Working to buy a home

3 01 2013

In an earlier post I outline some of the difficulties my husband and I faced when we first started to consider home ownership. But that’s not the whole story. As well as having many knock backs we have also taken some very positive steps over the years to help make our dream a reality. We may not be there yet but it’s as important to reflect on action taken to improve our chances.

One of the most important factors is work. After all it our income that determines whether banks will give you a mortgage and for most of us the main purpose of our working life is secure a rewarding and comfortable home life.

When I finished university I drifted for some time. Although my other half has been in full time employment for as long as I have known him; the work I took on initially was always temporary. I often toured for sustained periods of time and between tours I couldn’t settle into anything that tied me down too much as I never knew when I would be away again.

I did eventually take on a permanent job role but it was not well paid so I started to look for part time work in addition to my main job. I found a number of positions including teaching social skills through Drama to adults with learning disabilities, teaching at a children’s theatre school, some private singing tuition and I started to work as a Murder Mystery actress. These positions were more flexible, meaning I could still take on any acting work that came along but they were also a significantly better rate of pay than my main job. I was of course exhausted but at least my bank balance was fairly healthy. My partner worked in retail and over time eventually received a management position and whilst we were not well off we did eventually start to enjoy greater financial stability.

However as my part time work was self employed I did have to declare my self employed earnings to Inland Revenue. You don’t really notice tax and national insurance being deducted from your salary each month but you REALLY notice when you receive an end of year bill. This created a seesaw effect in my savings account and caused problems on more than one occasion.

Five years ago I took a massive step of returning to university and I retrained as a secondary school drama teacher. This was a significant turning point. In three years I managed to double my salary. I kept on my part time work and this became the main source of my savings while I survived on my main salary – something that had never really been possible before. Despite still having some debt to pay off we were back on track and able to begin again in earnest.

Aside from a setback in July 2011 we have actually been making gradual but steady progress and have made a good start to building up our savings and its thanks to improving our working lives.

Watch this space for “POTENTIAL DREAM HOME?

PROGRESS TOWARDS RAISING A HOUSE DESPOSIT

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

DECEMBER 2012

47%

17 – May 2014

JANUARY 2013

54%

15 – March 2014

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