Moving out your parents - Or not!

22 July 2016

So I'm in the prime of my 20's. By next year university will be done and then it'll be going out into the real world and making a real income. I keep insisting to my Mr that we need to save and prepare. This money isn't going to appear out of nowhere, but really how much money does one need to save?
Let's start with dreams. I think Georgian/Victorian houses with modern conversions are the prettiest houses in London. There's so much history etched into them it's beautiful. 1st things first. Ultimately who doesn't want to own their own home? Is this realistic, though? I want to own my own house, but realistically unless I plan on living with my mother till I'm 29 and save religiously or graduate and land myself a job earning over 40k within the 1st year, is this a realistic goal to set? My answer is No.
FotorCreatedSo there seem to be 2 options to take. Option 1, registering with a Housing Association or Council, which is practically impossible if you haven't lived in the borough your applying for. So I filled one of these out anyway (unwillingly for the borough I live in), because most new builds are owned by Housing Associations, and my mum reckons it'll take at least 5 years before actually being given accommodation via the government. So no harm trying. Below is a picture of a new build building on Dalston Lane, it literally looks so cute!
Timber-tower1
Option 2 is to rent. Rent a home in London. Now obviously, this is going to cost a lot more in London than, say Leeds. So I did a little looking around and found some semi-decent houses/flats for a max of 1.5k - that's £750 per person.
So that's the starting price of how much you would need to pay per month for your humble abode. They probably would want a deposit. Let's say £100 and let's be pessimistic and say 2 months rent upfront. That's £1550. SO FAR.

Theeeeeeeeen you're going to furnish this new pad of yours. The most important things you'll need:
  1. A fridge - £299
  2. A sofa - £660
  3. A tv - £339
  4. A cooker - £349
  5. A bed - £280
  6. A washing machine - £229


So the examples I used are from two sites. Ikea and Very just for convenience. Altogether these main objects will cost £2086. Split that in half that's £1,043, so your first few months EACH will cost £2593. Not including water bills, sky bill, internet bill, electric bill! That's a GRAND TOTAL OF £5,186. You'd still need a bit more for things like a cuppa tea because that didn't even include a kettle.
On the other hand, whilst milling google, I discovered a mortgage on a home (costing 380,000) would cost 3.k per month for over a 20-year span. And that's a lot  *based on a house previously sold for 380,000 in Summer Lea, Noak Hill Road, Romford, Greater London - via Rightmove

 

 Feel free to comment if you think my information is wrong, optimistic, pessimistic makes you think anything or all of the above!

2 comments

  1. I've just moved out and with my beau in London. It was the most stressful and expensive thing we've ever done. We private rent and I'm pretty sure our rent is double some peoples mortgages. But we saved about 5k to move and luckily we didn't need white goods but actually paying the bills month to month and adjusting to the lack of disposable income is the hardest part. It's scary but worth it!

    Ash X
    Www.curlymumma.blogspot.co.uk

    ReplyDelete
  2. It always makes me so glad to live up north when I look at the price of rent and mortgages in London haha.

    Maxine, xo
    http://maxinewhitneyy.blogspot.co.uk/

    ReplyDelete

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