A man named James Taylor achieved his dream of buying a house on his own.
The 26-year-old marketing director was earning £24,000 ($31k) at the time and renting Manchester city center. He decided to think sincerely about buying his own house, he and his girlfriend picked up a savings plan to help reach their £18,000 ($23,400) target.
James explained: “It took six months in total to save up for the house deposit including enough leftover money for furniture and the other bits we would need to buy.
“The biggest sacrifice was my time as over the six month period I was also doing freelance work and growing my business over the weekends.”
He opened a Help to Buy ISA and took up work seven days a week to help increase his income. He added: “Prior to my job now, I worked for a digital marketing agency for three and a half years. From the start, I always dabbled in little bits of freelance work.
“It wasn’t until I decided to get serious about saving for the house deposit that I really ramped-up the level of work, to the point where I was working weekends for the purpose of saving not only the deposit but to also have enough money left over to buy things like a couch, white goods, etc.
“The sacrifices for me were the time in building up the freelance side of work, as it had to be done after work and on weekends. In total, I managed to save just under £18,000 in six months. This was between my freelance work and my part-time job at an agency.”
”I had a salary of £24,000 and was also earning around £3,000($3900) more each month thanks to the freelance work. The part-time job covered the essentials like rent, and the freelance money went straight into the house savings. The best savings tip I can give is to find remote work or some side jobs and really give it your all.”
”What started as a side business for me in order to save up for my deposit turned into what is now my full time job of running a remote digital marketing agency, so you never know where that initial effort can take you.”
After raising enough money for the deposit, the couple started searching for the property. James said: “My girlfriend spent countless hours searching for a perfect location that would still be close enough to Manchester city center, and within a few weeks we’d reserved the plot.
“Now, we’re seeing people camping out at the sales office to reserve a plot on our estate, so we’ve been really lucky to say the least!”
The couple finally purchased a three bedroom semi-detached house in Failsworth, Manchester. “We purchased it for £195,000, our deposit was £9,000 and the rest went on decorating the place and making it our own,” James said.
“Our Help to Buy ISAs covered all of our solicitor fees. I’d highly advise any first time buyers to get one set up as soon as possible.”
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