Thursday, 24 November 2016

Can You Afford To Rent?

I left home to venture out (and live with a boy!!!) almost 10 years ago now. I still remember going to look at flats and none of it seeming real. I think everyone dreams of finally having their own space but with rents sky rocketing are you really ready and can you really afford it?


I see so many people looking to make their first leap into the wide world of living alone and renting. While it is super exciting, it's mind numbingly expensive. There's loads of fees and add on's you don't actually discover until you start looking for your perfect pad plus the cost of actually moving on top!

I became a home owner earlier this year which can seem more of a dream than renting so I thought I'd share my experiences and help you work out the cost of taking your first leap into the world of rental.

Rent 
My first flat in London was £650 a month without bills. When I left London it was £1300 a month without bills. Rent increases every single year and doesn't include any bills unless otherwise stated.

Estate Agent Fees
Ahh, these are lovely. They charge you to credit check you and they charge you admin fees for inputting your name and bank details into a computer. They can range anywhere from £80 to a couple of hundred pounds and vary from estate agent to estate agent. Oh they also charge you an admin fee every year you decide to stay in a property too!

Deposit
Before you even step foot in your new home, you'll be expected to part with around 3 months rent which will be held as a deposit. You won't get this back until you leave the property and you'll only get it back if it's in the same condition it was when you moved in. So if your looking at £1200 a month that's a massive £3600 before you've even got the keys...

Moving Costs
Unless you have very lovely friends or family, your going to need to move your things into your new home. It's a lot cheaper to rent a van and do it yourself but obviously a lot of hard work

Bills
Council Tax, TV Licence, Gas, Electric, Water, Phone, Mobile, Broadband, Food, Travel.... it soon adds up! Bills vary from home to home but if your moving into a flat and get the chance to meet the current people who occupy it, it's always a good idea to ask about how much they pay. It'll give you an insight into the running costs of your home.

Set Up Fees
A lot of suppliers these days will charge you a 'setting up fee' or delivery fee. These can vary from supplier to supplier but for example postage on a router can set you back £6.99. It might not seem like a lot but it's the little £5 or £10's that add up realllllllly quick!

With all this said and done, the first time you get handed keys to your perfect pad is incredible. It's worth the stress and all the saving and scrimping to get you there! Taking your first step into the world is always going to be an expensive one!

If you've rented, how was your experience?

Until next time,
Becca
x

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2 comments

  1. We lived in two different rented flats before we bought our house. The first was ok but the landlady was very odd. The second we lived in for quite a long time, it was a new build and the inside walls had rising damp - it was unfit to live in and gross, they kept putting the rent up too, so eventually when circumstances meant we inherited some deposit money, we had to buy - the mortgage is still cheaper than the rent was and we don't have mould!!

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  2. Hi, it is interesting to see a little insight how much rent costs in London, UK. I live in Riga, Latvia, and our 30m2 flat close to the city centre (but not consider "the center area") is 270EUR without bills. Further from the city center and in a bit worse condition, is even cheaper. However, the average salary is quite different here compared to the UK. ;)
    Madara
    Lookforsmile.com

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