Those who did it... How much does it cost to move into a houseshare/flat?

Please can I ask How much does it cost to move out into a flat in a big city?
I am looking at the situation as an early to mid 20's person who has been with parents since University and is saving up to move back out.
I know it sounds vague,
How much is the deposit and how much emergency funds do you need? Is there an extact figure?

Reply 1

Tiger Rag

Deposit it usually something like 2 months rent.

I didn't pay a deposit due to being in socil housing. But it did cost me £1300 in total for furnishing and general moving stuff.

Reply 2

gapyearpostgrad

Original post by OU Student

Deposit it usually something like 2 months rent.

I didn't pay a deposit due to being in socil housing. But it did cost me £1300 in total for furnishing and general moving stuff.

That's really good to hear about what's involved, Thanks for sharing! it is quite a lot more than I expected so will have to get a move on!

Reply 3

SophieSmall

Original post by gapyearpostgrad

It will massively depend on where you plan to move out. A flat in Manchester is going to be much cheaper than a flat in London. Or whatever variations you can think of.

As OU student said a deposit is usually around 2 months rent. You will also generally want a few more months worth of expenses saved up in case of emergencies, so if you lose your job or if you're paid late. So you still have enough money to pay for all of the absolute essentials: rent, council tax, bills and food in the mean time.

There is no exact figure since it will depend on where you move, what kind of flat you're planning to rent out and how many people you'll be splitting the expenses with. I would advise if you are moving out with people you know make sure you it is people you 100% trust, as if they decide not to pay their rent or don't pay their share of the bills in many contracts YOU will then be liable (unless there is guarantor, in which case the guarantor will be liable and then if they don't pay it will fall to you). If you are moving into a place with people you don't know I advise to get separate contracts so you are only eligible for your share of the rent, however this can be harder to do and landlords prefer joint contracts.

Also take into consideration whether the place you will moving to will be furnished/ partly furnished or non furnished. If it is fully furnished you shouldn't need to buy anything at all and you should if you have stuff left from uni have everything you need. Partly furnished can mean anything from "all furniture except for a fridge" or "no furniture but a washing machine included". As you can imagine the costs can mount up if it isn't fully furnished. If you can't find a fully furnished place do your best to buy second hand furniture or ones with a massive discount otherwise you will run out of money fast.

Also I cannot stress enough how important it is to have a fully revised and detailed budget plan. So you know how much money will be coming in and out of your account and WHEN. So you never end up going into an unplanned overdraft or having payments bounced because you didn't realise several bills were coming out at once.

(edited 8 years ago)

Reply 4

Tiger Rag

Original post by SophieSmall

If you can't find a fully furnished place do your best to buy second hand furniture or ones with a massive discount otherwise you will run out of money fast.

Charity shops are really good for this. We got my fridge, freezer, washing machine and tumbler dryer brand new; but we got things like a coffee table and other units from charity shops.

Reply 5

SophieSmall

Original post by OU Student

Charity shops are really good for this. We got my fridge, freezer, washing machine and tumbler dryer brand new; but we got things like a coffee table and other units from charity shops.

Yeah good idea, also there are "freecycle" or "free to you" pages for different areas on Facebook where people are happy to give away often very lovely and perfect condition items completely free.

Reply 6

Rakas21

Probably the better part of a grand if we include a deposit.

Reply 7

Tiger Rag

Original post by SophieSmall

Yeah good idea, also there are "freecycle" or "free to you" pages for different areas on Facebook where people are happy to give away often very lovely and perfect condition items completely free.

Forgot about these. We picked up a hoover and a halogen oven on Facebook for a total of £70. Both were pretty much brand new.

Reply 8

Someone's mum

As a guide I would say 3 months expenses - rent, broadband, water, electric, gas, council tax, rent plus one months deposit. On top if that add dares, food etc. Go to www.moneysavingexpert.com as they have some really helpful budgeting tools. You really cannot live from month to month as the unexpected always turns up. Stay at parents until. You have the above plus a savings buffer as you'll never live as cheaply ever again!

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Reply 9

Someone's mum

Should say fares!

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Reply 10

DarkMagic

In Northern Ireland:

My last house share was £315 a month, including bills. I didn't need to pay a deposit.

The house share I had before that was £160 a month, not including bills. We got that through an estate agent, so they asked for a deposit of £160 + first month's rent upfront.

You can easily spend up to £1000 on kitchen and bedroom stuff if you move somewhere unfurnished though.