A landlord created the following set of rules for potential tenants to read through when they came to look at his property:
http://www.dailymail.co.uk/news/article-2260035/No-pork-fridge-showers-longer-15-mins-I-approve-visitors-Womans-shock-shes-presented-list-house-rules-viewing-flat-rent.html
Thursday, April 25, 2013
Sunday, April 21, 2013
How to save up for a deposit whilst renting in London
The Evening Standard provides some advice on how to save up for a deposit whilst paying a big proportion of your salary in rent every month.
This article was in the paper in September 2012 and it made me smile at the time so I thought I would share it here.
In September 2012 an average deposit for first time buyers was £57,175. The Evening Standard came up with several solutions how someone might save this money.
1) Live Frugally
The Evening Standard stated that living frugally could save you £4000 a year.
So it would take 14 years to save for a deposit this way.
This is the method that I have been using to save money. I like to think that I live fairly frugally but I only manage to save about £1,500 a year this way. And despite putting this much in my savings account each year, some of it has been spent already on things that I`ve not been able to afford with my salary (rental deposit, new laptop, brother's wedding, general day to day living when I first arrived in London and wasn't managing my spending very well).
At my current 'living frugally' rate I will have save for a deposit in 38 years time. However, I could definitely live a bit more frugally, as I do spend quite a bit on theatre tickets.
2) Take a Second Job
The Evening Standard suggested that if you could earn an additional £99.20 per week, you could save for your deposit in 11 years.
I have earned a little bit of extra money via this method. My job pays us a 1.5 hourly salary for our overtime. In addition, I've done a few hours of freelance work for a company where my friend works. To be honest, I haven't really had many freelance hours and the money I've earned this way has almost all gone on day-to-day living.
I currenty work 40 hours a week. I think if I got some additional hours I could speed up the 38 years it will currently take just with frugal living to save up for a deposit.
3) Live Ultra Frugally (this one was called postpone having children)
Save £14 000 each year for 4 years.
This is actually impossible. By the time I get my salary and pay rent, bills and train tickets I don't have £14 000 a year:
My salary net is about £18 000 a year.
My rent and bills on average are about £6, 840 a year.
My train ticket is about £3 500 a year.
That leaves £7 660 a year for everything else. So I'll leave that suggestion with the Evening Standard.
4) Live with your parents
Save £15 000 of your salary each year for 4 years.
My parents don't live within travelling distance of my job. I was living with my parents for 6 months when I was unemployed. I applied for jobs anywhere I could find them and the one I got was in the other end of the country.
4) Preherit
Aka ask your family for the full £57,175.
Here is the article in full:
http://www.standard.co.uk/lifestyle/london-life/raising-the-roof-how-generation-rent-can-get-on-the-property-ladder-8315847.html
This article was in the paper in September 2012 and it made me smile at the time so I thought I would share it here.
In September 2012 an average deposit for first time buyers was £57,175. The Evening Standard came up with several solutions how someone might save this money.
1) Live Frugally
The Evening Standard stated that living frugally could save you £4000 a year.
So it would take 14 years to save for a deposit this way.
This is the method that I have been using to save money. I like to think that I live fairly frugally but I only manage to save about £1,500 a year this way. And despite putting this much in my savings account each year, some of it has been spent already on things that I`ve not been able to afford with my salary (rental deposit, new laptop, brother's wedding, general day to day living when I first arrived in London and wasn't managing my spending very well).
At my current 'living frugally' rate I will have save for a deposit in 38 years time. However, I could definitely live a bit more frugally, as I do spend quite a bit on theatre tickets.
2) Take a Second Job
The Evening Standard suggested that if you could earn an additional £99.20 per week, you could save for your deposit in 11 years.
I have earned a little bit of extra money via this method. My job pays us a 1.5 hourly salary for our overtime. In addition, I've done a few hours of freelance work for a company where my friend works. To be honest, I haven't really had many freelance hours and the money I've earned this way has almost all gone on day-to-day living.
I currenty work 40 hours a week. I think if I got some additional hours I could speed up the 38 years it will currently take just with frugal living to save up for a deposit.
3) Live Ultra Frugally (this one was called postpone having children)
Save £14 000 each year for 4 years.
This is actually impossible. By the time I get my salary and pay rent, bills and train tickets I don't have £14 000 a year:
My salary net is about £18 000 a year.
My rent and bills on average are about £6, 840 a year.
My train ticket is about £3 500 a year.
That leaves £7 660 a year for everything else. So I'll leave that suggestion with the Evening Standard.
4) Live with your parents
Save £15 000 of your salary each year for 4 years.
My parents don't live within travelling distance of my job. I was living with my parents for 6 months when I was unemployed. I applied for jobs anywhere I could find them and the one I got was in the other end of the country.
4) Preherit
Aka ask your family for the full £57,175.
blog on generationrentv
blog on generationrent
Here is the article in full:
http://www.standard.co.uk/lifestyle/london-life/raising-the-roof-how-generation-rent-can-get-on-the-property-ladder-8315847.html
My rent
I thought I'd work out what proportion of my salary I spend on rent in London and travelling to work.
Flat 1 March to September 2010
5 bedroom flat, 2 bathrooms but no living room
Private landlord
Zone 2
£670 a month rent including bills (50 % of my salary at that time)
£256 a month train ticket (19 % of salary)
Flat 2 September 2010 to September 2011
3 bedroom flat including a living room and a yard
Sublet from colleagues
Zone 2
£650 a month rent and £70 bills (54 % and then 52 % of salary)
£269 a month train ticket (20 then 19% salary)
Flat 3 September 2011 to March 2012
3 bedroom flat including a living room and a balcony
Sublet from friend of the owner of the flat
Zone 1
£700 a month rent including bills
£283 a month train ticket
Flat 4 March 2012 to current
4 bedroom flat including living room and a balcony
Private landlord
Zone 2
£510 a month plus about £60 bills (38% of salary)
£298 a month train ticket (19 % of salary)
Flat 1 March to September 2010
5 bedroom flat, 2 bathrooms but no living room
Private landlord
Zone 2
£670 a month rent including bills (50 % of my salary at that time)
£256 a month train ticket (19 % of salary)
Flat 2 September 2010 to September 2011
3 bedroom flat including a living room and a yard
Sublet from colleagues
Zone 2
£650 a month rent and £70 bills (54 % and then 52 % of salary)
£269 a month train ticket (20 then 19% salary)
Flat 3 September 2011 to March 2012
3 bedroom flat including a living room and a balcony
Sublet from friend of the owner of the flat
Zone 1
£700 a month rent including bills
£283 a month train ticket
Flat 4 March 2012 to current
4 bedroom flat including living room and a balcony
Private landlord
Zone 2
£510 a month plus about £60 bills (38% of salary)
£298 a month train ticket (19 % of salary)
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