I’m thinking of sharing a house with 5 other people, can anyone check my sums?
I’m thinking that we’re gonna live quite comfortably!
We’re in England, and we want to rent a four bedroom house with two double beds and two singles. We’re all going to be Uni students, so we can have a lot of cash to live on.
I personally get £6200 per year to live on. Two, maybe three of my flatmates will get the same. The others will get somewhere in the region of £4000 I think. Putting that together makes £30600 per year to live on.
If we divide that by 12 to get calendar months (just makes it easier because everything works in calendar months) we get £2550. To rent a house in Nottingham city centre is about £500 – £700 PCM. I’ll plan for worst case scenario, so removing £700 from £2550 gets £1850. I had a look at bills, and an average price I found was £50 for each, water, gas and electricity. That was for two people. Worst case scenario IMO £600, though I don’t think it will be this bad. We will want an internet connection, so Perhaps £40 for all of us? 10MB or something. Finally, £400 – £600 for shopping. I therefore come to a final amount left over per month of £610 between us, leaving about £100 each PCM to spend on things we want/university courses/going out etc.
Is there anything I have missed that you would like to add? Are there any problems with my math? All responses appreciated!
Rent Back Fast
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Don’t forget heating costs… I don’t know what the current costs are where you will live, but they might be higher than expected especially if you will be using gas. Also, will you be driving or do you have a motorcycle or anything like that? Factor those costs for fuel in as well.
Don’t forget costs for TV subscriptions if you want that, and renter’s insurance, which is very important – especially with all those folks in one place.
You may also want to figure out what furniture you will need to buy for your house. Does anyone have a couch? Book case? Tables and such? When I moved into my college house with a couple guys, we had to buy a couch because none of us had ever owned one before. It wasn’t much, but we split the cost of some of the community furniture. I got the couch and my roommate got a table and my other roommate got a bookcase and lamp.
Also, don’t forget costs for household goods like toilet paper, light bulbs, paper plates, dish washer detergent… all of that stuff that you never think about until you need it.
in addition to the money; find an adult, very mature, that
everyone in the house likes and ask him to be a mediator
to future squabbles WHICH will occur.
having an intermediary is essential when you have
a house full of legal tenants cause one dumb action or
statement can f k things up really well!