KEY SKILLS LEVEL 2 - RENTING A HOUSE
A purpose of this project is to compare the cost of renting 2 bedroom or 3 bedroom property. Before choosing dream accommodation I have to set some basic criteria. The most important factors for me is localization and price. My clue in search is to save money on transport by cycling, so localization as it was mentioned above is crucial. However I’m able to spend more money for renting a property in zone 1, what is naturally much more expensive than in areas further from central London. The issue is well explained on website www.moving2london.com
“ The closer you are to the centre of London, the more you are going to have to pay for rent. Simple. The closer you are to the centre of London, the less you are going to have to pay for public transport (if you work in the city centre too). Makes sense as well. BUT just because you pay less rent for a similar type of room in zone 4 compared to zone 1 does NOT mean you will necessarily be paying less per week if you consider public transport costs as well. Costs for travel cards as you go further from zone 1 increase exponentially, and sometimes the money you save on rent by moving to an outer zone may not actually save you much at all over all if you work in zone 1, as so many Londoners do. “ [?]
In next steps I will choose which localization would suits me the best, considering places I visit the most frequently during the week. I will also analyze my expenses and decide how much maximally I’m able to spent for month rent. In budget calculation I would like to include all possible costs of rent, such as bills and how much I can save by cycling (while environmental benefits are priceless( ). To calculate foreseeable profit I enclose distance comparison in each advert. I make an assumption that whether I rent 2 bedroom or 3 bedroom accommodation, I would share it with 3 other people. Therefore the same number of tenants obviously cause that in all cases the real cost of rent will present 3 bedroom property as more expensive option. This fact slightly change the subject of the project. Instead of comparing 2 bedroom and 3 bedroom properties I will focus on comparison in each category. That leads to conclusion: How much more you can pay to improve comfort and enlarge your living space?
What should I consider before renting a property?
The properties in 1st or 2nd zone are rather more expensive solutions than settling in outer suburbs of London. However if your work, academic and social life is concentrated in centre of the city, it’s worth of consideration to invest money in rent and save your time. I’ve marked on the map two most visited places. First it’s a workplace located just by Holborn tube station. Second is University of Westminster, Marylebone Campus. My aim is to find an accommodation close to both locations. I prefer the distance not too far to travel by bike. The cost of month travel card for zones 1-2 is £112.20 [?]. I assume they’re money which I save by cycling and I can replace them for more expensive rent in north or central London. See the map below:
To make the searching easier I will set the limit of my budget. I summed up that I dispose a £1700 monthly. My expenses:
• Food: £200 (11,76%)
• Clothes & cosmetics £300 ( 17, 65%)
• Entertainment: £150 ( 8, 82%)
• Student Loan: £100 ( 5, 88% )
In a pie chart below I showed a percentage of each expense in my budget to decide what property I can afford. In my calculations the most I can pay for month rent is £450 ( 26, 47% ). In this situation I’m able to have 29,41 % monthly savings.
In some adverts there is an information that bills...