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Kim B | If i got £20,000 a year. could i rent a flat for £800 pcm? |
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willow
|
Are you asking if this is possible?Or if you can afford it?
You must write down all your outgoings include everything in this then what you are left with is what you have as spare for rent. |
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Maxi Robespierre
|
Its a bit high. £500 is tops if you want a life. Transport and food and other expenses are quite high. Your take home pay will be exactly £1400 pcm. so that leaves you £600 on £800 pcm rent. Looks good till you check the details
1 council tax = £ 100 aprox
2 food daily at work = £140 aprox (ie £5 per day)
3 Food at home = £140 aprox (same as above)
4 Drinks with mates = £100 (aprox 20 a wk X4 weeks)
5 Transport to work =£ 52 min(bus pass£13 per wk)
6 gas metered paygo =£40 (at £10 per wk)
7 Electric ditto =£40 ditto
8 cigs optional =£140 (at a pack a day at £5)
9 TV licence stamps =£10 (12x£10=£120 PA)
10. cleaning agents
soap, washing liq-etc=£15 (PCM)
11 Going out(once pm) = £25 (min)
12 snacks(crisps,water) =£30 (min)
13 Mobile phone =£30 (min even pay go)
14 downloads Ipod or =£10 (min)
15 Paying credit cards =£50 (min)
16 sell car and save the expense.Too poor for that.
17 Renewing t shirts =£20 pcm (clothing update min)
18. Forget girlfriend unless she pays
19 broadband/sky £20 (cheap deal)
20 DVDs and CDs steal these if you can.
total min cost of living in London = £
Pause for calculator people***************************
ok i got £904 without CDs and DVDs so its a scrape if you pay £500 pcm. on £800 you will be backwards by £300 pcm x 12 = £3600 pa. I know people dont do these sums but thats the reality |
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tomcat
 |
This is a very rough calculation but not far off the mark.
The rent is 48% of your gross pay. You will pay over £5000 in tax and NI, which leaves you with just over £5000 pa (£416 per month) to cover all your other expenses such as food, clothes, travel, entertainment, etc,etc.
It looks a bit risky to me, as you will need to provide a deposit to the landlord as well, and will be committed to the rent for at least 6 months. |
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micheleamanda
 |
A lot of rental agencies have a formula for calculating the ratio between your wages and the rental payment and won't normally allow you to rent a property unless your wages meet that formula.
The agency I rent my home through now and the previous agency I rented my last home through both said that the annual rental to be paid could be no more than one third of my household income.
I needed to rent a 4 bed home and the rent being charged on the house I wanted was £700. My income was only £16,000. As the rent for the year was £8,400 it meant that my household income had to be in excess of £25,200. Because of this I had to find someone to act as a "Rent Guarantor". This had to be someone who was willing to pay my rent if I fell into arrears and would be legally liable for any rental shortfall or non-payment. This guarantor had to be earning at least £9,200 per annum and be willing to be credit checked in the same way as I was before being accepted as a guarantor for me.
If you were hoping to rent a home for £800 per month you would need to find a guarantor who had an income of over £8,800 and a good credit record.
Private landlords who don't rent through an agency may not use that formula or may not be as strict but may put some awkward clause in the lease agreement so read it carefully before you sign it! |
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sleighton78
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Not really - it's too expensive. You'll have to learn to budget and balance your income against your expenses - like the list above.
The general rule is that mortgage/rent should be no more than a third of your gross (or ideally net!) income. |
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Eskimo
|
Yes it would be £9600 a year but do remember you have to live off £11k a year that is ok if you are single but if you have a family it may be a bit of a struggle. |
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Me
 |
I'm not sure what your asking? only you know how much money you need for other things. That would be £9600 a year but if you are earning 20k you need to remember a significant amount will be taken in tax. |
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Sparklepop
|
Go to http://www.thesalarycalculator.co.uk and this will tell you what you should be bringing home after tax.
According to that, you'd have only £400 per month left. I think £800pcm is a little bit expensive. My boyfriend earns £40k and I earn £12k - and our flat is £750pcm..... yet after bills, Sky, internet, food, etc, we don't have that much left!
What you need to do is work backwards. £20k salary should leave you with a monthly income of around £1,200. Then subtract things like:
> Electricity, water and gas bills (if you've never paid them and don't know how much they'd be, as on here and ask people you know who do pay bills)
> Phone and internet (if you need them)
> Council tax
> Groceries (at least £30 per week)
> Transport - driving, petrol, car tax, etc (or train/bus tickets)
> Then extras - you should really keep at least £30 spare for socialising and buying clothes, etc!
Then what you have left is what you can afford to pay on rent. I think fitting in all that stuff for £400 will be very tight.
Council tax alone will be about £100 a month! The minimum you could spend on groceries would be £20 per week - so that will end up being £100 per month. That only leave you £200 per month. You should definitely write down ALL your outgoings - including the little things like bought-lunches at work, fags, etc.
I'd be looking at a place of £600- maximum to be honest. Less than that really - your rent should ideally be 1/3 of your earnings; so £400-£500 per month!
So now you have to consider what you want to compromise. Everyone has to compromise on something! Your options are:
1. Go for the £800pcm place but struggle and get into debt
2. Move to a cheaper area
3. If you love the location, try finding a smaller flat. Do you really need that second bedroom / balcony, etc?
4. Get the same place but get a lodger who can pay half of the rent
You could still get a great flat if you just compromise and be realistic!
xx Emmie |
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jimbo72
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Work it out :- add to your rent of 800, 100 for utilities and bills = 900 X 12 months is 10,800; take that a way from your earn of 20,000 and it leaves 9,200 to live on - just 177 pw. Budget for credit cards, mobile, fares, presents, food and drink, going out - the list goes on and on!
But of course you can do it if you really want to - no problems; just do your budget and be smart/ |
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vampwithaheart
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not really... if your earning 20K a year and then take away your tax, NI etc you'll only be taking about 800 a month home! |
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