Be Realistic About what you can Afford

Guiding students through the renting process

Be Realistic About what you can Afford

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When renting a property, the monthly rent is unlikely to be your only expense. There will be other costs you should consider in order to calculate how much you and your new housemates can afford each month.

Some factors can include:

  • TV license:
    This can be paid either annually or in monthly instalments. If you are renting a property on a group tenancy then you will be liable for only one license, however if sharers with individual agreements will need a license for each occupier that owns and uses a TV. If you're renting a room in a private hall, you need to check if you need a TV license for a TV in your living area or bedroom. You're also required to purchase a TV license if you watch live streaming via your PC or laptop.
  • Utility bills:
    These are payable in a number of ways and it is advisable to check with your landlord/letting agent what exactly they require from you (many will ask for proof of payments before returning your deposit).
  • Internet/Digital TV:
    Optional. Internet can be highly useful when it comes to coursework and revision, and more importantly, checking your facebook!
  • Contents insurance:
    Definitely something to consider and well worth the money just in case something were to happen.
  • Council tax:
    Whilst full–time students are exempt from this, part–time students are not. If you are planning on living with part–time students, you will need to take council tax into consideration.
  • Food:
    Food can be expensive. Cut down the costs by eating together – it's a great social activity and it'll save you money.
  • Cleaner:
    Optional, but worth thinking about if you're not so keen on housework!

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