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Living @ home -> Renting

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
in Home, Law & Money
I'm ready to fly the nest so to speak:) Currently living @ home with my parents for free.

I get around £700 every 4 weeks but how much of this can be used on rent with still enough left over for living expenses & services?

Where's a good place to look for a place to rent?

I'd ideally want to get on the property ladder but don't earn enough to get a big enough mortgage to afford to buy anywhere local:(

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    .
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    girl with sharp teeth wrote: »
    OK £700 4 weekly is about £760 calandar monthly. Not easy at all to get a place of your own on that wage.

    If you want to buy eventually then you will need to build up a good deposit. The best way to do this would be to carry on living at home and saving as much of your wage as you can, but if you want to move out then the next best thing would be a house share. Bills would be split and overheads are less per person.


    :yes:

    What she said.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Yeah you might find that things would be very tight if you tried to rent your own place with that money. You could consider flat-sharing, but then to be honest you're better off at your folk's house if you were going to share anyway.

    Remember whilst you're living at home a lot of the expenses you might pay are covered up - food, insurance, bills, general repairs, furniture, odds and ends. It all adds up.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Definitely stay at home if you want to buy property, once your renting and paying all your own bills you won't be able to save anything. If your living at home you could save somewhere in the region of £500 a month (if your prepared to be really tight) and after a year or so you will have a good sized deposit behind you.

    Another thing is, if you are looking for a affordable housing have you thought about a mobile park home? I know its not ideal but you might be able to get your foot onto the property market, have your own space and independence and they can be quite reasonable. I don't know whereabouts in the UK you are but I did a search for you in different area's to show you what you can get for around 50k.

    Salisbury

    Broseley

    Minster On Sea

    Lincoln

    If you really want to go into rented though, the house share idea is the best way to keep your costs to a minimum.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I'll give you guys the fuller picture:)
    girl with sharp teeth wrote: »
    OK £700 4 weekly is about £760 calandar monthly. Not easy at all to get a place of your own on that wage.

    If you want to buy eventually then you will need to build up a good deposit. The best way to do this would be to carry on living at home and saving as much of your wage as you can, but if you want to move out then the next best thing would be a house share. Bills would be split and overheads are less per person.

    My gf is currently in her final year of uni so we'll be moving in with each other. She doesn't have a job yet so renting would have to be paid for by me.

    Is £14k a good deposit to have?
    Pink_Angel wrote: »
    Another thing is, if you are looking for a affordable housing have you thought about a mobile park home?

    Yep, i've thought about the idea but that's what brings me onto wanting to rent somewhere rather than buying a mobile park home.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    you don't really need any deposit these days (10%+ will bring your repayments down a bit tho), but the bank won't lend to you on that kind of salary anyways tbh....and depending on your social life you might even struggle to rent, esp if your supporting the missus as well....why not wait until she graduates and gets a job?
    Crispy wrote: »
    I'll give you guys the fuller picture:)



    My gf is currently in her final year of uni so we'll be moving in with each other. She doesn't have a job yet so renting would have to be paid for by me.

    Is £14k a good deposit to have?



    Yep, i've thought about the idea but that's what brings me onto wanting to rent somewhere rather than buying a mobile park home.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    We all like our independence, but if your folks are not kicking you out then you should use the opportunity to save up.

    You will need at lot more than your initial deposit for the property ladder, council tax, bills, insurance etc..

    You seem to be setting yourself up for a hard time.

    Your other option will be to get an additional source of income (preferably passive).
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Senor Miguel wrote: »
    you don't really need any deposit these days (10%+ will bring your repayments down a bit tho), but the bank won't lend to you on that kind of salary anyways tbh....and depending on your social life you might even struggle to rent, esp if your supporting the missus as well....why not wait until she graduates and gets a job?

    Not strictly true, you can self cert these days at 90%.

    Although that would mean certifying a larger salary than you actually receive. But even if you bought a property for say 140k putting 10% down, even interest only on £700 you'd be crippled after ctax, bills, and ther expenditure.

    I would save up a large deposit and/or wait for your missus to get a job.
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