Vetstudent buys a house!

vetstudent

Thank you

A few issues with the house this last week. 3 major deliveries havent arrive on time or have been wrong. First the shower drama - now it's coming tomorrow. The plumbing delivery was on a 24 hour delivery, that took 3 days. And the kitchen company phoned today to say the cooker hood was out of stock, though they told us it was showing as out of stock when we ordered, but all was fine as it was in stock in the next store. But no, today they have refunded for it, and Ive had to order elsewhere at £22 extra. Thankfully they are refunding the difference in price now! All fun!

Tomorrow we are expecting 4 deliveries by lorry now, hope they dont all arrive at once! Then need to go to town to buy the bath as the one I want is collection only.

Dont think we will be making a MOP for a while yet...

vetstudent

Everything went ok on Friday in the end, all deliveries present and correct. Though the shower and sink arrived at the same time when only my fiance was home which was fun for him as neither lorry would come down the lane and they had to push the shower down on a pump truck. But we got a free pallet with the shower, which Im sure I can use for some sort of project...

Worked out yesterday that since buying the house, we have spent almost £10,000 on it, scary! And before the first mortgage payment has been made! Though that includes solicitors etc too.

Just been looking at buying a second hand boiler, there is one online that's miles away, but it's where my nan comes from, and she keeps mentioning wanting to go and visit relatives there, so we could take her on the trip. Just hope it doesnt sell for too much now!

Once we have a boiler we need radiators, looking at £400-450 on them I think. The pipes are almost all in position now so it wont be too difficult to get it all going once we have everything.

I am wondering whether we should OP now, or wait until the work is done. Our savings are quickly going down, but it is getting to the busy time of year for my OH in work.

vetstudent

Had a good few days with my business, and the £500 cashback from the mortgage came through today Spent £6 on a top up shop today, but did a £63 online food order yesterday. That will fill up my new (refurbished and dented but cheap!) american fridge freezer when the food arrives

Car is back from garage, £100 labour to put on the new part it needed, but could have been worse if we had got the part from them and not online from Germany! OH has got a lot of work on for the next 3 weeks, so needs the car in top shape.

The house now has a plasterboarded ceiling in the kitchen and bathroom, which will soon be pink finished. Then to decide whether to use splashbacks or tiles on the bathroom walls, once they are plastered and levelled! Very off level right now And what to do with the kitchen floor, half is tiled which I hoped to put lino over but they arent as level as I thought. Dad says laminate, but with the dog I'm not sure if that's the best idea...

vetstudent

I was up late last night, got a good few surveys done, and am very close to a few cashouts

Paid my tax bill that's due in July, so that's out of the way! Was going to wait until closer but rather do it now so I dont have to worry until next Jan now.

I need approx £3300 saved for a bill on Sept 1st, otherwise not too much to pay out the rest of the year, bar renovation costs. Car insurance will be due in April, OH will pay that in one as the cash he gets from the yearly job next week pays it

Car Tax (£190) due in July, musn't forget that. House insurance only just paid in Jan, and Im looking into pet insurance for the dog. We havent actually got our dog yet, but have been approved to get a rescue dog at the end of the month Already stocked up on everything else for her.

Water bill due again in April, that will be paid monthly then I think as it costs no more, but this time I paid in one go as it was only 2.5 months until the end of tax year. Council tax money sorted for this year

We are proper adults now So everyone at uni keeps telling me!

vetstudent

Boiler bought, just under £500 second hand, but only 3 years old

The kitchen has been plastered today, so now that just needs to dry and be painted, and it's ready for the kitchen to go in when it's delivered on the 6th The floor is going to wait until after as we havent decided how to do it yet.

Next job is to plaster the bathroom, then to go and buy the bath, and I forgot taps for the basin so need them too.

Getting there slowly! Need an oil tank and radiators once we have collected the boiler, so another £1000 is going to vanish!

First mortgage payment goes out on the 20th, be nice to see it go down a little.

pennystretcher

Well done on you beginning your MFW journey. The initial improvements are always a bit hit on your budget, but as long as they were needed, will be worth it. Although I tend to prefer living in the house for a while before doing renovations..

Any OP you can make on your mortgage will be worth it too, even rounding down your salary and paying the difference will make a difference. (My smallest OP was 80p but after 15 years it has all added up and looking forward to my last payment next month)

Without seeing your SOA it's difficult to estimate how quickly you could pay your mortgage off, but keep at it.

vetstudent

Thank you, yes they were needed, except maybe knocking down walls, but we think they are improving the house. The rewiring and plumbing etc had to be done. It had old broken electric storage heaters, and barely any powerpoints. There was only a few filthy kitchen units and a disgusting old bathroom.

Congrats on paying off your mortgage! Im not even sure how to OP yet lol

Difficult to do a SOA right now as I would have no idea what to put as our incomes! Probably 60% of my income comes in November and December, which was a chunk of the deposit this year, and that will probably be when we do a lot of OPing this year

vetstudent

Just advised my brother to do a bank account switch to make some cash and realised it's time I did, so £125 will be mine soon for that

vetstudent

First mortgage payment has gone out today Registered for online banking and need to wait for a letter so that I can update my signature with the new total.

vetstudent

Ive done a rough idea for a SOA:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 1000
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2000

Monthly Expense Details
Mortgage................................ 153
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 50
Gas..................................... 0
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 37
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 34
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 100
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 18
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 807


Assets
Cash.................................... 5000
House value (Gross)..................... 70000
Shares and bonds........................ 0
Car(s).................................. 1200
Other assets............................ 0
Total Assets............................ 76200


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 38000....(153)......1.59
Total secured & HP debts...... 38000.....-.........-

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


Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including HP & secured debts). 807
Available for debt repayments........... 1,193
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1,193

Personal Balance Sheet Summary
Total assets (things you own)........... 76,200
Total HP & Secured debt................. -38,000
Total Unsecured debt.................... -0
Net Assets.............................. 38,200

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.