How much money should you leave over furnishing and emergency funds - london 1 bed flat

Sarah1Mitty2

Murphybear said:

I bought an ex council flat in London 42 years ago.  I had some bits of furniture and bought a bed, sofa, small fridge, freezer and cooker.  From what I remember they would have been fairly inexpensive.  I splashed out and bought G Plan living room units in black ash    very trendy at the time.  I got them on an interest free loan but had some qualms at the time thinking “do I really need this”

Roll on 42 years and umpteen house moves my dear old black ash furniture is still with me.  It’s solidly built and apart from the veneer looking a bit scruffy there are many years left in it.  I’m a great believer, most of the time, that you get what you pay for.  This was worth every penny.  

Just out of interest, back then the council (LB of Wandsworth) were selling off flats to anyone who wanted to buy one.  They had a viewing time of one hour and if you were interested you out your name on a list.  It was a nice flat, only 5 storeys and it overlooked the common.  It sounds crazy now with the housing shortage but things weren’t so desperate back then and, being on my own I couldn’t afford a shoe box sized flat.  

What housing shortage, London is awash with unsold new-build rubbish, and mortgage approvals/sales are down massively across the UK, most people are obviously able to stay where they are until prices come down? As for the OP, yes 19k is plenty for emergency fund and some furniture but are you sure you want to be buying (borrowing?) a London 1 bedder in this climate?

saucer

Sarah1Mitty2 said:

What housing shortage, London is awash with unsold new-build rubbish, and mortgage approvals/sales are down massively across the UK, most people are obviously able to stay where they are until prices come down?

Emm this one? https://www.onlondon.co.uk/london-housing-crisis-becoming-an-emergency-as-supply-falls-and-rents-soar/#:~:text=Lower%20turnover%20of%20existing%20tenancies,temporary%20accommodation%2C%20including%20commercial%20hotel

NameUnavailable

A decent bed/mattress is about £1K or more. Important to buy a comfortable mattress! As for the other stuff it really depends on your own taste. I would try to buy things you really like that you will keep if/when you move. Also look at facebook marketplace and antique shops for used but great quality stuff. I bought my pair of leather chesterfield sofa's used and they're great, visitors love them! If you don't have built in wardrobes think about having them fitted rather than buying stand alone - they will add value when you sell and it's less stuff to move! Plus you may not need them at the next place.

tbo127

Sarah1Mitty2 said:

Murphybear said:

I bought an ex council flat in London 42 years ago.  I had some bits of furniture and bought a bed, sofa, small fridge, freezer and cooker.  From what I remember they would have been fairly inexpensive.  I splashed out and bought G Plan living room units in black ash    very trendy at the time.  I got them on an interest free loan but had some qualms at the time thinking “do I really need this”

Roll on 42 years and umpteen house moves my dear old black ash furniture is still with me.  It’s solidly built and apart from the veneer looking a bit scruffy there are many years left in it.  I’m a great believer, most of the time, that you get what you pay for.  This was worth every penny.  

Just out of interest, back then the council (LB of Wandsworth) were selling off flats to anyone who wanted to buy one.  They had a viewing time of one hour and if you were interested you out your name on a list.  It was a nice flat, only 5 storeys and it overlooked the common.  It sounds crazy now with the housing shortage but things weren’t so desperate back then and, being on my own I couldn’t afford a shoe box sized flat.  

What housing shortage, London is awash with unsold new-build rubbish, and mortgage approvals/sales are down massively across the UK, most people are obviously able to stay where they are until prices come down? As for the OP, yes 19k is plenty for emergency fund and some furniture but are you sure you want to be buying (borrowing?) a London 1 bedder in this climate?

What’s the alternative? Rent is going up at the same rate as mortgage rates. Alternative would be live with parents until rates settle a bit but then when mortgage rates come down, house prices might go up. 

Herzlos

user1977 said:

You know better than us what you regard as "essential" furniture, what sort of standard you'd like, and how quickly you can replenish any such fund. Probably easiest if you go (virtual) shopping and add it up.

Bingo. Go to the ikea website and price up all the furniture you need, then fudge it up a little. You can fit out a flat for almost nothing if you're happy to use charity shops, used etc but Ikea will give you a decent standard of basic furnishings.

I'd aim to keep maybe £5k in savings for any emergency house bills, and aim for about 2 months salary.

katkatmachine

The most important furnitures for me are the bed, mattress, and sofa. Buy the ones you really like even if they’re a bit pricey. The rest just get them in IKEA. 

Congrats on your new home.