm

I may have forgotten something, I've just run down my list of direct debits

jjlandlord

Note that you do not need a TV, especially if you want to save as much as possible.

silvercar

Use the MSE budget brain

https://budgetbrain.moneysavingexpert.com/budgetplanner/edit/1856623

Jim_Jupiter

jjlandlord wrote: »

Note that you do not need a TV, especially if you want to save as much as possible.

To expand on that, given that you may already have a TV, you don't need a TV Licence if you do not watch scheduled TV broadcasts (ie. catch up TV is legal without a licence, as are DVDs, Netflix etc.)

dimbo61

When you walk into the POSH Letting Agents Office they will show you lots of nice photos of Posh flats GREAT
What they will not tell you is the costs!!!!
Reference fees, Credit check fees, Guarantor Check fees, Inventory Fees and Any other fees they can think of.
Now council tax can be a HUGE shock if you have never paid it.
I have been looking for a 2 bed 2 bath flat for my son in Chester and some flats are Band E ( Why)
Then you will/might have service/management charges to cut the grass/look after the buildings ( Lights/roof etc)
First months rent plus 4/5/6 weeks as deposit on top
You will once you get the keys need to sort Contents Insurance ( Not buildings)
TV licence as you will get lots of letters
Gas/Electric will cost you anything from £40/100 a month depending on the EPC rating of the flat and how much you use the heating( at home all day or working 12/14 hours a day!!)
Broadband and phone will also cost anything from £15/30 a month.
You can find out how much the water rates/bill will be.
What about houseshare/Spareroom/Easyroommate/Gumtree for a room rather than a flat ?

MisterB1959

ginger03 wrote: »

Hello,

I'm looking to move out of the family home and into my own place. I can't afford to buy anytime soon so I'm planning on renting a flat and attempting to save up a deposit over the coming years.

I'm trying to work out how much I'll need to set aside each month for bills, but I'm finding it difficult to do this. Would someone be able to provide a list of costs that come with renting?

I'd also like to be able to estimate the cost of utilities but I can't seem to find any sort of online calculator.

Any help would be much appreciated!

Thank you.

this post disturbs me a little bit, as you don't seem to have tapped into the your best available source of all that info from the owners of the property youre staying in now, ie YOUR FAMILY !!

[Deleted User]

Would also support the idea of renting a room rather than a flat. Its a good way to get into independent living. If you are on a 'not high' salary.., even more of an idea.