How do I move out from parents?

kmb500

Can anyone give me some advice as to how to move out from my parents. Houses and rents are so insanely expensive that I have no idea how to move out.

I am 19 and living with my parents for the foreseeable future. I am fairly content here but I would like to move out and I am struggling to figure out how I could do that.

In my area, to rent 1 room in a shared house is £600/month. Renting a 1 bed flat is more like £850/month. Prices of houses for sale are equally ludicrous.

For medical reasons i cannot house share with strangers. I do not have a partner to mitigate the costs as i am not interested in people in that way. All my friends have gone to uni, and my work colleagues are all sorted in their living situations.

My salary is £21K so i get about £1350 each month and I heard that you shouldn't spend more than 40% of your income on rent? Which would be like £500.

Can anyone offer any ideas? Either in regard to how to move out (rent/buy), or just if I could find the money to do so.

My current essential costs are:
My car - running costs+petrol is probably £200/month minimum)
Phone - currently £40/month but can reduce this next year
Food - £80/month
Not sure what else I am missing in terms of essentials.

I could technically afford to rent but I would have nothing left over for saving money so I guess I'd be stuck in a rent rut forever

In terms of increasing my salary, there is scope in my workplace for promotions but that would take 2-3 more years minimum.


Any advice would be great, thanks.

Guest101

kmb500 wrote: »

Can anyone give me some advice as to how to move out from my parents. Houses and rents are so insanely expensive that I have no idea how to move out.

I am 19 and living with my parents for the foreseeable future. I am fairly content here but I would like to move out and I am struggling to figure out how I could do that.

In my area, to rent 1 room in a shared house is £600/month. Renting a 1 bed flat is more like £850/month. Prices of houses for sale are equally ludicrous.

For medical reasons i cannot house share with strangers. I do not have a partner to mitigate the costs as i am not interested in people in that way. All my friends have gone to uni, and my work colleagues are all sorted in their living situations.

My salary is £21K so i get about £1350 each month and I heard that you shouldn't spend more than 40% of your income on rent? Which would be like £500.

Can anyone offer any ideas? Either in regard to how to move out (rent/buy), or just if I could find the money to do so.

My current essential costs are:
My car - running costs+petrol is probably £200/month minimum)
Phone - currently £40/month but can reduce this next year
Food - £80/month
Not sure what else I am missing in terms of essentials.

I could technically afford to rent but I would have nothing left over for saving money so I guess I'd be stuck in a rent rut forever

In terms of increasing my salary, there is scope in my workplace for promotions but that would take 2-3 more years minimum.


Any advice would be great, thanks.

£200 on your car? I presume that's insurance mostly (I HOPE!) - if it's fuel, your driving far too much!!


Unless that's essential I'd be looking to cut that down / out.


Your salary doesn't reflect the area where you live.


£21k is a reasonable salary in many places.


Rent should be 1/30th of your salary (on a monthly basis)


So Rent £300 = £15000 wage PA
£600 = £30000

hazyjo

Save (or inherit). It's the only way. Any chance of a second job, or some additional training?


You will probably have yearly increases (possibly in line with inflation, possibly because they value you, or that you have more experience in the role). Property prices/rents usually go up too mind you, but you should at least have a bit more to save in the meantime.


Is it the car insurance that's expensive? Are you driving loads? Is it just you in the car? Get a 2 seater - like a fortwo (smart). I have one. Costs me around £30 to fill up, £30 tax a year (some are free now), and very reasonable insurance.


You can get a much better deal on your phone. Try Tesco Mobile.


You'll be lucky to get all your food (and presumably groceries) for £80pm.


Loads of other essentials if living alone - TV, insurance, gas/electric, water, council tax, etc.


Jx

Cakeguts

Your phone is too expensive you could save a lot on that. One of the ways to do this is find accommodation that allows you to use public transport to work. That way you can get rid of the car and take the bus which is much cheaper.

kmb500

Guest101 wrote: »

£200 on your car? I presume that's insurance mostly (I HOPE!) - if it's fuel, your driving far too much!!


Unless that's essential I'd be looking to cut that down / out.


Your salary doesn't reflect the area where you live.


£21k is a reasonable salary in many places.


Rent should be 1/30th of your salary (on a monthly basis)


So Rent £300 = £15000 wage PA
£600 = £30000

Car is essential for getting to work as there are no public transport links. Half of that £200/month is insurance, rest is MOT + tax + any repairs + breakdown cover + petrol. In fact I would say £200/month is very optimistic, more like £250.

I am very pleased with my salary as it's a lot more than most people my age get. But I live in Cambridge which is an extremely expensive area.

I'm not sure what you mean by my salary doesn't reflect my area? My income isn't determined by how much everyone else in the area earns lol. My salary is what it is. I think it's very good given that I have been working for only a year, and hopefully I can go upwards but i dont know if it is enough to be able to move out from my parents.

Pixie5740

Based on your income you would really struggle to afford renting a 1 bedroom flat. You are content living with your parents for now it doesn't look like they charge you any rent so as long as they don't mind having you there continue living with them until your salary increases. In the meantime just save, save, save. Maybe look at the HTB ISA or maybe the Lifetime ISA starting April 2017 would be better for you.

However, I'm wondering that unless your salary increases significantly, given the cost of renting a 1 bedroom flat in Cambridge, if it's realistic to expect to buy in that area in the future, you might need to cast the net a bit wider but you can cross that bridge when you come to it. You never know work or life might take you to some new and interesting places so you might not wind up in Cambridge at all.

kmb500

hazyjo wrote: »

Save (or inherit). It's the only way. Any chance of a second job, or some additional training?


You will probably have yearly increases (possibly in line with inflation, possibly because they value you, or that you have more experience in the role). Property prices/rents usually go up too mind you, but you should at least have a bit more to save in the meantime.


Is it the car insurance that's expensive? Are you driving loads? Is it just you in the car? Get a 2 seater - like a fortwo (smart). I have one. Costs me around £30 to fill up, £30 tax a year (some are free now), and very reasonable insurance.


You can get a much better deal on your phone. Try Tesco Mobile.


You'll be lucky to get all your food (and presumably groceries) for £80pm.


Loads of other essentials if living alone - TV, insurance, gas/electric, water, council tax, etc.


Jx

yeah I don't know how much insurance, gas or water would be. I dont know what is included in rent. if the property was band A at £1100/year then that would be about £70/month. I dont watch TV, I wouldnt buy a TV licence.
I work 8-5 Mon-Fri, I suppose I could get a second job for once or twice a week in the evening but that type of work would pay very little so idk. Yeah I think I get small incremental salary increases on an annual basis but I'm not 100% sure. I have been given a 1% pay rise for 2016 year.

BlaEm

Seems the best thing to do would be to continue living at home with your parents while you save up a decent amount to help with moving out later. Look at all the options for decent savings accounts, help-to-buy ISAs etc to make sure your savings are doing the best they can.

You can continue to keep an eye out for any opportunities to move, e.g. if any colleagues' living situations change. And presumably in a couple of years some of your mates will be back from uni and will be looking to move out

Or you could look at some other options to private renting, such as property guardianship (cheaper, likely to have privacy although possibility of some shared communal facilities, but lacks the security of a tenancy.)

Renting is expensive - not just the actual rent, but council tax, utilities etc need to be budgeted for. You may find you need to make sacrifices e.g. getting a cheaper-to-run car, switching insurers, going for a cheaper PAYG mobile, cutting spending on any other luxuries.

What are your longer term plans for your career? Are you likely to want to stay for the 2-3 years to gain progression there? Or would somewhere else offer better opportunities? Would you consider moving out of the area to somewhere where rents would be a lower proportion of salary?

Overall I know it can be a pain wanting to get your own space, but don't rush in to the responsibility - you've got plenty of time

Pixie5740

I think what Guest is saying is that a salary of £21k won't go very far in Cambridge if your aspiration is to buy a property there. However, there are many other parts of the country where owning your own home on a salary of £21k is do-able.

kmb500

Pixie5740 wrote: »

Based on your income you would really struggle to afford renting a 1 bedroom flat. You are content living with your parents for now it doesn't look like they charge you any rent so as long as they don't mind having you there continue living with them until your salary increases. In the meantime just save, save, save. Maybe look at the HTB ISA or maybe the Lifetime ISA starting April 2017 would be better for you.

However, I'm wondering that unless your salary increases significantly, given the cost of renting a 1 bedroom flat in Cambridge, if it's realistic to expect to buy in that area in the future, you might need to cast the net a bit wider but you can cross that bridge when you come to it. You never know work or life might take you to some new and interesting places so you might not wind up in Cambridge at all.

They do charge me £500/month rent as they say I should pay them what they think is market price of a house share so I can budget correctly. I am trying to save but not getting very far. I have been going through my bank statements to figure out what I'm spending money on so hopefully I can find ways of cutting down.

I am content living here, for the time being, just trying to explore what options I have.

The thought of moving really away from home is pretty scary to me. And yeah I think its the Lifetime ISA.

melanzana

Have you considered going to University. Student loan, live with others etc.

Don't know if you can or not. Just a thought.

Further qualifications at the end of your studies might mean a higher salary too. So more options.