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How much would I need to earn?

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
In order to afford a £385 a month flat? I mean obviously I can do the maths, but realistically, what sort of money will I need to be earning?

If you don't mind, could those of you with full time jobs and houses tell me how much you pay, and how much you earn, just so I can get an idea?
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Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    http://www.i-resign.com/uk/financialcentre/meanstest_calculator.asp might help :)

    I don't pay proper rent or bills (live at home) so couldn't help more. My annual salary is £16,235 which is £1,027 a month after tax, NI and 4% into my pension (oh, and works social club/lottery!), if that's any use.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
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  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    £385, obviously.

    However, if you also want to afford food, power, phones, TV etc then it would be more than that.

    It also depends on where the flat is, because you will have to take travel into consideration. This really isn't a simple case of stating a figure because it really denepnds on the rest of your life.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    My rent is £370 a month but that includes heating and hot water (ie the gas bill).

    I earn about £14,500 a year. I find it a struggle and am constantly overdrawn.

    Bear in mind extra bills such as council tax/electric. It's not nice to have half of your monthly pay gone before you've even seen it.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    It also depends on where the flat is, because you will have to take travel into consideration. This really isn't a simple case of stating a figure because it really denepnds on the rest of your life.

    :yes:

    However, I would say £16,000 bare minimum. More if you want to be able to splash out now and again/pay back debt/go out boozing. If you're planning to earn less than this, a room in a shared house would be your best bet, as then all your bills will be cheaper as well as your rent.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    It is a shared house. Just a bloody expensive one. My friend's bought it, and he's worked out that that's how much rent he needs to be able to afford the mortgage repayments. So he's offered me the room. To be honest, I think I could get a £16k a year job, it's just a question of getting one within a month in a place 2 hours away from me at the moment.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
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  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    That's a rip off for a shared house, I mean for that price I get a nice one bedroom flat all to myself.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
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  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
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  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Hell, I've got a three bedroom semi in the South East for less than that!
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Have to agree that your mate is having a bit of a laugh. That's how much we pay for our mortgage repayments!

    The going rate for a room in a nice shared house in a good area in leeds is about £60 p/w.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    It's in Salford Quays. I think that's the going rate for the area, but I dunno whether I can be arsed paying a fortune for it, because I know I can get something else much cheaper. But then again, if I can get a job that will let me afford it, then I would like to live with a friend.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Not to be horrible to your friend but he's an idiot if he's bought the house with little chance of paying his mortgage off unless you move in as well.
    Rich parents. ;)
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Fair enough but you could use your spare money to save up for a deposit on a house of your own for the future rather than subsidising your rich mate.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Good point. But to be honest, I wouldn't use the spare money on something sensible like a house. I'd get a car or professional camcorder.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    so he's going to pocket that money himself, not his parents?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Good point. But to be honest, I wouldn't use the spare money on something sensible like a house. I'd get a car or professional camcorder.

    what £385 a month on these?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    what £385 a month on these?
    Well no. £385 a month on a place to live plus these. I'd say a car will set you back about £5000 a year, including buying it in the first place (but I haven't priced that yet). And a camcorder? Another £5000 minimum really for a nice one.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    so he's going to pocket that money himself, not his parents?
    No, I'm just saying that it's not a risk getting a mortgage that requires another flatmate to pay it off if your parents are backing you up.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
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  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    sophia wrote:
    He won't get £385 on the open market though, I'm certain of it. So if you don't move in there, he's going to have to lower his asking price a lot. If I were you, I'd do a bit of research, find out what the average cost of a room in that area is, and make him an offer of that.

    You certainly can't commit to £385 a month though when you don't know what you're going to be earning yet.

    Absolutely. Market rates!

    I'd beat him down a bit (or as much as you can) on it (friend or not, but if he's expecting you to pay over the odds, then well...).
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I would expect council tax AT LEAST in that price.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Might be worth checking the local rag to see what the local prices are...
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
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  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    does the £385 include bills and council tax?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    sophia wrote:
    because flats in Manchester don't get much nicer or in a more desirable location than mine, and I pay £375.
    actually the apartments on salford quays can be bloody expensive!
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Shortay wrote:
    I find this is a good way of working out how much £ you need for the lifestyle you want: http://www.i-resign.com/uk/financialcentre/meanstest_calculator.asp

    :rolleyes: Are my posts invisible?! :yeees:
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
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  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    lipsy wrote:
    actually the apartments on salford quays can be bloody expensive!
    I know. I checked them out a while ago and you were looking at starting prices of £500 a month for a two bedroom (exclusive of everything) but most of them were around £800 to £1000 a month, so I wasn't surprised when he told me how much the rent would be. Yeah, I don't think I'll be going there tbh because there's more important things I can be using my money for than a nice apartment at the moment. And I don't think doing the work I want to be doing, I could commit to such a large outgoing every month.
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