Renting a house
10-01-2008, 10:33 PM
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Renting a house
Thinking of getting my first house, cant afford to get a mortgage or rather the bank wont lend me enough for around here in oxford. what i need to find out are what peoples genral running costs of a house are apart from rent/mortgage on say a 1-2 bedroom flat apartment???
10-01-2008, 10:37 PM
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Its not deposit i have a problem with its actually being able to borrow around £250000 to buy a house its so expensive around here its unreal and i only earn just over £22k a year.
10-01-2008, 10:42 PM
#5
22K a year means you are clearing what 1400 a month?
250K property is going to rent out probably for about 800 a month?
Then you have 200 minimum in bills, so thats 1000 gone out of the 1400, and thats before you've eaten anything or driven to work.
Are you planning on doing this on your own or with a partner?
If with a partner have you tried applying for a joint mortgage?
Renting is rarely much cheaper than buying if you go interest only on the mortgage.
250K property is going to rent out probably for about 800 a month?
Then you have 200 minimum in bills, so thats 1000 gone out of the 1400, and thats before you've eaten anything or driven to work.
Are you planning on doing this on your own or with a partner?
If with a partner have you tried applying for a joint mortgage?
Renting is rarely much cheaper than buying if you go interest only on the mortgage.
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10-01-2008, 10:49 PM
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well im in soton so not far id say 700 for a 2/3beder in a decent area. plus about 400 in bills roughly plus or minus plus ur bits cc. food, petrol etc.
Crowds. get a mate or the mrs in makes it easier lol or theres a website. easyroommate.com i think
Crowds.
Crowds. get a mate or the mrs in makes it easier lol or theres a website. easyroommate.com i think
Crowds.
10-01-2008, 10:51 PM
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Totally understand this. I will be doing this with a partner so joint income is around £2000 but i dont want to get stuck in a mortgage and then relationship to go tits up cos its happened to one of my mates so id rather rent first then perhaps buy if i am living comfortably with the costs aswell.
so we all think around the £2-300 mark on costs house im looking at is £600 PCM but i know the ppl so may get it a tad cheaper
so we all think around the £2-300 mark on costs house im looking at is £600 PCM but i know the ppl so may get it a tad cheaper
10-01-2008, 10:54 PM
#11
Im amazed that ANYONE would be silly enough to have a 250K property as a rental and only expect to see 600 (maybe less?!) a month back on it!
Are you sure you have both the house value and the rent correct their, cause thats a fucking SHOCKING investment IMHO (speaking as a landlord not a tennant here, obviously its great news for you, just bad for them, lol)
Are you sure you have both the house value and the rent correct their, cause thats a fucking SHOCKING investment IMHO (speaking as a landlord not a tennant here, obviously its great news for you, just bad for them, lol)
10-01-2008, 10:54 PM
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Originally Posted by drsrst2zvh
Totally understand this. I will be doing this with a partner so joint income is around £2000 but i dont want to get stuck in a mortgage and then relationship to go tits up cos its happened to one of my mates so id rather rent first then perhaps buy if i am living comfortably with the costs aswell.
so we all think around the £2-300 mark on costs house im looking at is £600 PCM but i know the ppl so may get it a tad cheaper
so we all think around the £2-300 mark on costs house im looking at is £600 PCM but i know the ppl so may get it a tad cheaper
. otherwise if both in and it fucks up it can get sticky!if u get a house for say 700 its gonna cost abour 1200 or 1300 before ur own bills etc mate
Crowds.
10-01-2008, 10:57 PM
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Sorry chip 2 ideas going on here i fucking wish i could rent a £250000 house for £600 a month but what im saying is that iom going to rent somewhere cheap for a while with the mrs see how that goes then if all ok move on to buy something worth around £250000 2-3 bedrooms.
10-01-2008, 10:58 PM
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Anyone got tips to look for when renting obviously gonna arrange a viewing but apart from that any questions i should ask?
10-01-2008, 10:59 PM
#16
Originally Posted by drsrst2zvh
Sorry chip 2 ideas going on here i fucking wish i could rent a £250000 house for £600 a month but what im saying is that iom going to rent somewhere cheap for a while with the mrs see how that goes then if all ok move on to buy something worth around £250000 2-3 bedrooms.
Rent for 6 months in a cheap place
Buy a cheap place
Buy a dearer place
I know that you will probably lose money doing it that way compared to going for the biggest place you can afford and sinking every penny you have into it, but your relationship is a LOT more likely to survive without money worries IMHO!
10-01-2008, 11:00 PM
#17
Originally Posted by drsrst2zvh
Anyone got tips to look for when renting obviously gonna arrange a viewing but apart from that any questions i should ask?
Half the time the agency clark doesnt do a very thorough job on the way in, but then they do a VERY thorough one on the way out and deduct your deposit to the tune of the differences!
10-01-2008, 11:02 PM
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i think the problem u will find is u get used to the income and outcome and u cant save anything once in a place. If you could stretch and buy a place even if its modest.... under ur name not hers (just in case 
) then thats probably a better option. some companys will give 5 or 6 times salary mate.
Crowds.
) then thats probably a better option. some companys will give 5 or 6 times salary mate.Crowds.
10-01-2008, 11:02 PM
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Blimey cheers for that didnt realise that ill take the binoculars with me!!!
Chip your defo right about money worries it ruins relationships and people.
Chip your defo right about money worries it ruins relationships and people.
10-01-2008, 11:04 PM
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Originally Posted by drsrst2zvh
Blimey cheers for that didnt realise that ill take the binoculars with me!!!
Chip your defo right about money worries it ruins relationships and people.
Chip your defo right about money worries it ruins relationships and people.
10-01-2008, 11:04 PM
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Realistically what are you gonna get in south oxfordshire for £100k? Cardboard box you would struggle to get a 1 bedroom flat in the roughest of areas.
10-01-2008, 11:06 PM
#22
Living in a shit area can be a strain too, go for the smallest place you can find in a half decent area for your first property over a slightly bigger place in a dodgy ex council estate where you are always scared if your wheels will still be there in the morning.
10-01-2008, 11:11 PM
#24
What could you stretch to in just your name?
Deposit of 15K
6 times 22K
Thats 140K for a house plus some money for the bills to move in
Then rent the second room out so you can actually manage to pay the horrific mortgage you just got, initially to the bird, but if she fucks off then at least you are the one who is still quids in
Then tell the mrs to do the same on a place with her wage, and rent that out, so that you have 300K of equity with some other fucker paying half the mortgage (ie her one) and in a few years you are laughing assuming house prices continue to increase (safe assumption in the medium term IMHO)
Deposit of 15K
6 times 22K
Thats 140K for a house plus some money for the bills to move in
Then rent the second room out so you can actually manage to pay the horrific mortgage you just got, initially to the bird, but if she fucks off then at least you are the one who is still quids in
Then tell the mrs to do the same on a place with her wage, and rent that out, so that you have 300K of equity with some other fucker paying half the mortgage (ie her one) and in a few years you are laughing assuming house prices continue to increase (safe assumption in the medium term IMHO)
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