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A new homeowner is worried his decision to buy is \u2018wrong\u2019 as it\u2019s \u2018sucking up\u2019 his salary.<\/p>\n
Despite being 23, Harry Davies has achieved what many only dream of.<\/p>\n
But it\u2019s not all rosy \u2013 the primary school teacher became \u2018worried\u2019 about the true costs of being a homeowner and almost pulled out of the sale.<\/p>\n
\u2018It is hard going, as I would see photos of friends travelling abroad and it made me question if I\u2019ve done the right thing,\u2019 Harry, from Herefordshire, said.<\/p>\n
\u2018I have to remind myself that it\u2019s an investment rather than a money pot sucking up my wages.<\/p>\n
\u2018As a solo buyer, I was concerned that I wouldn\u2019t be able to afford the house and thought I would need to settle for a flat, which I didn\u2019t want.<\/p>\n
\u2018The biggest stress was figuring out the amount of money I would need to run the place, along with mortgage payments, where I often considered pulling out of the sale.<\/p>\n
\u2018But I\u2019ve always worked hard for the things I want and this is how I\u2019ve been brought up.\u2019<\/p>\n
He said he still enjoys night out with friends, but only in moderation, and sometimes will drive to lower the costs of the social plans.<\/p>\n
\u2018I also tried to avoid splurging money on superficial things, often asking myself if I really needed it before buying,\u2019 he added.<\/p>\n
He managed to get on the property ladder after saving \u00a325,000 through using Help To Buy ISAs and putting away \u00a31,000 per month over the past year.<\/p>\n
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Now, he has finally moved into his two-bed, one-bathroom, terraced home, costing \u00a3152,500 \u2013 all without the Bank of Mum and Dad.<\/p>\n
He said: \u2018When I got the keys, I was filled with a sense of achievement and excitement, as I finally owned a home without the help of anybody else.<\/p>\n
\u2018I want to share how I managed to save up with others, as it\u2019s very difficult to get on the property ladder nowadays, especially for those our age.<\/p>\n
\u2018I have never borrowed money from my parents and feel like buying a house was something I wanted to say that I had done myself.\u2019<\/p>\n
Harry initially had the idea of purchasing his new property for \u00a3150,000 with a 13% deposit.<\/p>\n
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But, over the past year, when he was finally ready to buy, house prices shot up and his \u2018perfect\u2019 home was no longer in reach.<\/p>\n
So instead, he went for a fixer upper for \u00a3152,500, and needed to renovate it.<\/p>\n
Those with a 5% deposit could borrow up to a further 40% of the property purchase price via an equity loan from the government.\u00a0<\/p>\n
This loan is interest-free for the first five years. The remaining 55% of the purchase price is borrowed as a regular mortgage.<\/p>\n
He said: \u2018When I first viewed the property, it was full of damp, but I could see its potential.<\/p>\n
\u2018At the time, it was the only two-bedroom house for sale within my budget in the area.<\/p>\n
\u2018I liked that it had a small garden and it was quite quirky. When I look back now, I\u2019m surprised I liked it.<\/p>\n
\u2018The bedroom walls were black with mould and the kitchen light didn\u2019t work.<\/p>\n
\u2018I have always been interested in property and enjoy watching renovation series \u2013 so I thought it was a good project in the right budget.<\/p>\n
\u2018I can\u2019t believe it\u2019s the same house.\u2019<\/p>\n
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Now, he\u2019s hoping to not only add value to his property through DIY over the next few years but also to build a firm asset for himself.<\/p>\n
Harry added: \u2018I tried to live with my parents for as long as I could, so I was able to save a large amount per month.<\/p>\n
\u2018I have always made sure to never eat into my savings either and this has meant that I\u2019m able to use the amount leftover on the renovation.<\/p>\n
\u2018I have changed the theme so many times, but I want it to feel homely, but also contemporary.<\/p>\n
\u2018I think it\u2019s important to keep the traditional features, such as the fireplace.<\/p>\n
\u2018If your parents can afford to help, then lucky you. But I think it\u2019s important to understand the value of money and the sense of achievement from doing something by yourself.<\/p>\n
\u2018My parents work hard for their money and have their own house to run, I would never expect for them to pay anything towards mine.\u2019<\/p>\n