Advice on renting

Mayweather96

I've recently become single and had to move back in with my parents after renting in Manchester City centre. 
I'm looking at around £1k p/m for my rent and bills alone in Manchester now. 
Given the current situation with the economy, is it worth me staying at home for a while to save money? 
Is the economy likely to get worse? 
I earn around £2.7k after tax and my rent and bills alone will be such a big chunk of my wage gone. 
I currently have my name down for an apartment on the 14th December so have a month to change my mind and am really torn. 
Do another 6 months or so at home or bite the bullet and move out in December. 
I'm 26 years old 

hazyjo

How do your parents feel about you moving back long-term? How is it living with them again?

Am sure many people could save money by living with family, but not many of them would want to...

Do you want to buy eventually? Then it would make sense to save rather than pay out on rent - although your parents may well start charging you (more) if it's not short-term!

macman

It's certainly financially worth it, assuming that your parents will ask you to pay less than £1k a month for rent, plus a contribution to utility and food bills. I'm guessing that you will save at least £500 a month vs renting.
Whether you actually want to go back to living with parents in your mid-20s is a question that no-one else can answer for you.
The economy will remain in recession for much of next year: taxation will increase, inflation will remain high, and the private rental sector is likely to become even more expensive as many LL's exit the BTL sector. I'm surprised you've actually been given a whole month to decide whether to accept a tenancy.

london21

Staying at home if you can, will allow you to save more.

The economy will get worse before it gets better.

Things will get more expensive.  

LegallyLandlord

I think it might come as a bit of a shock moving in with parents at age 26 - for them, as well as you. (I have children who are mid 20s). It's a big loss of independence for you both, and moving back to the family home for a long time is very different from staying at Christmas.

To make it work, you'd need to look at it from their perspective, and ask them about it. Come up with a plan for who will do what. You're not a child any more, and it's not reasonable to treat it like serviced and catered accommodation (not saying you will, but some do).

What chores will you do? Will you contribute to bills? What about food? Will you eat as a family or do your own thing. 

lookstraightahead

LegallyLandlord said:

I think it might come as a bit of a shock moving in with parents at age 26 - for them, as well as you. (I have children who are mid 20s). It's a big loss of independence for you both, and moving back to the family home for a long time is very different from staying at Christmas.

To make it work, you'd need to look at it from their perspective, and ask them about it. Come up with a plan for who will do what. You're not a child any more, and it's not reasonable to treat it like serviced and catered accommodation (not saying you will, but some do).

What chores will you do? Will you contribute to bills? What about food? Will you eat as a family or do your own thing. 

This is very true. 

Op, you've already been independent by the sounds of things, and you're on a good income, with possibly more disposable than your parents. perhaps you can help by splitting the would be rent with your folks.