Buying a first-home is a dream come true for every individual. But saving to buy a house is no less than a challenge as it requires a lot of patience, planning, and sacrifices. This woman bought her first home for $582,300 by moving out of London and quitting the gym.
Jessica Leung, a 29-year-old woman had been living in flatshares in London for six years. Finally, she was done and wanted to buy her own house but couldn’t afford one in the capital. So, to save up for her deposit she decided to cut down her expenses by reducing her outings, quitting the gym, and commuting cost.
According to a survey, 61% of the first-time buyers relied on the bank of their parents to get on the property ladder for the first five years.
Jessica requested moving from London to Bristol for work and moved with her parents for a year to cut down her rent and other expenses. By leaving London, Jessica saved around $1,165 on rent, $323 on gyms and working out, and $181 on commuting per month.
Jessica could finally put down $116,532 deposit on a two-bedroom converted warehouse in Bristol worth $582,300 in 2019.
Now, Jessica shares her apartment with six-month-old indoor kittens Hitchcock and Scully and she is even able to walk to work as well.
Talking about her home, Jessica revealed in an interview that it is an exceptional harbor side location close to the city center. It is a converted Grade II listed stone building by Acorn right on the Bristol riverside where there are a lot of nice restaurants. She even has her own parking space.
Talking about the interiors she added that it is all brand new and very modern. She has kept the walls light grey so it is bright and airy. The kitchen has white worktops and units. There is a main double bedroom with an ensuite. Currently, she uses the second room for storage. Her apartment has a communal courtyard with seating, big tables and it is landscaped with plants, grass, and paving. Jessica told that during the lockdown it was her go-to place and it allowed her to know her neighbors as well. According to her, it is a beautiful place and overlooks the harbor side including the SS Great Britain, a famous passenger ship from 1845, designed by Isambard Kingdom Brunel.
Jessica admitted that since she left university, she had rented four different places. While living in London, she shared a flat with four strangers. She was paying $1,165 in rent and bills for just one room in a flat. She then felt that she would rather pay her own mortgage than someone else’s. But she knew buying a property in London was impossible but she traveled a lot for her job and commuted to Bristol, so she decided to buy a property there.
She grew up in Swindon which is nearby, so she knew Bristol quite well. Moreover, it was easy for her to move to the Bristol office for work as she had already spent time there.
The house cost her $5,82,300 out of which she needed to deposit 20% which equaled $116,532. Her dad gifted her 30% of the deposit amount and she paid the rest 70% from her savings. In addition to this, she also got $46,623 help to buy a loan. Now, she has a mortgage for $419,738. Furthermore, she has also spent $466 on the valuation survey for the mortgage survey and another $647 on searches and solicitor fees.