Moving Out - Does this add up?

leapoffaith_2

Hi

I am looking to rent my first house, and having lived with my parents and not had any involvement in paying any bills other than 'rent' to them, I'm now worried if my expectations are a way off reality. I've attempted a SOA, based on what I think outgoings will be - but do you think this realistic and sustainable?

Monthly Income Details
Monthly income after tax................ 1220
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1220

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 25
Gas..................................... 35
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 10
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 175
Clothing................................ 20
Petrol/diesel........................... 75
Road tax................................ 0
Car Insurance........................... 25
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 12
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1139

nubbins

I think you are right at the limit of afforability, its doable if everything goes along as it should but you will find being responsible for a property throws up all sorts of things that you do not always think of and other things can happen such as car breaks down, washing machine breaks down so on and so on. Could you afford a 2 bed and rent a room? Do you have any savings behind you?

leapoffaith_2

Thanks nubbins,

After costs of moving I should have about £800 - £1k savings. A £450 rent would get me a small 2 bed house in the cheaper areas I am looking at - but would be cautious about letting a room in a property I was renting? I *could* rent for about £350 - £375 - but to be honest I'm being a snob and wanting a nicer propery/nicer area!

Most propeties I have been looking at included white goods - so I assumed if they broke down it would be LL responsibility (as long as it was not through damage on my part)? Car etc is a different matter of course!

ViolaLass

£175 on food suggests you'll be eating well. On the plus side, if things get tight, there's plenty of space to reduce there.

150940

You'll be lucky to pay less than £65 a months council tax and only £50 going out. Is that realistic?

Dird

nubbins wrote: »

I think you are right at the limit of afforability

It depends how much of them are accurate. £20/month on meds? £10/month haircut? £50/month entertainment? Do you really want contents insurance?

How old is OP? I thought young but only £25/month car insurance??

How much was you paying your family? Any rush to move out? If their "rent" is low you could maybe save £8k+/year for 2-3 years and start a mortgage depending on the costs in that area

150940 wrote: »

£50 going out. Is that realistic?

I've probably not spent £50 in the last 6 months

Pixie5740

leapoffaith wrote: »

Most propeties I have been looking at included white goods - so I assumed if they broke down it would be LL responsibility (as long as it was not through damage on my part)? Car etc is a different matter of course!

If you are in England or Wales then just because the landlord has supplied white good this does not necessarily mean the landlord is responsible for repairing or replacing the white goods if the stop working.

I see in your SOA that you have a car but have allowed nothing for road tax, is your car exempt from VED?

You also have zero next to emergency fund. You need something here as if you have to move from your home (any number of reasons this could occur) then you will need to have another deposit plus referencing fees tucked away.

leapoffaith_2

Thanks all for your input - much appriciated!

Maybe £50 is optimistic for going out. I don't spend a lot on going out now (call me antisocial!) stuff I do tends to be with volunteer/charity groups - so £10 a week isn't far off the mark. But, yes, if I was on my own, I may want to do more going out stuff to meet more people and so I'm not sat at home turning into a mad cat woman So fair call.

I've put £75 council tax - depending on parish council I end up in, would be £65 - £75 pm with single person discount.

£175 on groceries is a bit of a stab in the dark - but tried to err on the higher side in the hope of wiggle room. I'm a terrible shopper at the moment, as I buy what I want, when I feel like it. I've never had the need to meal plan or budget. But I love to cook, and some of my voluntry stuff involves cooking for a charity, so I'm not totally unfamiliar from making something decent from not an awful lot. I live in hope this works to my favour!

£20 on meds - I'm blind as a bat, so most of that is optitians related. I reckon I wear glasses every day of my life, so thats one thing I will splash out on is a set of frames I like. Haircut - £20 every other month - just what I've always done. Car insurance was cheap - I was suprised when I found the quote. Also got cashback from Top Cashback.

I'm paying £450 pm to parents, but thats all in of course. And I'm not going to get evicted if I'm late paying! However, I have been offered a new position with work at their other offices, which I am keen to do, but would be a bit more of a commute from home. Plus I would like my independence. I work full time, and rightly or wrongly feel I *should* be able to live a comfortable life on my own. The reality of that however....!

Dird

£450pm?! Your parents are vultures xD I was expecting like £200

leapoffaith_2

Thanks Pixie,

Yes, in England. I'm very new to all this as you may have gathered!

Road tax is £25 a year, so just budgeted it in MOT etc rather than put £2 in there.

I have nothing in emergency fund, but surplus of £80 at end of SOA as safety net, savings and maybe a treat now and then (wishful thinking?!?)

leapoffaith_2

Haha Dird! Tell me about it - they'll miss me when I'm gone!! XD