Can I afford to move out and rent?

forsya

Hi All

Just wanted some help/reassurance that I will be able to move out? I am 27 and move back home to sort out my debt, I have paied off £12k and just have overdraft and 1 CC to go, total of £3500.

I am desperate to move out and have been for ages, and now I think I've got to do it or will ruin relationships at home and I need my own space, am unhappy at home.

The problem is I live in an expensive area, but need to be close to work etc. Lowest prices for 1 bed flat is £635, but average price is £675, can I afford this? I have been paying £500-700 off debts each month so I think I could, but wouldnt have much spare to pay off debt and save, my outgoings are:

Phone - 40
Gym -71 (cancelled, ends next mth)
Contact lenses - 15
Diesal - 60
Food - 150
Going out - 100

Possible rent - 675, not sure how much bills would be.

I take home £1490 per month?

So this gives a rough idea I can afford it, I am just scared that I will get into bad ways.,

My mum is helping with first mth rent and deposit.

Any advice please how I can go for it with confidence or am I doing the wrong things?

Thanks for any help xxx

immoral_angeluk

Don't forget extra costs like tv license.. gas/electric, phone broadband line rental council tax, water rates.... it all adds up very quickly.

misspoppy

I think you should think about wether you really need to be renting on your own or with someone else. you would have £450 left to pay council tax, gas, elec, water, insurance, landline, broadband. You haven't counted your car expenditure ie mot insurance tax and maintance.

Maybe sharing is a better idea for now or looking at a private rent which is usually cheaper.

bandraoi

To be honest, being on a similiar salary and living in an area where the rents are quite high, the short answer is no.

The maximum I would say that you can afford, in order to have a reasonable quality of life is £600, including the council tax and preferably your bills.

It'd be possible, but do you really want to be paying that much money to live a very frugal lifestyle? A house share could be doable and much much cheaper.

Also I notice you're paying Diesel but you're outgoings sheet doesn't include any other car related costs. You also need to work out what your council tax would be.

Jacks_xxx

:wave: Hiya honey,

So rent's about £675?

and the bills will be..



GAS / LECCY £50?
WATER £16?
CONTENTS INSURANCE £15
COUNCIL TAX £100?
TV LICENCE £11.37
LANDLINE PHONE £11.50+?
INTERNET?
SKY?
CAR EXPENSES?
DEBT REPAYMENTS???????
FOOD?
DIESEL
LENSES
PHONE
GOING OUT

Plus a security deposit and first and last months rent?

I think it's going to be tough honey.

Are things totally unbearable at home?

Could you rent a room instead?

Round here a one bed flat rents out for about £1100 - £1200 a month but you can rent a room for about £500/600.

I'm just worried that you've worked so hard to pay off all that debt and it will be hard to keep it up when your bills increase so much all in one go.

Sorry not to be more positive.

Love Jacks xxx

dearbarbie

Depends where you live I guess.
I live in Chiswick/Shepherds Bush, London, where houseshares are normally around £600, and a 1-bed flat is around £1k.
I'm on £1282/month after tax etc. and from Jan onwards will be looking at paying £600 month (bf wants to pay even more!!!), sharing with 1 other but I think that's what people expect in London.
If I was back in Leeds where I am from, 1-bed prices seem similar to where you are, and I'd prob look at flatsharing or something to save a bit of cash (unless you're like me and just like your space too much!) Perhaps do that while you get back on your feet.

Woodsy

I found it a struggle financially to rent a one bedroom flat by myself and I was on a similar salary.
Sharing is def a good option. But after one bad experience of sharing with people I didn't know, I personally would only share with people I did know.
I managed to share with a couple who were friends of mine which was great socially but also financially as well as there were two bedrooms but the bills were split 3 ways.

good luck!

forsya

Yeah that's the problem, I don't have anyone to share with, all my mates are married or living with boyfriends, and I really don't wanna live with strangers again, I have done this at Uni and again later and I just feel I want my own space now, am older now.

Mmm, got to move out sometime, other people manage to do it, so maybe I can, not so sure now

Woodsy

Probably not what you want to hear but living on my own got me in debt! I decided that If wanted to live in Brighton city centre and not be a social hermit then I would have to share. No choice until I earned enough.
I decided only going to live with someone I knew and just waited for one of my friends or even a friend of a friend (I went on my friends view!) to want to move. It took 6 months of living with my mother....

I hope it all works out for you.

Kevicho

Would it be possible to commute from a cheaper area?

Kevicho

Also 5 months rent is the same as your debt, can you not hold out longer? Maybe take up a hobby which means less interaction with the parents?