How to Budget for Student Accommodation Next Year

It usually starts with somebody sending a property link into the house group chat. Within minutes, everyone’s looking at the photographs, deciding who would have which bedroom and arguing about whether the kitchen is big enough. Someone points out that it’s only a short walk from Edge Hill University. Then another person asks how much the rent is, and the conversation goes a little quieter.

Finding somewhere to live for the next academic year is exciting, especially when you’ve already got a group of friends you want to share with. But it’s easy to get carried away looking at houses before anyone has worked out what they can afford. A property might look brilliant in the photographs, yet the rent could leave you counting every pound by the middle of term.

November is a sensible time to begin having those conversations. There’s no need to make an immediate decision, but getting a rough idea of everyone’s budget can save a lot of disappointment later.

Work Out What You’ve Actually Got to Spend

Before you start comparing student houses, have a proper look at your finances. Not just the amount you receive from student finance, but what you have left once your regular expenses are taken into account.

If you’re receiving a maintenance loan, you’ll probably already know how quickly an instalment can disappear. It arrives in your bank account looking like a reasonable amount of money, but once rent, food and other essentials have been paid for, the balance can look rather different.

Some students also work part-time, either during term or over the holidays. That extra income can be helpful, although it’s worth being cautious about relying on shifts that aren’t guaranteed. University timetables change, assignments take longer than expected and sometimes you simply can’t work as many hours as you’d hoped.

Write down what you expect to receive over the academic year and what you normally spend. You don’t need a complicated spreadsheet. A notebook or a few figures on your phone will do, as long as you’re being realistic about where the money goes.

That Weekly Rent Isn’t the Whole Story

When you’re browsing student accommodation, the weekly rent is usually the first figure you notice. It’s also the number that tends to get mentioned in conversations with friends.

The difficulty is that weekly prices don’t always tell you how much you’ll pay altogether.

Imagine looking at two properties with slightly different weekly rents. One might have a shorter tenancy, whilst the other runs for additional weeks over the summer. Depending on the arrangements, the property that initially appears cheaper could end up costing more over the full tenancy.

Ask for the total rent payable, the length of the agreement and the payment dates. If rent is collected in instalments, find out when each payment is due. That’s particularly important if you’re relying on student finance, because the dates won’t necessarily match.

It’s much easier to ask those questions before signing anything than to discover halfway through the year that you’ve misunderstood the payment arrangements.

Bills Can Make a Big Difference

Ask a group of students what they spend on household bills and you’ll probably get several different answers. Some live in properties where certain bills are included, whilst others organise their own gas, electricity, water and broadband.

If you’re comparing houses, check exactly what’s covered by the advertised rent. Don’t assume that bills are included simply because another property you’ve viewed offers that arrangement.

Where utilities are included, find out whether there are any usage allowances or fair-use conditions. If bills are separate, you’ll need to allow for them in your monthly budget. Winter can be particularly expensive when the heating is being used more often and everyone is spending longer evenings indoors.

It’s also worth discussing how shared bills will be paid. Will one housemate collect everyone’s contribution, or will you use a shared account or bill-splitting app? These might sound like minor details, but sorting them out early can prevent unnecessary disagreements.

Have an Honest Conversation With Your Housemates

Choosing a student house with friends is great fun until you realise that everyone has a different idea of what counts as affordable.

One person might be happy paying a little more for a larger bedroom. Another may have a strict budget because their maintenance loan has to cover almost everything. Somebody else might be working part-time and feel comfortable with a higher rent, but that doesn’t mean the rest of the group can manage the same amount.

It’s better to discuss money before arranging viewings. Nobody needs to explain their personal financial circumstances in detail, but everyone should feel comfortable saying what they can reasonably afford.

Try agreeing on a maximum weekly rent that works for the whole group. You can always look at properties below that figure and compare what’s available.

Students beginning their search can browse Student Accommodation in Ormskirk to explore different options before deciding which properties they’d like to view together.

Remember the Cost of Getting to University

A cheaper house isn’t always the most economical option once you’ve considered where it is.

If you’re studying at Edge Hill University, being within walking distance of campus can make everyday life much easier. You can head home between lectures, avoid paying for regular transport and won’t have to worry quite so much about getting across town on a wet November morning.

Of course, not everybody wants to live right beside university. Some students prefer being closer to Ormskirk town centre, particularly if they work locally or spend a lot of time there.

Think about how you’ll travel during an ordinary week. If you need public transport regularly, include that expense when comparing properties. What looks like a small difference in rent can soon disappear if you’re paying extra to get around.

Don’t Forget About Deposits and Moving Costs

It’s easy to concentrate on the rent and forget that moving into a new property can involve other expenses.

Depending on the tenancy arrangements, you may need to pay a holding deposit or tenancy deposit. In England, there are legal rules governing these payments, including limits on the amounts landlords can request. Make sure you understand what you’re paying, when it’s due and the conditions that apply.

Then there are the ordinary moving expenses that nobody seems to think about until the week before collecting the keys. You might need transport for your belongings, a few replacement kitchen items or some new bedding.

None of these necessarily costs a fortune, but paying for several things at once can put pressure on your finances. Setting aside a little money in advance makes moving day considerably less stressful.

Leave Enough Money for Everyday Student Life

There’s little point choosing a lovely student house if the rent leaves you unable to enjoy anything outside it.

University life involves more than lectures and accommodation. You’ll want to meet friends, buy the occasional takeaway, travel home and perhaps join in with activities organised through your course or student societies.

That doesn’t mean spending without thinking. It simply means allowing for the things you actually do rather than creating a budget based on an imaginary version of yourself who never goes out or buys anything unnecessary.

Look back at your spending over the last month or two. You might be surprised by how much goes on small purchases, particularly coffees, snacks and food bought between lectures. There’s nothing wrong with enjoying those things, but knowing roughly what you spend makes planning much easier.

Try to leave yourself a little spare money each month as well. A broken phone, unexpected train journey or replacement laptop charger can quickly upset a budget that’s already stretched to its limit.

Be Careful About Relying on Future Earnings

It’s tempting to think you’ll simply work extra hours if money becomes tight. Sometimes that’s possible, especially during the holidays, but university commitments don’t always make it straightforward.

A course with placements, practical sessions or a demanding assessment schedule may leave less time for paid work than you expected. Even students with relatively flexible timetables can find that their workload changes considerably throughout the year.

If you have a regular job, use a cautious estimate of what you’re likely to earn rather than the highest amount you could possibly make. Any additional income can then become a useful bonus instead of money you’ve already committed to spending.

Frequently Asked Questions

How much should I spend on student accommodation?

There’s no single figure that suits everyone. It depends on your income, the length of the tenancy and what other expenses you need to cover. Work out your essential spending first, then decide what rent you can comfortably afford.

Are bills always included in student accommodation?

No. Some properties include certain utilities in the rent, whilst others require tenants to pay separately. Always check the advertised terms and ask about any usage limits before agreeing to a tenancy.

Is it cheaper to share a house with friends?

Sharing can help spread certain household costs, but it depends on the property and the arrangements. Compare the overall cost rather than assuming that a larger shared house will automatically be cheaper.

When should I start saving for next year’s accommodation?

As soon as you have a reasonable idea of the costs involved. Putting a small amount aside regularly can help with deposits, moving expenses and any payments due before the next academic year begins.

Finding Somewhere You Can Enjoy Living

Choosing next year’s accommodation should be something to look forward to. There’s the excitement of finding a house with your friends, deciding how you’ll arrange your bedrooms and imagining what another year at university might bring.

But it’s worth remembering that you’ll be living with the financial decision long after the excitement of moving in has passed.

A house that suits your budget gives you more freedom to enjoy the rest of student life without constantly worrying about the next rent payment. You might have to compromise on a larger bedroom or a particular location, but that can be a sensible trade-off if it means you’re comfortable financially.

If you’re starting to think about where you’ll live next year, Rebell Property offers student accommodation in Ormskirk for those studying at Edge Hill University. Get in touch with the team to ask about available properties, rental arrangements and arranging a viewing.

Find somewhere that works for your finances as well as your friendships, and you’ll be in a much better position to enjoy the year ahead.