Hi i was thinking of renting a house but the thing is they are really expensive, How do people afford to live in a rented house these days and have money left for bills.
The thing is I dont know how i am ever going to be able to afford to rent a house let alone buy one.
What can i do, what do you do if you rent a house.
Any advice would be wonderfuln as its really stressing me out as i want a place of my own but its impossible.
2006-12-29 02:49:34 · 20 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Also a mortgage is just as dear as the rent.
2006-12-29 02:50:01 · update #1
Im wanting to get a house with my fiancee but even with both of us we will still be struggling
2006-12-29 02:58:50 · update #2
At the moment we are living in my parents house.
2006-12-29 02:59:15 · update #3
stay with your parents save up a deposit to put down on a house in the future i know its hard and you want your own space but why struggle and maybe loose everything by rushing things my son in same boat as you he got no chance of getting on housing ladder just yet so we stuck with him here we parents want our space to you know good luck xxx
2006-12-29 03:03:20 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Analyse the situation. You say that the rent is as expensive as a mortgage. If this is the case, why rent?
Can you raise enough for a deposit?
Have you considered buying an old terraced house in need of some care?
This could be big enough to let out a room or two, which would help with the mortgage payments.
The first step on the property ladder is always the hardest step, Good luck
2006-12-30 02:34:24 · answer #2 · answered by BRIAN S 3 · 0⤊ 0⤋
My answer is a little bit away from your question, but reading the responses it seem's there are a lot of people with this predicament. It probably won't help but I think people should get local MP's, concillors to realise that people on a very stretched income, below a certain amount per annum should be exempt from NI contributions and tax!! then we might be able to afford to find somewhere decent to live. I live on £650 per month, lost my home because utility bills, community charge and mortgage took up most of my income. Looked for a better job, but at 49 it's hard. I'm now in a rented one bedroomed flat as opposed to a 3 bedroomed house, water, council tax and electric cost as much as running a 3 bedroomed house!!! It's ridiculous? But who and what can people do to change this?? Good Luck anyway, sorry, but you will need it. xx
2006-12-29 10:12:53 · answer #3 · answered by RUTH M 3 · 0⤊ 0⤋
Yeah, I bought my house on my own a year ago and next door is rented and the rent is the same as my mortgage!
I rented for 5 years while I saved for my house. I couldn't rent privately because I couldn't afford it so I went with a housing association (not council as you've got no chance unless you get yourself knocked up). My rent was £65 per week for a one bed unfurnished flat in the Midlands.
As for managing, I did it on my own and the key is budgeting. I can only keep afloat by working out my monthly cashflow on my PC. Just set out all of your outgoings (bills, food, going out, TV license, mobile phone etc.) and incomings and work out how much you've got left at the end of the month. You do have to religiously stick to it but it is do-able. My current outgoings are about £1,000 a month and I have around £100/£150 left over to put into my savings account which will cover things like car insurance etc. I have £40 per week spending money for going out & new clothes. It might seem like very little but that's how people with their own places survive!! Good luck with it.
2006-12-29 03:07:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Well, this depends on where you're from. In Toronto, with a small down-payment I got a mortgage on a house with a done basement apartment. The rent I get from the basement makes my monthly mortgage payment a lot lower and I just have to make sure the place is always rented (it's better to take less but be sure that your tenant is not always keeping an eye out for something cheaper)
2006-12-29 02:58:23 · answer #5 · answered by sammy 2 · 0⤊ 0⤋
Start off with a two bedroom flat and share with someone else? Where I live you can rent a two bed flat (zone 6 outside london) for £600 a month.
A one bed where I am could cost £500 a month so would make more sense to rent a two bed with someone else if you wouldn't mind that?
Could you afford that? if not, maybe the council could help you out with income support or something?
2006-12-29 02:58:26 · answer #6 · answered by terryscopic 1 · 0⤊ 0⤋
If you have friends that are compatible and you are willing to live together and share costs, that is a way to get a home. You must be certain you make the right choice because these situations can really be hard on friendships. Hopefully, they will have good jobs that they intend to keep. Inevitably, someone won't clean their part, or pay their part, or just be absent for whatever reason, and the war is on. It is a difficult transition but seriously, in today's economy, it is one of the only ways to move forward. Good luck!
2006-12-29 03:00:12 · answer #7 · answered by Rocko Barbella 4 · 0⤊ 0⤋
You could try renting a flat instead of a house (slightly cheaper) you can also negotiate the rent with the landlord if it's a little steep.
Also, try for a flat where the domestic bills are Incorporated in the rental fee.
2006-12-29 02:55:49 · answer #8 · answered by Carrot Cruncher 5 · 0⤊ 0⤋
you would be better off if you hose shared you could always advertise to find if anyone is interested but make sure rent and bill money is collected every pay day with aren't book signed
2006-12-29 03:07:18 · answer #9 · answered by KAY L 2 · 0⤊ 0⤋
share a flat/house with friends. or look in the newsagents window or the local paper for people wanting to share, theres also some websites out there to help if you google it.
its the only option really i had to aswel
2006-12-29 02:53:19 · answer #10 · answered by ♥Natalie♥ 2 · 0⤊ 0⤋