Post content has been hidden

To unblock this content, please click here

Beginner April 2006

Budgeting for a bigger house - advice pls

JK2B, 17 July, 2009 at 14:44 Posted on Off Topic Posts 0

Saved

Report
Hide content

Hi All,

H and I are thinking about taking steps towards buying our first property. We currently rent a 1-bed flat in London and are looking to move out into the suburbs where we can afford roughly a 3/4 bed house. I am trying to do a full budget of expenditure so that we have an idea of what level of mortgage we can afford and to take with us to see a mortgage advisor but I am a bit stuck with Utility Bills/ Council Tax etc. as obviously this will increase significantly on what we currently pay for our 1-bed flat.

Can anyone advise on what amount to budget on this would be normal for this size of property? If you don't mind sharing I would be interested to hear what you budget for bills and maintenance for your house?

Thx!

Report
Hide content

Beginner
fiona-100 · 17 July, 2009 at 21:18
Report

Hide content
We did this at the end of last year. We moved from Aberdeen city out to the countryside, so not sure you can compare directly.

H owned his 1 bed centrally heated, doubled glazed, flat for about 10 years, and made a profit of £50k which funded our house purchase.

In the flat each month we paid; £80 council tax, £30 each for gas and electric (I think), about a fiver for home insurance, and the mortgage was only £300.

Everything for the house is about double the cost of the town flat. Mortgage is £1000 (we must pay minimum £750, we are on a variable rate so lucky enough to over pay), council tax £200, gas and electricity is £130 combined (though I think we underpay these), home insurance is £20. We now need 2 cars, where we only needed 1 in town, so more expense. We bought our house for a really good price, but it all needs updating which is a whole separate budget (we have already needed a new boiler). We luckily earn good wages so the move to the countryside was the right one for us. We spend a lot less on going out now at the taxi fare is £50! So we are able to put a bit away each month for the next thing to need fixing.

HTH

Edited to add more details.
- Reply