Following my earlier post “I’m a tenant get me outta here” in which I expressed my desire to own property and outlined my frustrations with the rental market, I have decided to write once a month about my ongoing efforts towards becoming a home owner and my progress.
Every story has to start somewhere. My story began ten years ago when I was renting with my boyfriend and another couple. For reasons I won’t go into, it went horribly wrong, sufficient to say when our 6th month contract came to a close we all decided to part ways.
Even then I already knew that I wanted to buy my own place and things were pretty serious with my boyfriend so it seemed like a natural choice to make plans together. We weren’t earning very much and had no savings so we decided to move in with my boyfriends Mum for a time so we could build up our savings.
CAUTION: DO NOT MOVE IN WITH YOUR PARTNERS PARENTS. I have known a number of couples who have done this and without exception it has been a poor decision and has not had a positive effect on any of the relationships involved.
Anyway, during this time we did manage to sign up for some shared ownership housing lists where you basically buy a % of the house (anywhere between 25% and 75%) and rent the rest. This enables you to apply for a lower mortgage initially & you need a lower deposit. You can gradually increase the share you own over time. It seemed like a good way for us to get onto the property ladder if we could just raise the deposit.
However in our time living with my partners Mum we did not manage to save a deposit; but we did get engaged and 6 months before our wedding we moved into the flat that we are still living in almost 9 years later.
The cost of living and renting in this area is high and despite our efforts we never seemed to make any progress with our deposit. We also went through a prolonged period of financial instability and debt which started one miserable Boxing Day when my husband’s debit card was cloned and his account wiped out. It was heartbreaking but we eventually got everything paid off and started all over again.
It is good to reflect on your circumstances and track your progress so while I am once again drafting a revised financial plan to save a deposit for my first home I am also considering how I got to where I am today. It’s important to refocus occasionally and start fresh.
Watch this space for “WORKING TO BUY A HOME”
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PROGRESS TOWARDS RAISING A HOUSE DESPOSIT |
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| DATE | % OF DEPOSIT SAVED | ESTIMATED MONTHS TILL PURCHASE |
| JULY 2012 | 28% | 23 – June 2014 |
| AUGUST 2012 | 31% | 22 – June 2014 |
| SEPTEMBER 2012 | 33% | 21 – June 2014 |
| OCTOBER 2012 | 36% | 20 – June 2014 |
| NOVEMBER 2012 | 42% | 19 – June 2014 |
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