I’ve just bought my first home worth £265k at 25 – 8 steps to follow so you can do the same, and yes I know I’m lucky
THERE’S no denying that trying to get onto the property ladder can be a long and arduous process.
But if you’re looking at becoming a first-time homeowner, then you may just want to listen up…because a savvy woman named Elowen, who lives in Cornwall, has revealed eight tips that helped her to buy her first home at 25.
In the clip shared to TikTok (@elowengr), she begins by explaining how she lived with her parents for as long as possible.
“Probably the biggest help and I know I was very lucky to be able to do this,” she says.
“I paid peppercorn rent and it really saved me.”
Next up, the savvy 25-year-old, who paid £265k for her first home, says how she worked hard during the period she was trying to save.
“I always have since 13 but a few years before I purchased I worked 3 x jobs (70hr weeks) so that I could save £1000/mth,” she explains.
Elowen goes on to say how she also put the money she wanted to save that month into a separate account on the day she got paid.
“Never wait until the end of the month to save,” she says,
“I had £40k by the time I bought.”
Next up, she notes how she used the best local mortgage broker and solicitor.
“I’m an estate agent so lucky to have contacts,” she explains.
However, Elowen warned: “Do NOT use firms affiliated with your agent/online…it will cost in the long run.
“I got to exchange within 4 weeks.”
The money-saving whizz goes on to say how she deliberately bought the worst house in the best street.
“I knew garage/parking and close to town would help resell if I needed to, but I didn’t pay a premium for a ‘done’ property,” she says.
Elowen adds how she also pushed herself financially for a 3 bed with everything she needed to stay for a good few years.
“Every time you move it COSTS!” she points out.
“Solicitor fees/redemption fees and stamp duty. I plan on staying for as long as I can.”
Hardworking Elowen also notes how she and her loved ones did
as much of the work themselves on evenings and weekends – adding that she knows she’s “super lucky to have amazing family and friends that help with every part of the process.”
Finally, she reveals how she looked into JBSP mortgages.
“Essentially using parents/anyone as a guarantor to help boost what you can borrow as I was on my own this was a lifeline!” she adds.