To want a place of my own but not know if I can afford it?

[QuestionableMouse]

I'm sick of living with other people. I'm almost 33, and would love a place of my own. I'm currently living in uni accommodation and to be honest, I hate living with a stranger. We have nothing on common and don't really get along.

I just want a little space that's my own but I don't think I can afford it. I'd rather not lay out my finances on here but from what I've worked out, it would be very tight. I haven't looked into benefits or anything yet.

I'm scared of getting into more debt (owe 2.5k on a credit card due to a household emergency). My biggest outgoing after that is my car (which I need for work).

Sorry, I'm rambling I know. Aibu for not wanting to share?

I don’t understand why some people are giving you a hard time op.

I would suggest that you use Internet tools to input your income, and savings (if applicable), and see what kind of figures you are suggested as to how much you could potentially borrow. That would give you a very good idea, but nothing can replace going for a mortgage appointment at a bank or building society. They will evaluate all of your circumstances, and take everything in to account (outgoings, dependants, debts etc), and give you a proper figure.

Good luck with it.

Sorry, my pregnant brain isn’t working properly! I just gave you advice regarding getting a mortgage, but perhaps you want to rent.

Have a good search on Right Move and see what’s available. Add a budget into the search box first. You’ll soon see what may work for you.

Remember that you’ll need money upfront for your deposit and estate agents fees.

Have you looked on "rent a room websites" ?

Some people who work shifts rent out a room in their house
So if you were at home at night and they worked nights, you would not see them

How long do you have left on your course at Uni ?
Can you spend more time in the library or join some clubs, so that you spend less time in your accomodation ?
Ask around to see if anyone has a spare room available - friend of a friend

If you move, ensure you clarify all the costs before you move in
Rent
Bills
Any surprise extras

If you can’t afford 300 a month you’re beyond help really. I’m mean really!

People are trying to help you so don't give them hassle in return.

I live alone in an area which is very cheap to live. I think I need about £1000 a month to survive (including running a car) and that is the absolute bare minimum. It doesn't allow for any luxuries or leeway. Rent isn't the problem, it's everything that goes with it.

Council tax
Mine is about £150 a month. Go on your council's website to find their band charges and then get an idea of how much you could afford. I.e. is you could afford the charge for a £100,000 property have a look on RightMove to see what that value looks like in that area and whether that is suitable for you.

Water
On a water meter (check this when viewing houses because no all properties are and it's up to the landlord to allow it if you wanted one put in) I pay about £40 a month. Some water companies do have a scheme for people that are on low income so check with them.

Gas/electricity
Cheaper if you are in a well insulated (i.e. modern) place. You can switch suppliers to drop the cost.

Others
Broadband (moneysupermarket - be prepared to not be able to afford something super speedy), tv licence (don't skimp here!), TV (you probably can't afford Sky but that will save you alot of wasted time lol!), mobile (could you save yourself some money by reducing your contract.)
Also consider the effect of moving on car insurance, the area will effect it as will where you will be parking. Don't forget car tax (it's really easy to overlook yearly/irregular outgoings when budgeting.
Food, toiletries, clothes.
Will the property be funished? That could cost you a lot!

Make sure you do your research and assume everything will cost a bit more. Good luck.

PS YANBU to want a place of your own. I could not live in a shared property any more.

Okay so I can't get the screen grab to upload. Here's what I'm working with:

Income:

Maintenance loan: £8,430
Work- 3 8hr shifts at £8 - £768/month or £9216 a year (minus tax/NI so we'll call it £8000.

Outgoings (Aprox) :

Rent: £400
Car £200 (includes insurance, finance payment, tax and petrol)
Debt £100 (credit card, reducing by a couple of quid a month)
Food £120 (included packed lunches for uni)
Pets £50 (food, flea treatments, and insurance)
Elec £30

Gas £30
Water £30
Insur £30
Web £20
Phone £10

Total outgoings £1020/month (roughly)

I don't watch any TV, so don't need a TV licence.

If you go on Zoopla house prices, they have a tool to give an estimated monthly running cost. I just had a look at my home on there and it’s not far off.

Thanks, I didn't know about that.

I think it sounds like you CAN afford it. With the budget you have put down there you would have over £300 left over for spends each month. Thanks loads more than some people have!!

What pets do you have ?

A lot of places are funny about pets which is annoying.

Do you have any stuff to put into the house (furniture wise).

I would try and get some money together for a deposit. I think you could afford it just be careful. Even if your skint at the end of the month it's worth it for your mental health having your own space.

Your big problem is your debt, you are only reducing by a couple of pounds a month so you need to do a balance transfer with an interest free introductory period. Check out money saving expert/ money supermarket x

That looks pretty reasonable but I would second Lucymek about pets. A lot of places won't take them. If the listing says nothing about it, ask the landlord directly if you can (ideally after being very polite / ooh what a lovely house etc), that worked for me. I convinced a landlord that doesn't allow animals to let me have my cat that way.

Do you have possibly 1,5k set aside for deposit, first months rent, agent fees etc? I think your water gas and electric may be higher then you've budgeted for.
If you are a student unless you have children you will NOT be entitled to any benefits! Bare that in mind.

You could squeeze a few pounds off a couple of bills there. Have a water meter put in, be relatively sensible about usage and that should come down a bit. Likewise with gas and elec, especially if it's just you in a small place and you don't have it lit up like Blackpool illuminations.

I'm so used to struggling for money that even thinking about not having enough makes me really anxious. It's really hard to let go of that mindset.

I'm getting a £2000 scholarship soon, that would be used for fitting out the house. I do have some stuff and no doubt my family would help.

The debt is going down by £100 or more a month (it's 2.5k on a credit card) just the payment doesn't go down much. I'm aiming to get it paid off by the end of Uni.

I'm basing the gas/electricity payments on what my parents pay for a two bed house.

Your gas/electric/water sounds fine - if anyone is paying more than that in a one-bed flat they need to get themselves on a better deal.

Seems a reasonably realistic budget - but no council tax now, once you stop studying that will appear.

You need to deal with that debt. Pricey cats but that's your choice.

I am dealing with the debt. I'm paying double the min to get it down. It was due to an emergency situation too, not me overspending or being wasteful with money.

As a student you’ll likely need a guarantor. Do you have enough for deposit, agency fees and referencing?

What's the interest rate on your credit card? If it's a high interest one, a lot of the payment could be going on interest. But you can get interest free offers. Look on moneysavingexpert to find out what you could get accepted for.

If you lived alone as a student, you wouldn't have to pay council tax would you?

Assuming that your maintenance loan isn't counted as income, you won't pay any tax, just minimal NI? And your income should increase slightly in April due to higher personal allowances.

Get rid of the car and the pets then you'll have £250 extra to throw at your debt.
Someone mentioned Martin Lewis' MSE, loo on there at the Debt Free Wannabe site. They're hard asses but very helpful.

I can't get rid of my car. I can't get to work without it. And I'm not going to get rid of my cat.

No council tax as a single student.

The rate on the credit card is already the best I can get. I can't remember the exact figure off the top of my head but its under 10%