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London Spare Rooms

Posted by Admin on :Thursday, 11th of April 2013 07:47:32 AM
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London is a huge city. It is a cluster of many towns and villages. Areas in London can be referred either by travel zone, name, postcode and in north or south of the river. Finding spare room or flat in London in a good budget, with easy accessibility to your work or education institute can be challenging, especially if you’re new to the city.

Due to the lack of local knowledge, most of the people either go to the areas that they have heard about or where their friends live or close to their work place.  However, This might or might not be easy accessible or in budget.  five things that  you need to consider before renting a room in London  are:

  1. How much rent can you afford?
  2. Action plan- whether to rent or buy  or shale take it as a rent to buy property.
  3. Budgeting and sharing cost when renting. How cheap it will be to rent a room from shared accommodation.
  4. Your legal and financial responsibilities.
  5. Whether you are alone or leaving with family.

You need to figure out how much money in a month you can afford to spend on rent. Firstly you need to work out on your other living expenses and other outgoing costs. Below are the upfront and ongoing cost that you need to take into account:

  • Cost of your rent plus bills- Council tax (usually paid monthly),  gas and electricity bills,  water bills, service charges. It is easy to over starch yourself if you miss to consider all this above expenses and think rent is the only expenditure. It is wise to ask agency, landlord or previous tenant to get an estimate expenses on bills.
  • Other monthly cost- TV license, landline phone bill, contents insurance, TV subscriptions, broadband bill.
  • If the house is un-furnished, it is important to consider expenses behind furniture (brand new can be expensive and second hand can be bit cheaper)
  • Other living cost includes – loans or credit card repayments, travel/car/car insurances, mobile phone, food,/clothes, gym/hobbies/night out and childcare/ maintenance.
  • Upfront cost of the property- before signing the tenancy agreement, you will need to pay deposit and payment for other legal procedure and documents.

If you are still not sure about your overall expenses, it is wish to over-estimate you budget than under-estimate. To avoid the risk of getting into debt after a few months as you might forget the consider some of the factors or expenses.  After you divide your annual expenses you will have peace of mind and will get estimation about your annual savings.

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