A man who has just received the keys to his first home has revealed that he’s worried the decision was “wrong” as it’s “sucking up” his wages.
Despite being 23, Harry Davies has achieved a distant dream for many people in their 20s – but in his first week after completing, panic started to set in.
The primary school teacher became “worried” about the true costs of being a homeowner and has revealed that he almost pulled out of the sale initially due to rising concerns.
“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, told Absolutely Business.
“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.
“I still enjoyed nights out with friends, but only in moderation, and some nights I would choose to drive to avoid spending lots.
“I also tried to avoid splurging money on superficial things, often asking myself if I really needed it before buying.”
Thanks to some savvy methods and determination, he managed to get a leg up on the 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.
According to The Times, house prices have become 5.9% more expensive than in 2022.
As he was eager to take the next step in life, he accepted the current market and, instead, found an “almost liveable” home for £152,500 – but this needs a lot of renovating.
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 mold, 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.
His advice? Save everything you can – and don’t waste money.
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.”
Read More: ‘I OWN SEVERAL HOMES BUT STILL LIVE WITH MY PARENTS FOR FREE – I WILL NEVER GET A JOB’