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I want to buy this 1 bedroom flat

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The thing is it's going to take away half my wages. I don't mind that too much but this is my first time renting out a property and want to know that I'm not making a mistake in the long run.

So is it ok to spend half my wages on rent?

The rent is 900 and I earn 1800 per month.
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>>18516744
I assume English is not your first language. Do you know the difference between "buy" and "rent"?

The general rule of thumb is that you don't spend more than a quarter to a third of your gross income on housing costs, but this really comes down to what your monthly budget for everything else comes down to.

A one bedroom that consumes half of your income is probably too much.
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>>18516768
I do know the difference between buy and rent and that's what I said. I want to "rent" out a 1 bedroom property.

I don't mind spending half. Also, why is spending half bad? There are people I know whop spend over 2/3rds of their wages on rent.
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>>18516744
unless it's in the centere of some bigger city, this does sound like a bit too much, would electricity, water and all of that already be covered, because if not, you will probably spend another 150-300 every month on that
I'm guessing your currency is either USD or Euro, because if not, 1800 might not be as much as it sounds
(in comparison, I have a 2-room flat and it costs about 450, including water, electricity and gas. I admit it is very cheap, but a 1-room flat should be double that price)
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>>18516777
Ah, yeah. I forgot to say that it was in fact all bills included. So I only have to worry about food.
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>>18516777
I'm in London so we use GBP.

Also, how did you get a 2 bed flat for 450?
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>>18516786
well, it's not too big, the kitchen is probably like 4m2 and was empty, so I had to get everything myself
it did actually need a complete renovation, but all together that only cost me about 2-3 months extra rent, so in the end I win, I guess
and I'm not living in a big city like London
it's not a super remote village either, but only 40k people living there instead of... 6kk?
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>>18516768
I said buy by accident. I get mixed up sometimes by accident. But yeah, I meant rent.
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>>18516774
>I do know the difference between buy and rent and that's what I said

You mean aside from "I want to buy this 1 bedroom flat"?

>why is spending half bad?

Am I supposed to be guessing at your breakdown on expenditures and savings?

>>18516782
>So I only have to worry about food.

Assuming something like 800 on rent, 200 on food, 800 to savings, sure, that sounds doable.
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>>18516837
Yep. I'm 18, have no bills to pay and just really want to move out of my families house by the time I'm 18. Nothing seems bad. I'll have at least 700 to put in my savings each month since I don't spend a lot.
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You can if you want, but imo you're better off going with a roommate(s) and paying 300-450 for rent, and then saving all that money you would have spent and build 6 months worth of emergency savings.

Once you do that, begin to invest.

You have 60 years to live alone, but when you're making 1800 a month, now is not the time.
>>
It's your call. You probably COULD do that and make it work, but it's on the expensive side. As a general rule of thumb it's reasonable to spend between 1/4th and 1/3rd of your income on rent and housing bills. Obviously the ideal % depends on your particular circumstances but for most people, half is too much.

My recommendation: find a place with a roommate. Your money won't be nearly as tight elsewhere and you'll be able to save a lot more (which is to say, save at all) which is something you really should always be doing, even when you in an expensive city.
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>>18516850
I'm 18 right now and putting 500 in my savings each month. I'm going to be moving out of my parents place by the time I'm 20 and I think by then I'll have enough to safely live alone.

Does that make my situation sound any better?Also, this is GBPs we're talking in.
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>>18516867
500 is good, but 1000 is better.

Half is still way too much imo. What happens if you lose your job?
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>>18516866
It'smore of a short term plan. I'm currently 18 and want o move out of my families house by the time I'm 20 and I think living on my own is a must by then. I am also putting 500 in my savings for later and think I will be able pull thorough.

>>18516873
>What happens if you lose your job?
I'm fucked. But by the way things are going that is less than unlikely.
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>>18516846
Whoops yeah. 900 to rent.

Considering that you've been able to put at least 1600 per month every month into savings (assuming no rent/utilities at your parents'), yeah, sounds like you'll be fine.

Pretty rare that people don't spend any money on anything other than food & rent. Good for you.
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>>18516744
you absolutely DO NOT spend half your monthly check on rent. for $1800 a month you should be spending no more than $500 dollars a month.
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>>18516892
consider this, $900 x 12 = $10,800 a year

$500 x 12 = $6000 a year

the difference over the course of 10 years is $108,000 vs $60,000

you'd save $48,000 over that time
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>>18516875
I'm honestly confused why you can't just find a place with roommates. It's not like you have to be besties or anything, they just have to be reasonably trustworthy.

Basically, this is the situation: as a short-term thing, you could probably do it, and it'd be survivable, but I can't recommend it, and neither would most people who know how these things go. You'll be amazed how fast random expenses will slurp up your remaining £900. You'll be looking at your checking account balance and genuinely wondering where it all went.

But like I said, it's your call.
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>>18516909
I have no friends, I'm anti social and have a lot of anxiety. Also, just wanna be alone.
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>>18516908
It's more of a short term thing.
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>>18516744
In the usa we are at or near the top of the real estate market meaning it's hard to see prices remain at this level after the correction. In the short term prices will rise however there is a correction coming. Historically prices fall from 20% to 35% so everyone buying now gets clobbered if they lose their jobs and need to sell.

Rule of thumb SELL AT THE TOP BUY AT THE BOTTOM.

Advice you're young so wait for the correction and buy a bigger place. Then you can have your flat mate cover some of the cost.
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>>18516744
40 years ago the rukle of thumb was no more than 1/4 your income, and there may still be places where that's possible. But in most big cities it's more like 1/3, and 1/2 is not uncommon in very expensive places like New York and London.
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>>18517098
I'm in London.
Thread posts: 24
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