Is £667.25 pcm expensive for rent?

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Buzzing_Bee225
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#1
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#1
Hey guys - I need advice.

So I found a house with my mates (6 of us in total) in Brighton near the big Aldi - which everyone wants. But the price. We're there for 51 weeks, so it's probably £8000+ in total, AND we have to pay for travel costs bc we are going to the University of Sussex.

The house is newly refurbished, has sinks in all the rooms, three bathrooms, a garden and bedrooms that are double beds and pretty spacious. With bills included, is the house worth it? First time renting a house and I have no clue about properties and prices.

I have another friend, from the same uni and they found a place smaller but similar to ours and is going to pay SO MUCH less. Although their location isn't as good as the place I found.

Should I talk to my flatmates before we sign the contract?
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University of Portsmouth Student Rep
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#2
Report 4 months ago
#2
(Original post by Buzzing_Bee225)
Hey guys - I need advice.

So I found a house with my mates (6 of us in total) in Brighton near the big Aldi - which everyone wants. But the price. We're there for 51 weeks, so it's probably £8000+ in total, AND we have to pay for travel costs bc we are going to the University of Sussex.

The house is newly refurbished, has sinks in all the rooms, three bathrooms, a garden and bedrooms that are double beds and pretty spacious. With bills included, is the house worth it? First time renting a house and I have no clue about properties and prices.

I have another friend, from the same uni and they found a place smaller but similar to ours and is going to pay SO MUCH less. Although their location isn't as good as the place I found.

Should I talk to my flatmates before we sign the contract?
Hey there,

Ultimately it depends on other prices in the area and what each of you can afford. I'm in my final year of university now, so I know the struggle of finding somewhere to live all too well.

I'd recommend making a spreadsheet to lay out all the information in front of you. For the whole 51 weeks, note down:
- Your outgoings
-- Rent
-- Monthly subscriptions (Spotify, Amazon Prime etc.)
-- Bills that aren't included by your rent
-- Contents Insurance (if applicable)

- Your Income
-- Student Loan
-- Part-time Work
-- Any other sources of income

From there, your (sum income - sum outgoings) is how much money you have to live for the rest of the year. This has to cover:
- Food
- Social events
- Savings
- A house deposit for next year
- Clothes
- etc.
Make sure you over-estimate for this. Under-spending compared to your targets is a good thing - you can put in savings or treat yourself. Over-spending is not ideal, you'll end up in your overdraft, be stressed etc.

If you can't afford the rent that your mates are suggesting, let them know and tell them what you would be able to afford (use your spreadsheet for this!). With any luck, they'll be understanding at start looking at properties at a price range that works for you. Odds are that they may not have done this same calculation, or they just have different income/outgoings to you.

Hope this helps, best of luck!
~ Mikael, UoP Student Rep
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mnot
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#3
Report 4 months ago
#3
(Original post by Buzzing_Bee225)
Hey guys - I need advice.

So I found a house with my mates (6 of us in total) in Brighton near the big Aldi - which everyone wants. But the price. We're there for 51 weeks, so it's probably £8000+ in total, AND we have to pay for travel costs bc we are going to the University of Sussex.

The house is newly refurbished, has sinks in all the rooms, three bathrooms, a garden and bedrooms that are double beds and pretty spacious. With bills included, is the house worth it? First time renting a house and I have no clue about properties and prices.

I have another friend, from the same uni and they found a place smaller but similar to ours and is going to pay SO MUCH less. Although their location isn't as good as the place I found.

Should I talk to my flatmates before we sign the contract?
Look at comparable housing, you should be able to go on rightmove and see how your house stacks up versus the market.
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