Realistic SOA

chrislk89

Hi All,In the process of buying our first property but have never rented before. As a restult we are ignorant as to realistic costs of things like gas and electric.Can people advise if they think the below is realistic.Thanks

chrislk89

Statement of Affairs and Personal Balance SheetHousehold InformationNumber of adults in household........... 2Number of children in household......... Number of cars owned.................... 2Monthly Income DetailsMonthly income after tax................ 1700Partners monthly income after tax....... 1300Benefits................................ 0Other income............................ 0Total monthly income.................... 3000Monthly Expense DetailsMortgage................................ 984Secured/HP loan repayments.............. 0Rent.................................... 0Management charge (leasehold property).. 0Council tax............................. 122Electricity............................. 30Gas..................................... 30Oil..................................... 0Water rates............................. 30Telephone (land line)................... 0Mobile phone............................ 70TV Licence.............................. 12Satellite/Cable TV...................... 30Internet Services....................... 16Groceries etc. ......................... 250Clothing................................ 30Petrol/diesel........................... 300Road tax................................ 6Car Insurance........................... 70Car maintenance (including MOT)......... 20Car parking............................. 0Other travel............................ 0Childcare/nursery....................... 0Other child related expenses............ 0Medical (prescriptions, dentist etc).... 10Pet insurance/vet bills................. 20Buildings insurance..................... 30Contents insurance...................... 0Life assurance ......................... 0Other insurance......................... 0Presents (birthday, christmas etc)...... 20Haircuts................................ 10Entertainment........................... 100Holiday................................. 100Emergency fund.......................... 100Total monthly expenses.................. 2390AssetsCash.................................... 0House value (Gross)..................... 200000Shares and bonds........................ 0Car(s).................................. 6000Other assets............................ 0Total Assets............................ 206000Secured & HP DebtsDescription....................Debt......Monthly...APRMortgage...................... 190000...(984)......4.69Total secured & HP debts...... 190000....-.........- Unsecured DebtsDescription....................Debt......Monthly...APRParents........................2000......100.......0Total unsecured debts..........2000......100.......- Monthly Budget SummaryTotal monthly income.................... 3,000Expenses (including HP & secured debts). 2,390Available for debt repayments........... 610Monthly UNsecured debt repayments....... 100Amount left after debt repayments....... 510Personal Balance Sheet SummaryTotal assets (things you own)........... 206,000Total HP & Secured debt................. -190,000Total Unsecured debt.................... -2,000Net Assets.............................. 14,000

chrislk89

Statement of Affairs and Personal Balance SheetHousehold InformationNumber of adults in household........... 2Number of children in household......... Number of cars owned.................... 2Monthly Income DetailsMonthly income after tax................ 1700Partners monthly income after tax....... 1300Benefits................................ 0Other income............................ 0Total monthly income.................... 3000Monthly Expense DetailsMortgage................................ 984Secured/HP loan repayments.............. 0Rent.................................... 0Management charge (leasehold property).. 0Council tax............................. 122Electricity............................. 30Gas..................................... 30Oil..................................... 0Water rates............................. 30Telephone (land line)................... 0Mobile phone............................ 70TV Licence.............................. 12Satellite/Cable TV...................... 30Internet Services....................... 16Groceries etc. ......................... 250Clothing................................ 30Petrol/diesel........................... 300Road tax................................ 6Car Insurance........................... 70Car maintenance (including MOT)......... 20Car parking............................. 0Other travel............................ 0Childcare/nursery....................... 0Other child related expenses............ 0Medical (prescriptions, dentist etc).... 10Pet insurance/vet bills................. 20Buildings insurance..................... 30Contents insurance...................... 0Life assurance ......................... 0Other insurance......................... 0Presents (birthday, christmas etc)...... 20Haircuts................................ 10Entertainment........................... 100Holiday................................. 100Emergency fund.......................... 100Total monthly expenses.................. 2390AssetsCash.................................... 0House value (Gross)..................... 200000Shares and bonds........................ 0Car(s).................................. 6000Other assets............................ 0Total Assets............................ 206000Secured & HP DebtsDescription....................Debt......Monthly...APRMortgage...................... 190000...(984)......4.69Total secured & HP debts...... 190000....-.........- Unsecured DebtsDescription....................Debt......Monthly...APRParents........................2000......100.......0Total unsecured debts..........2000......100.......- Monthly Budget SummaryTotal monthly income.................... 3,000Expenses (including HP & secured debts). 2,390Available for debt repayments........... 610Monthly UNsecured debt repayments....... 100Amount left after debt repayments....... 510Personal Balance Sheet SummaryTotal assets (things you own)........... 206,000Total HP & Secured debt................. -190,000Total Unsecured debt.................... -2,000Net Assets.............................. 14,000

G_M

Lay it out so it's readable and you might get comments.....

pmlindyloo

chrislk89 wrote: »

Hi All,In the process of buying our first property but have never rented before. As a restult we are ignorant as to realistic costs of things like gas and electric.Can people advise if they think the below is realistic.Thanks

Not sure if you can fix your SOA so we can read it

If not, post on the Debt free wannabe forum and ask them how to get the right format for posting.

Actually, they would also be very good re: commenting as to whether it is realistic.

Pixie5740

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax.......1300
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3000

Monthly Expense Details
Mortgage................................ 984
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 122
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 70
TV Licence.............................. 12
Satellite/Cable TV...................... 30
Internet Services....................... 16
Groceries etc. ......................... 250
Clothing................................ 30
Petrol/diesel........................... 300
Road tax................................ 6
Car Insurance........................... 70
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 20
Buildings insurance..................... 30
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 100
Holiday................................. 100
Emergency fund.......................... 100
Total monthly expenses.................. 2390

Assets
Cash.................................... 0
House value (Gross)..................... 200000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 206000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 190000...(984)......4.69
Total secured & HP debts...... 190000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Parents........................2000......100.......0
Total unsecured debts..........2000......100.......-

Monthly Budget Summary
Total monthly income.................... 3,000
Expenses (including HP & secured debts). 2,390
Available for debt repayments........... 610
Monthly UNsecured debt repayments....... 100

Amount left after debt repayments....... 510

Personal Balance Sheet Summary
Total assets (things you own)........... 206,000
Total HP & Secured debt................. -190,000
Total Unsecured debt.................... -2,000
Net Assets.............................. 14,000

Pixie5740

Whether or not that is realistic depends on a number of factors. The amount of gas used, assuming you have gas central heating, depends on the type of boiler, how warm you like to keep your home, how well insulated the property is, to name but a few. Electricity bills depend on whether you're someone who remembers to turn off lights or if you're someone who leaves everything on standby.

Does your £16 for internet services include the cost of a landline or will you be using a mobile network for your internet?

£70 a month for mobiles is very high, even for 2 phones.

You should have contents insurance. You're going to be furnishing your first home, how would you replace it all if there was a fire, flood or burglary?

Life assurance or insurance. Are you sure you don't want any? How would the other cope financially, if god forbid, one of you dies?

Both of you really only spend £10 a month on haircuts?

£250 for groceries could be reduced for the two of you if you wanted to.

Yorkie1

You can go onto some of the energy switching websites and input the details of the property (rooms, people, construction etc) and it will estimate your usage from that. You can then get an idea of how much you might be paying.

£60 pm does seem low for combined elec / gas unless it's a pretty new build without draughts.

ManuelG

Pixie5740 wrote: »

Both of you really only spend £10 a month on haircuts?

In the best moneysavong tradition, I do my own.

Whenever I go bald, it'll be even cheaper.