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I am trying to decide between 2 flats for myself, my wife, and our 2 kids, aged 4 and 2. One apartment is 375/wk. The other is 520/wk. Income is 70,800/year.

I'm figuring after taxes, net income will be about 46,000. My choice is to spend 20,000 or 27,000 per year on rent.

How much income would I need in order to realistically afford 520/wk in rent?

We have some rental income that we could tap into.

Which place should I choose?
 

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I am trying to decide between 2 flats for myself, my wife, and our 2 kids, aged 4 and 2. One apartment is 375/wk. The other is 520/wk. Income is 70,800/year.

I'm figuring after taxes, net income will be about 46,000. My choice is to spend 20,000 or 27,000 per year on rent.

How much income would I need in order to realistically afford 520/wk in rent?

We have some rental income that we could tap into.

Which place should I choose?
I assume you would have to pay council tax on top of your rent? Are service charges included ???

Jo xxx
 

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Discussion Starter #3
I assume you would have to pay council tax on top of your rent? Are service charges included ???

Jo xxx
Yes, I will have to pay council tax. Isn't it usually around 100 to 150 per month? I assume I will have to pay utilities as well.

Service charges? Is that utilities? gas and electric?
 

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Yes, I will have to pay council tax. Isn't it usually around 100 to 150 per month? I assume I will have to pay utilities as well.

Service charges? Is that utilities? gas and electric?

Council tax varies enormously across Britain. It very much depends, not only on the size of your property, but the area. A "nice" or a desirable area is gonna be much more expensive than one that isnt - and it differs from town to town.

When I mentioned service charges, I meant the maintenance charges on the block of flats - ie gardens, hallways, public areas etc - it may be included in your rent or not. Again that cost can vary depending on where the flats are and whether they're well looked after or not.

Utilities are pretty much the same across the country, depending on the service provider.

However, from the prices you've quoted (very high), I assume you're looking at a nice area, London?? There are cheaper places, but as I say. It depends on area and desirability and of course your own personal likes

Jo xxx
 

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Discussion Starter #6
Yes, I forgot to mention this is London - around Marylenbone. We want to be central since we'll be here a year or a little more, and want to see everything. I will work in Soho. I want time with my kids - so a short commute...

So, do you think the numbers are livable?
 

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You must find out what your council tax will be and if you have to pay any manintenance charges for the flats. For a family of four excluding rent, etc I think to live comfortably you would need 200 a week for food and household goods......... I guess it then depends on things like, going out, eating out, trips, a car?, treats, private schools???? - and thats down to you and how you live!!??

I'm not sure anyone can give you an answer. However, I think its doable on your income, you certainly wont starve, but I think if I were you I'd go for the cheaper property (as long as the council tax and maintenance dont make it dearer than the other one ??) and then see how it goes. Maybe sign up for a 6 month rent first??????

Jo xxx
 

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If I were you I would live further out and get the tube / train. Public transport is good in london.

Work out your net pay per month after tax and N.I.

Then add up your rent,council tax, bills (if not included in rent) for gas, electric, phone,food, transport cost, entertainment, i.e. sounds like you want to do the tourist thing, so say you do something once a week, you will need about £300 per month for this. i.e. madame tussauds (£50), london eye(£40), aquarium (£40) under threes or fours are free on most attractions. You will have to pay for lunch out too. You can get combined tickets so you get to visit lots of places and its discounted.
See how you get on with that and that will help you decide.
 

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That's expensive rent! I would go out a bit further from Central London. Try maybe Tube Zone 2 or Zone 3 areas. West and North London are excellent areas for families. With the excellent tube / bus system here in London, you shouldn't worry about not being able to visit places even if you live in Zones 2 or 3. And if you drive, those areas are still close enough to Soho.
 
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