In our new series, What I Own, we’re taking a look inside the homes people choose to own instead of rent.
Home ownership is still held up as a major milestone while renting is often seen as millennials just throwing their money away.
With What I Rent we’ve been exploring the reality of renting, to help people get a better idea of what’s ‘normal’ (paying £750 a month for a studio flat in London, apparently).
Now with What I Own, we want to take some of the mystery out of the process of buying a home – how much it actually costs, how it differs from renting, and how on earth people manage to save up enough for a deposit.
Our first instalment focused on Edison, a 48-year-old interior designer who bought his studio flat in Pimlico after years spent renting the ex-council property.
This time we’re in Belfast with Vanessa, a 29-year-old freelance photographer who owns a two-bed terraced house and lives with her dog, Heidi.
Hey, Vanessa. Why Belfast?
I’m from Belfast, and living back here for the first time since I left for university in 2008. Most recently I was living in Dublin for nearly two years, and then did an office job in Belfast from January up until August when I was made redundant, so I’ve taken it as an opportunity to explore my passion and see if I can make it work for as long as I can realistically do so.
I was originally planning to move back to Belfast around this time, and only moved up sooner because of a sudden job opportunity.
I love Dublin, it’s a great city, but it’s crushingly expensive. I couldn’t even have a pet because landlords typically say no.
The redundancy is unfortunate but ultimately I feel more settled here. My street is quiet enough not to be disturbed by noise in the evenings, but just off a main road and close to supermarkets and loved ones. I’ll maybe leave in a few years for a bigger family home with my boyfriend, but for now It’s the perfect spot for me.
The big question: The deposit. How much was it?
I was saving while living in Dublin but it was so disheartening because I thought I’d need a fortune of my own to combine with someone else’s in future to secure a deposit.
Moving to Belfast lessened that pressure a lot due to more affordable housing. By the time I went to speak to a mortgage advisor they told me I could buy with only a 5% deposit and I cried on the spot.
The deposit for my home was only £5,100. I had about £2,000 saved from living in Dublin, and was fortunately able to live rent-free with my mum from January to June so I saved as much as I could. That gave me all I needed for the deposit. I did an ad for some drink last year that got renewed and so that gave me enough for an Ikea run and some tins of paint.
And how much does the house actually cost?
The sale completed for £102,000. It’ll end up more expensive in the long run than if I had put down a 15% or 20% deposit, but for now I’m just happy to have a place of my own.
My monthly mortgage is £409. This is relatively high, again due to the fact I only put down a small deposit, but it’s manageable and much cheaper than the rent for my box room in Dublin.
Bills are probably an extra £100? For gas, electricity and insurance, then Netflix and internet… Let’s say £120! I just pulled that number out of nowhere. How am I still alive?
How much did you earn while you were saving for the deposit?
I moved back to Belfast in February for a great job paying £26,000, I believe. That gave me enough to live on while saving as much as possible, which made the vast bulk of the deposit.
How was the process of getting a mortgage?
Honestly it was a lot less daunting than I thought it would be. The paperwork was handled by the mortgage broker and they basically told me what needed done when and what other things I might need to consider. Finding the property I wanted was harder.
How did you find the house?
I was searching PropertyPal.com daily, setting a price limit within my possible budget to see what was out there.
I viewed a bunch of houses, some gorgeous bad boys that would end up getting bid WAY over my budget.
This one I loved because it was spacious, clean, and very close to city centre and my boyfriend’s and mum’s houses. I already knew the area well and mercifully was able to get the sale closed before a bidding war broke out.
I moved in in June.
How have you made the house feel like home?
Lashing paint everywhere. All the walls were a nice bright white when I moved in, so I painted living area, the dining room, both bedrooms…I haven’t done anything to the kitchen or bathroom as I’m very much out of money but after renting for 11 years I wanted to do everything I couldn’t do before. Pictures everywhere. Dark walls. A pet!
Have you had to spend a lot more on things for the house?
Not really, to be honest. So much of my stuff comes from Facebook Marketplace. I got my dining table and chairs for £80. I could go crazy and take out a loan to fit a new kitchen more in my style and do up the bathroom and all but I’m trying to employ some common sense in myself. If I can’t afford it it’s not getting done.
And you have a dog! Did you have to make many adjustments to make the house work for your pet?
Heidi the disgraceful labrador. I got her very soon after moving home. My mum loves dogs but isn’t able to care for one due to her work hours and health conditions, so she was happy to have her about while I lived at home and brought her here with me after.
Honestly the only real adjustment I’ve had to make is installing a baby gate at the kitchen entry so she doesn’t go berserk in the whole downstairs while I’m out. I learned my lesson after a few of my plants met an untimely demise.
Do you feel like you have enough space?
Loads of space. I have my spare room listed on Airbnb which has been a lifesaver after my redundancy, it’s nice to have other people in the house as well you know? It’s cosy.
I might want to move to a bigger space in future if I have a family but I don’t feel any particular desire for a house where I have to summon my children from the east wing for luncheon. Right now it’s just me and Heidi and the occasional guest.
Does owning pose any problems you didn’t have when you were renting?
The side of my bath was leaking before and I couldn’t get my old neighbour landlord to come and fix it for me. Raging.
But other than that no not really. Owning a house comes with the fear that if anything goes wrong for me financially I could lose my home. Renting is the fear that everything could be going perfectly and then your landlord ups the rent by 30% for the craic, or tells you their niece is ‘coming back from australia’ and you’re getting kicked out in 30 days.
There is fear as a homeowner but the rental situation is worse. I have no complaints, I’m incredibly fortunate.
What are your property plans for the future?
It probably won’t be my forever home, but sure, who knows the future?
My boyfriend also owns his own place which has an additional bedroom and a big back garden which Heidi loves. I’d say when we move in together it’ll be into his place. See how I said when, not if. Hope you’re reading this, Terry.
Hey, Terry. Thanks for reading. Shall the rest of us have a look around?
How to get involved in What I Own
What I Own is a Metro.co.uk series that takes you inside people's properties, to take an honest look at what it's like to buy a home in the UK.
If you own your home and would be up for sharing your story, please email whatirent@metro.co.uk.
You'll need to have pictures taken of your kitchen, living room, bathroom, and bedroom, plus a few photos of you in your room. Make sure you get permission for your housemates! You'll also need to be okay with sharing how much you've paid to live there and how you afforded the deposit, as that's pretty important.
If you're renting, you can take part too! What I Own runs alongside What I Rent, which is the same series but all about renting. Again, if you'd like to get involved just email whatirent@metro.co.uk.
MORE: What I Rent: Urszula, $1,000 a month for a four-bedroom house in Glendale, Queens
MORE: What I Rent: George and Ross, £800 a month for a two-bedroom flat in Leicester
MORE: What I Rent: Michael and Zoë, £1,100 a month for a one-bedroom flat in Clapton, Hackney
source https://metro.co.uk/2019/10/12/vanessa-29-year-old-photographer-paid-5100-deposit-house-belfast-10905556/
0 Comments