A woman has revealed how she stashed away £44,000 for a property deposit to purchase her first home at just 24 years old.
When Freya Money, an HR advisor, and her partner Lewis Stanley, 27, an electrician, were handed the keys to their own bricks and mortar earlier this year, they were over the moon.
The savvy couple, both from West Sussex, England, had been saving for several years, using various methods including Help To Buy ISAs and researching high-interest savings accounts to accumulate a 10% property deposit.
Their three-bed detached house, in Maidenbower, cost £440,000 and needed a bit of work, with Freya and Lewis spending the first night sleeping on the floor.
While it’s been a dream come true, the process has been far from easy.
“We had mixed feelings when buying the house, we were nervous as it’s such a big commitment,” Freya told Jam Press.
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“But we also felt excited as we’ve been wanting our own property for so long and the fact we were going to be able to make somewhere ours and decorate it how we wanted to.
“You really have to be serious about it if you want to save up enough to afford a house and the deposit," she added.
That’s why the couple ended up going for a house that needed a bit of work.
“We wanted the challenge of doing it up ourselves so we could save costs on that side.
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“By the point we bought the house, we’d both been saving for a few years and also had the help of our family, who gave us £5,000.
After moving in back in April, Freya and Lewis got to renovating straight away, pulling in favours from friends and family to make it work.
She said: “We booked a week off work and made it our goal to completely renovate the main bedroom and the living room in this time, which we managed to do.
“We had lots of friends and family members who helped us achieve this."
In fact, in just four months they had already knocked down walls, ripped out and put in a brand new new kitchen, and even added in new flooring.
The couple also finished revamping three bedrooms, the living room and added a posh outdoor bar to the property.
“We just have the bathrooms to do next," Freya said.
The duo have been paying for things as they go, often waiting until the next payday to start a new project – but so far, everything is going well.
She added: “For example, just the living [materials] alone cost £4,400, including furniture, electrics, carpet.
“Our kitchen has probably cost us £9,000 in total but we are paying off the units and worktops on finance over two years.
“So having that option meant we could do the renovating straight away instead of having to save up for it.
“We still have the bathrooms and the garden to do so will start that over the next few months with the hope of having it finished next year.
“We’ve tried to save as much money by doing things ourselves so we can continue to renovate the rest of the house!”
Hoping to help other young people looking to buy a home, the couple have shared their top tips, too.
Put a split of earning into a savings account
If you are able to spare the funds, the couple says it can be handy to put a quarter, third, or even half of your income into the piggy bank – but find a good interest rate for maximum returns.
Freya said: “For the last six months of saving we were putting nearly half of our monthly earnings straight into savings.
“We knew we had to do some hard saving in the run-up to buying the house.
“It’s a huge commitment and it was also good for us to see what it would be like when we do move in as we’d be paying the mortgage, bills, food, and the rest!”
Take everything into account before you buy
Make sure to think of all outgoings; from mortgages to bills – before you sign on the dotted line.
Freya said: “The buying process isn’t cheap and you need to make sure you take into account the mortgage fee, mortgage advisors fee, solicitors costs, searches, and everything else.
“We decided to go straight to the bank to get our mortgage rather than going through a mortgage advisor to save on costs.”
Buy possessions early
Filling up a home can be expensive.
Check out clearance or car boot sales, or try for bargains online before you get the keys.
Freya said: “We started to buy furniture and house appliances before we moved in so we weren’t having to pay for that when we have a mortgage to pay for too.
“We would go furniture shopping every weekend for fun and to start buying for the house, it also kept us from going out and spending money on unnecessary things like going out for meals.
“We bought our sofa, bed, and television beforehand.
“Then we also found some good finds on Facebook Marketplace.
“We bought our dining table and chairs for just £120 and a washing machine for £60.”
Train yourself in DIY and get family involved
Can’t afford a ready-made home? Get a fixer-upper and do it up yourself!
Freya said: “We watched videos on YouTube and TikTok to get advice on how to fit a kitchen, how to fit flooring.
“There’s so much advice out there that you can get for free.
“We tried to do everything as cheap as possible, we did as much of the renovation ourselves to save on costs.
“So we reached out to our family and friends who are in the trade (plumbers, builders, plasterers) to help and guide us.
“Plus Lewis is an electrician so he did all of the electrical bits himself.”
Look at different areas
Not only may some areas be cheaper in terms of house prices, but you might even find a place or town you prefer over others.
Freya said: “I would definitely recommend moving out to a cheaper area.
“We moved 30 minutes from London and have managed to get our dream first home.”
The couple are very proud of what they have achieved, especially the fact that they are in their 20s and homeowners.
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Freya said: “I would say if you really want something you will work hard for it and figure out how to get there.
“Be realistic and don’t give up!”
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