23-year-old buys house without the bank of mum and dad – here's how

A new homeowner is worried his decision to buy is ‘wrong’ as it’s ‘sucking up’ his salary.

Despite being 23, Harry Davies has achieved what many only dream of.

But it’s not all rosy – the primary school teacher became ‘worried’ about the true costs of being a homeowner and almost pulled out of the sale.

‘It is hard going, as I would see photos of friends travelling abroad and it made me question if I’ve done the right thing,’ Harry, from Herefordshire, said.

‘I have to remind myself that it’s an investment rather than a money pot sucking up my wages.

‘As a solo buyer, I was concerned that I wouldn’t be able to afford the house and thought I would need to settle for a flat, which I didn’t want.

‘The biggest stress was figuring out the amount of money I would need to run the place, along with mortgage payments, where I often considered pulling out of the sale.

‘But I’ve always worked hard for the things I want and this is how I’ve been brought up.’

He said he still enjoys night out with friends, but only in moderation, and sometimes will drive to lower the costs of the social plans.

‘I also tried to avoid splurging money on superficial things, often asking myself if I really needed it before buying,’ he added.

He managed to get on the property ladder after saving £25,000 through using Help To Buy ISAs and putting away £1,000 per month over the past year.

Now, he has finally moved into his two-bed, one-bathroom, terraced home, costing £152,500 – all without the Bank of Mum and Dad.

He said: ‘When I got the keys, I was filled with a sense of achievement and excitement, as I finally owned a home without the help of anybody else.

‘I want to share how I managed to save up with others, as it’s very difficult to get on the property ladder nowadays, especially for those our age.

‘I have never borrowed money from my parents and feel like buying a house was something I wanted to say that I had done myself.’

Harry initially had the idea of purchasing his new property for £150,000 with a 13% deposit.

But, over the past year, when he was finally ready to buy, house prices shot up and his ‘perfect’ home was no longer in reach.

So instead, he went for a fixer upper for £152,500, and needed to renovate it.

Help to Buy: How it worked:

Those with a 5% deposit could borrow up to a further 40% of the property purchase price via an equity loan from the government. 

This loan is interest-free for the first five years. The remaining 55% of the purchase price is borrowed as a regular mortgage.

He said: ‘When I first viewed the property, it was full of damp, but I could see its potential.

‘At the time, it was the only two-bedroom house for sale within my budget in the area.

‘I liked that it had a small garden and it was quite quirky. When I look back now, I’m surprised I liked it.

‘The bedroom walls were black with mould and the kitchen light didn’t work.

‘I have always been interested in property and enjoy watching renovation series – so I thought it was a good project in the right budget.

‘I can’t believe it’s the same house.’

Now, he’s hoping to not only add value to his property through DIY over the next few years but also to build a firm asset for himself.

Harry added: ‘I tried to live with my parents for as long as I could, so I was able to save a large amount per month.

‘I have always made sure to never eat into my savings either and this has meant that I’m able to use the amount leftover on the renovation.

‘I have changed the theme so many times, but I want it to feel homely, but also contemporary.

‘I think it’s important to keep the traditional features, such as the fireplace.

‘If your parents can afford to help, then lucky you. But I think it’s important to understand the value of money and the sense of achievement from doing something by yourself.

‘My parents work hard for their money and have their own house to run, I would never expect for them to pay anything towards mine.’

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