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Student house for first year or not?

Hi there,

Me and 2 of my friends have found a student house which charges £86 monthly with no bills require a £1400 deposit from us. Any advice if this is too high or not?

Reply 1

ThePhoenixLament

Assuming you mean £86 a week! It depends entirely on the area you are in- whereabouts is this house? It sounds fairly average for a student house although the deposit seems a little high for only 3 people, however this might be quite high or low for a particular area!

Reply 2

Little Tail Chaser

I'm guessing that's a typo. Unless you've found a treehouse or a cave there's no way you're paying £86 monthly :wink:

A standard deposit is one month's rent, so assuming that the £86 is weekly for each of you, this would be £1118. It is therefore quite steep so definitely make sure he's covered by Deposit Protection etc and that you've actually seen the house before you take it any further.

Reply 3

999tigger

Original post by 88trbl

Hi there,

Me and 2 of my friends have found a student house which charges £86 monthly with no bills require a £1400 deposit from us. Any advice if this is too high or not?

Student house if you already have two friends would be fine. You must check it out though and read the contract. Dont forget if its private then it will be a full years let and not just during term time. £86 pw sound cheap. but you need to research the ates in your area. Do see several places. If its an old poorly maintained house then it will require plenty of heating. Check it out. Work out a full budget. Work out between you who takes responsibility for what bills to avoid arguments.

The deposit is quite large at just under 4 months rent. Once you commit then you may not get it back if you decide you want to live elsewhere so be absolutely definite before putting it down. Ive seen larger deposits, just make sure it goes in the guarantee scheme. You can easily check just by looking in letting agents windows. There tend to eb ones that specialise in student lets around your uni.

Reply 4

88trbl

Sorry I mean £86 weekly!! not monthly.

It will be in the Fallowfield area in Manchester. My friends visited the house today and apparently they said thats with the bills excluded

Reply 5

88trbl

Original post by Little Tail Chaser

I'm guessing that's a typo. Unless you've found a treehouse or a cave there's no way you're paying £86 monthly :wink:

Ive just rechecked and It now states a £1290 deposit and a £297 Admin Fee for all 3 of us.

Also, it states they are members of the client money protection scheme?

Reply 6

999tigger

Original post by 88trbl

Ive just rechecked and It now states a £1290 deposit and a £297 Admin Fee for all 3 of us.

Also, it states they are members of the client money protection scheme?

When you say all 3 you mean combined or each? If itas combined that isnt much at all. You should go and see it yourself or at least get them to take video or photos You should also decide who gets which room and the price, just in case one is smaller.

If its a combined price it isnt much.

Reply 7

88trbl

Original post by 999tigger

Yeah its for the price combined. By any chance would you know how much approximately the bills would be or does it vary on the location? Also, hence being a whole years let, will I not be able to cover this just with the students loan provided? Does that make sense? Thanks in advance anyway

Reply 8

999tigger

Original post by 88trbl

No idea you can try asking the current tenants or students from Manchester what their bills cost. old houses can be expensive. Check whether you have gas or not. You or they need to visit and have a good look round. It varies on size of house, insulation and usage.

£86 a week is just under £4,500. no idea what your loan is. You need to add bills on that. You can work it out yourself.