Hello
Apologies for the delay in doing this post - life has just been manic!
Right figuring out if I can afford to live on my own and buy a property was a big thing for me. Thinking back it probably took me two years from wanting to move out until me actually completing and coming up with a moving out day (which I haven’t fully done yet). So about two years ago I went to a mortgage adviser to ask about what I would need to move out (e.g. I didn’t think/ know about the cost of solicitors (conveyancing), validation and survey costs or what type / cost of mortgage I would get. So after seeing the adviser she gave me a breakdown of costs stating that I would need at least a 10% deposit and extra money including at least £1000 for conveyancing fees. I left feeling a bit overwhelmed but at that point I didn’t have a big enough deposit or job security (at that point I had just started a one year contract at my current employers). I spent some time saving to try and build up my deposit.
Once my contract had been renewed at my employer (so the start of my second year with them) I went back to the mortgage advisor and asked if I could get a mortgage promise. She gave me this but stated that I would only have a three month period to buy a property (this was because my work contract was only extended for another year and I needed at least 6 months on my work contract). So with my mortgage promise in hand I started browsing at www.findaproperty.com and various other websites/ estate agents/ newspapers. Finding a property isn’t always an easy thing. I wanted to be near my parent’s home (in case I need anything but far enough away that they can’t walk round.) With only three months I didn’t find a property (I did go and see a new build which I loved but I needed a 15% deposit which I didn’t have L ).
So eventually at the start of my third year at my current employer I went back to the mortgage adviser and got another mortgage promise. At this point I already had some viewing booked on a few properties and my adviser was able to give me a clear understanding of how much my monthly payment would be. By being able to use this figure I was able to put together a spreadsheet which helped me to monitor my outgoings and incomings and figure out if I can afford to live on my own! (which I believe I can!) I would recommend everyone to do this to make sure you plan and budget accordingly. These were some of the things I had to factor in (so you may have to):
·
Mortgage
·
Council Tax
·
Electric Gas
·
Water
·
Petrol
·
Car Saving
·
Phone bill
·
Dentist costs
·
Car Savings
·
Magazine costs
·
Christmas savings
·
Home insurance
·
Service change (if buying a flat you have to
factor this in)
·
Food
·
TV Licence
So
once I had determined that I could live on my own I had to plan if I could
afford to buy a property this is what I had to factor in:
·
Deposit
·
Mortage for two months
·
Conveyancing fees
·
Moving costs
·
Validation and survey costs
·
Flooring costs
So
that’s how I managed to plan and budget to be able to move out. If you have any questions or comments please
feel free to leave them below
