The cost of living

[RedBike]

I'm trying to budget just how much (approximately) it now costs to run a house.

This is what i've got so far:

Gas / Elecy: £100pm
Water: £75pm
Mortgage + Insurance: £300 pm (Based on a 50k mortgage)
Food: £200pm
Car: £200pm (bloomin petrol)

Am i even close with my figures?

 

[cheadle hulme]

My mortgage is 180k and £800pcm. Was £1150, but got a tracker and have benefitted from lower rates.
Your car costs don't appear to consider the car itself ie depreciation is the biggest cost.

 

[RedBike]

Your car costs don't appear to consider the car itself ie depreciation is the biggest cost.

Good point. It's a old car but I reckon it's loosing about £1k a year so I had probably better adjust the car to £300pm (This is all approx).

 

[RedBike]

My mortgage is 180k and £800pcm. Was £1150,

I only earn £20k a year. It's starting to look impossible to afford a house!!

 

[dan_bo]

who do you know under the age of 45 with a £50K mortgage?

 

[colly]

Council tax?

Telephone costs?

Repairs and maintenance?

Repairs to your car/mot/insurance?

Credit cards?

TV costs i.e cable/sky?

Internet costs?

Replacement costs of furnishings/electrical goods?

BICYCLE costs?????

and last but not least BEER?

 

[barq]

How many people in the house? I know some figures are fixed, but not all (e.g. food).

 

[RedBike]

It will be just me, living on my own.

Colly I haven't forgot those extra costs (and more). This is why it's looking impossible.

Probably a 2 bed semi. Approx £100k If you can work out council rates from that (I can't).

 

[purplepolly]

The fuel costs will vary a lot depending on the size of the house, how well insulated it is, how efficient the appliances are, how much you heat it and whether you leave things switched on.

 

[colly]

It will be just me, living on my own.

Colly I haven't forgot those extra costs (and more). This is why it's looking impossible.

Probably a 2 bed semi. Approx £100k If you can work out council rates from that (I can't).

Yeah...........looks like your stuffed!

OTOH............my son has a mate lodging with him and that covers half the cost of his mortgage and also goes some way to the costs of the lecci and gas.

So all you need is a mate you can stand to be living in your house Long shot I know.

 

[colly]

Oh and it helps to be living near your mum and dad so you can eat with them when you feel like it .

 

[peanut]

I'm trying to budget just how much (approximately) it now costs to run a house.

This is what i've got so far:

Gas / Elecy: £100pm
Water: £75pm
Mortgage + Insurance: £300 pm (Based on a 50k mortgage)
Food: £200pm
Car: £200pm (bloomin petrol)




Am i even close with my figures?

I think you are being a tad optimistic with some of the figures to be honest. I kept all my receipts one month for food and sundries and was amazed at what I spent.
Its all the little cash items you forget . Stuff like pet food, dental bills,prescriptions, sandwiches for lunch , ebay purchases,
I now allow £250 per month food as some months have 5x weeks.
Have you included cost of broadband, domain name renewal,mobile fone calls,booze , xmas presents and gifts, bank charges ,late payment penalties etc etc

My monthly bills are now £1500.00 and I live alone.
I have this excel budget spreadsheet if you want it
bugga I can't attach the spreadsheet

 

[Plax]

who do you know under the age of 45 with a £50K mortgage?

Me - I never even had a 50K mortgage, mine is now only approx £27K. My tracker rate now means my mortgage p/m is £162.69 .

 

[Night Train]

who do you know under the age of 45 with a £50K mortgage?

Mine is just about £28K still owing at the moment and my repayments are about £150pm for the next 22 years.

If you want to buy a house then I think your priority is going to be finding one with very low energy bills as that will be an instant and ongoing saving forever. This could be a cheaper house that you invest in insulation and low energy appliances or it could be ready made but either is better then a cheap house that costs a fortune to run and is too expensive to improve.

Mid terrace houses are good for this as you only have front and back walls and roof space as heat loss so long as you have neighbours. This is already a saving in insulating it. If it has a south facing garden then a conservatory will be a good heat trap for passive solar heating. A south facing roof will also make it better for solar hot water, another worthwhile investment in a small house.

 

[LLB]

I'm trying to budget just how much (approximately) it now costs to run a house.

This is what i've got so far:

Gas / Elecy: £100pm
Water: £75pm
Mortgage + Insurance: £300 pm (Based on a 50k mortgage)
Food: £200pm
Car: £200pm (bloomin petrol)

Am i even close with my figures?

You can get a house for £50k - or even get a Bank who has got £50k to lend in the first place ???