Own place

For any other problem that has to do with the self.
Forum rules
Post Reply
Regular Visitor
Regular Visitor
Posts: 35
Joined: Sun Oct 28, 2007 7:00 pm

Own place

Post by Kayx » Thu Feb 21, 2008 6:53 pm

Hey there.I'm 21 years old and my boyfriend is 22.We're looking at getting our own place soon. Now we're not high flyers and don't earn loads and loads of money. I'm just wondering how anyone out there found this when they first got their own place and also a general idea of the true cost of running your own place without sounding naive.

Any help would be appreciated

Thanks x

User avatar
Bel Bel
Fully Fledged Flatmate
Fully Fledged Flatmate
Posts: 6758
Joined: Thu May 10, 2007 1:58 pm
Gender: Female
Location: Hertfordshire

Post by Bel Bel » Fri Feb 22, 2008 1:58 pm

Well are you planning to buy or rent
Renting - you will need a months deposit and a months rent in advance at least - some companies require 6 weeks rent in advance
If your buying you need a 5% deposit to secure a good mortgage rate and then a further £1000 min for solicitors fee's. You can contact any good solicitor and they usually have a fee sheet laying out all their fees.
If the house is over £125,000 you will have to pay stamp duty of 1% of the value of the property i.e £1250 on a house costing £125,000. If the house goes over £250,000 which I am assuming it won't that goes up to 3%.

Council tax, different in different areas check out the local council web site for prices

Bills to allow for rent/mortgage payment, council tax, water rates, gas, electric (will depend on size of house and type of heating- ask the current tentant home owner to show you a fee recent bills to get an idea) TV licence, contents insurance, food, petrol, car insurance and maintenance (if you have a car), buildings insurance if your buying, Telephone, Internet , mobile phone

It's best to do a monthly budget to make sure you can afford it with some money left to have a life and for emergecies and birthday presents etc.

Also if you are buying or renting unfurnished how you will pay for all the furniture and white goods (fridge etc)

Hope this helps
Life is for living so live it to the fullest Cheap Pandora Charms UK

One of the Crowd
One of the Crowd
Posts: 62
Joined: Sun Dec 30, 2007 12:52 am
Location: Somewhere in this mess I call a mind

Post by missyx » Mon Feb 25, 2008 5:37 pm

Belbel has given you a good list there. I'll tell you how much each of those things costs for me if that'll help, but bear in mind this will vary on the type of place you are getting / size of the house / general standard of living / area / etc. These bills are for 2 people.

Rent: Was £650 a month (2 bed flat).
Mortgage: £750 a month.
Council tax: £125 per month.
Water rates: Can't remember.
Gas: £50 per month (key meter).
Electric: £50 per month (key meter).
TV licence: £135.50 per year.
Contents insurance: £10 per month.
Food: £200 per month.
Petrol: £40 per month.
Travel to work: £200 per month.
Car insurance: £40 per month.
Car Maintenance: £25 per month.
Buildings insurance: £25 per month.
Telephone: £15 per month.
Internet: £20 per month.
Mobile phone: £10 per month.
Life insurance (if buying you'll need this): £30 per month.

Don't forget any credit card bills, loan payments, and money for socialising and treats - plus money for special things like Christmas / birthdays etc.

User avatar
Part of the Furniture
Part of the Furniture
Posts: 545
Joined: Fri Jun 16, 2006 11:19 pm
Gender: Female

Post by spacegirl » Mon Feb 25, 2008 10:06 pm

If you're thinking of renting, ask around people you know if they can recommend a good landlord or estate agent, if you're tied in to a year's lease with a lazy good for nothing estate agent/landlord, it can be very stressful. when looking for a place, try to look past the aesthetics, look at the bottoms of the walls for rising damp and around the tops for mould. ask lots of questions, about fire escapes, alarms, etc. and check appliances while you're there. also, make sure the landlord/estate agents has an itinerary at the beginning of the lease, this protects you as well as them as they're the ones that hold your deposit, and if they decide when you're moving out that something's missing or damaged that was never there in the first place, at least you have the signed itinerary to show what you had from day one. The list missyx has given looks pretty accurate for 2 people, as she said, it varies depending on where you live etc. but those costs are about average.[/list]
not if you were the last dandy on earth

One of the Crowd
One of the Crowd
Posts: 60
Joined: Mon Feb 18, 2008 11:20 am

Post by u_l_g » Wed Feb 27, 2008 2:14 pm


First of all congrats on deciding to live together, i'm very jealous! My life would probably be a lot easier if i had a nice boyfriend to share the costs with!

Here's what it costs me just to have my house each month (i share with a friend to make this affordable!)

Rent: 475
Council Tax: 106 (Band B)
Insurance: 20
Electricity: 45
Water: 18
TV License: 11.50
Phone: 15
Internet: 17
Food: 200

I also have a a modest car, a good insurance record and i only really go to work and back:

Loan Repayments: 116
Insurace: 35
Tax: (works out about £10 a month)
Breakdown cover: 70
Maintenence: (works out about £25 a month)
Petrol: 50

Other costs which vary, I'll give averages:

Savings (for when i finally can afford that mortgage deposit!): 40
Medical and dental: 5
Clothing: 40
Mobile Phone: 40
Gym Membership: 33.50
Going out, home entertainment etc: 40

You need to take the advice of people here and work out a budget to see if you really can afford it and make a proper realistic plan because money worries can put a real strain on a relationship, trust me! I have spreadsheet which i feed all my incommings and outgoings into

A few other tips:

You'll need a nice big chunk of money just to move in. You'll need to buy furniture and put a bond and deposit down. Find out what all this will cost first. Renting furnished to start might help - that's what i did.

When you find a house check it's tax band first
Make sure the bond you'll pay on a rented house is protected by the governments new scheme (depositprotection .com)

Always try to have a bit of money saved away for emergencies like when your TV goes kaput!

Always live within your means - it's not worth getting into debt for!

If you need to work out the tax on your wages this is an excellent calculator: listentotaxman .com

This website is invaluable to my life and i always go to it for advice on anything i ever spend money on (i beleive also there is a budgeting thing on there too): moneysavingexpert .com

I earn about 16000 a year and I sometimes find living on my own really really hard. It's a struggle to pay for everything i want and i'd much rather live alone then with a friend, however it is a wonderful feeling to have my own place and be independant so if you want it enough it's worth the sacrifices!

You definitly don't sound naive because you asked for the advice you need before jumping in, so i hope you've got it, good luck!

Post Reply