FTB... how do I budget for this?

clk299

Hi,

I am attempting to be a FTB (!) and I am obviously trying to sort out a budget. I've never lived in this area and had to pay bills, am currently living with parents in huuuge house and am trying to buy a 1 bed flat, and nobody I know really lives round here that I feel I can ask how much they pay... so what is normal per month for gas and electric for a one bed flat? I can't find anywhere that gives a good estimate. I used to houseshare but in a totally different area and different property type so really have nothing to compare it to!

I am buying in Croydon (South East London/Surrey border).

Geoffo_M

Sorry, don't know the answer to your question, but I'd love to know what an 'FTB' is

emilyt

Geoffo_M wrote: »

Sorry, don't know the answer to your question, but I'd love to know what an 'FTB' is

First time buyer perhaps

EnergyMan_3

clk299 wrote: »

Hi,

I am attempting to be a FTB (!) and I am obviously trying to sort out a budget. I've never lived in this area and had to pay bills, am currently living with parents in huuuge house and am trying to buy a 1 bed flat, and nobody I know really lives round here that I feel I can ask how much they pay... so what is normal per month for gas and electric for a one bed flat? I can't find anywhere that gives a good estimate. I used to houseshare but in a totally different area and different property type so really have nothing to compare it to!

I am buying in Croydon (South East London/Surrey border).

Depends on a lot of things. If the flat had a very efficient gas central heating system, all modern electrical appliances, low energy light bulbs, and you were out all day and only spent the evenings there, then you can expect your bills to be low.

If, however, it is an old flat with an in-efficient gas central heating system, or worse, electric heating, and you have old appliances which use more electricity, and are in all the time with the heating on, and having parties every night, then you can expect your bills to be high!

Generally though, a one bedroom flat should not consume a large amount of energy but it is hard to give a monthly figure because every one is different and lots of things need to be taken into account.

anniecave

clk299 - if you give us some details about the property, we can give you some idea!
Is it well insulated (double glazing on windows for example) or not?
Is it gas central heating or some sort of electric heating?
Is the hot water on gas or electric?

Check you are on the cheapest supplier when you move in as well of course! If not, switch ASAP but you'll need to register with the existing suppliers and pay the bill until you do move supplier!

To give you some ideas for starters

We have a 2-bed flat which is REALLY badly insulated and everything is electric so that's the most expensive you'll get really for our property type and we pay about £100 per month on average through the year.

My auntie is living in a one-bed flat with gas central heating and hot water and her place is well insulated. She was paying last time I spoke to her £50 per month in total for gas and elec but I think she has the heating on a lot and she is there most of the time as she is retired now. So for someone else it could be less.

My parents are in a three bedroom house and I think they pay about £60 per month in total. Their place is well insulated but they have gas fire in living room and use electric fires in other rooms and electric hot water tank.

Mike_by_the_Sea

As Energyman said, it isn't easy to estimate how much it will cost for your energy, but these are some generic figures from energywatch which might give you an indication. I would use something like £500 a year as a budget and keep a close eye on your usage each week after you move in.

Cost

Low user - if you generally pay £15 to £27 per month or £180 to £320 per year for one fuel
Consumption
Low user - if your annual consumption is 1,650 kWh electricity and 10,000 kWh gas

Good luck

Mike

clk299

That's a bit more helpful! It is really daft- you can't decide what you can afford to buy until you have a budget. You can't budget for it unless you know what you are going to buy! Chicken and egg! At the moment according to my budget I will have £400 a month to pay the mortgage with which to me means I must be wildly overestimating some costs, but you can't know what they are until you have a flat to work it all out on... and if you are that far along they assume you know you can afford it! It is all very confusing.