First-time buyer turned ‘grotty’ £225k one-bed flat into dream home for £16k – but was it worth it?
Louise Phillips, 29, from Carshalton, Surrey, got the keys to the flat last August after saving up for more than eight years
A PRIMARY school teacher spent four months - and £16,000 - doing up her first home before she moved in because of the "disgusting" condition it was in.
But that was nothing on the EIGHT years that Louise Phillips, 29, from Carshalton, spent saving up for a deposit to buy the one-bed £225,000 flat in Surrey.
Louise, who's single and bought her home alone, realised that she could get more for her money if she bought something older.
With a ton of patience - and extra savings behind her - she managed to transform the "awful" flat into her dream home.
And the £16,000 investment will have paid for its self in just 18 months thanks to capital appreciation.
House prices in her area have jumped up in price at a rate of 13 per cent since 2015 and if that continues Louise's renovations will have paid for themselves in just three years.
Here she reveals how she overcame the challenge of doing up a home for our My First Home series and gives her tips on looking beyond dismal decor to get more for your money.
What's your home like and how much did you pay for it?
I've got a one-bed, ground floor flat in Carshalton, Surrey, not too far from London.
I paid £225,000 for it and put down a 20 per cent deposit - so that's what? About £45,000.
The mortgage is for £180,000 and I've got 35 years to pay it back. It works out about £500 a month.
Annoyingly, I bought a few months before the stamp duty cut so I had to pay £1,300.
It's an 85 year leasehold so I pay a service charge of about £90 a month.
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It's an ideal location for me because my parents live around here too and it's about five minutes away from where I work, so I can walk there.
My flat has its own door that opens up into the communal garden so it's been great in the summer.
How did you know that this flat was "the one"?
I'd seen a few properties and this flat was by far the worst flat I looked at - it was horrendous.
It was empty at the time but the person who'd moved out had left it in such a state. It was just horrible.
I viewed it with my mum in the middle of winter and when we got there with the letting agent we realised the landlord had cut the electricity off.
We were looking around it in the dark, using the torch on my phone to see it and it was so grotty.
It absolutely stank of smoke and it was so weird because even though it was so horrible I still liked it.
I think it's because it was bigger than the other properties in my price range and the location was better.
It was on for £240,000 but I decided to make an offer for £215,000 in February anyway which was the top of my budget.
The seller accepted someone else's offer for £225,000 but that fell through so by the time it was Easter they called up and said did I still want it?
I could up the offer to £225,000 then because I'd had a few more months to save.
How did you get the money together on your own?
Obviously it would have been so much easier if I'd met the love of my life and had two wages to put into it but I basically stayed living at my mum and dad's house.
When I finished uni I moved back home and have rented ever since - so for about seven years.
I took home around £2,000 a month and I did budget. I budgeted and I didn’t go crazy and spend ridiculous amounts on clothes or holidays.
What help is out there for first-time buyers?
GETTING on the property ladder can feel like a grim task but there are schemes out there to help first-time buyers own their own home.
Help to Buy ISA - It's a tax-free savings account where for every £200 you save, the government will add an extra £50. But there's a maximum limit of £3,000 which is paid to your solicitor when you move.
Help to Buy equity loan - The government will lend you up to 20 per cent of the home's value - or 40 per cent in London - after you've put down a five per cent deposit. The loan is on top of a normal mortgage but it can only be used to buy a new build property.
Lifetime ISA - Another government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards your first home. You can save up to £4,000 a year and the government will add 25 per cent on top.
Shared ownership - Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25 to 75 per cent of the property but you're restricted to specific ones.
"First dibs" in London - London Mayor Sadiq Khan is working on a scheme that will restrict sales of all new-build homes in the capital up to £350,000 to UK buyers for three months before any overseas marketing can take place.
Starter Home Initiative - A government scheme that will see 200,000 new-build homes in England to be sold to first-time buyers with a 20 per cent discount by 2020. To receive updates on the progress of these homes you can register your interest .
But I was also kind on myself so I wasn't unhappy. When you’re at home you can afford to be frugal.
I had to save a bigger deposit too because you can't borrow as much when there's only one income.
Did you set out to buy a "project" and how did you afford to do it?
No, definitely not. I did look at some new build flats but they were much smaller and this one just has so much space.
I got a better price on it because it was in a bad condition but it was all fixable.
When I bought the flat I didn't have the money to renovate it or anything but I was confident it would all work out.
I kept on saving until I got the keys in August last year. I carried on saving even after then, but it got more difficult once I started paying the mortgage.
Luckily I could live at home while the work was being done so I could work at my own speed but I didn't move in until Boxing Day - so four months later!
Getting it done though was so stressful. Way more stressful than house hunting.
Luckily I had some mates that could do the work and give me a bit of a discount but I still went for all of the cheapest options to save cash so I could get it done.
I've done up the whole kitchen, bathroom, all the walls re-plastered, and new laminate flooring throughout. It was all done by the time I'd moved.
Did you consider Help to Buy or Shared ownership?
I did look at it but to be honest I wasn't that keen.
The new build places all seem to be crammed in for the amount of money I'd be paying.
I had an adviser from the Mortgage Advice Bureau we decided not to go down the Help to Buy loan route because I could afford not to use it.
And I didn't really like the sound of Shared Ownership because I've heard that it can be difficult to sell it, so I was put off.
More for first-time buyers
How about paying for furniture after the extra funds you needed for the work?
Almost all of my stuff is second hand from my mates and neighbours.
I've got my parents' TV, my Nan made my curtains for me, my wardrobe is from my brother and my neighbour was getting rid of their bed so I had that too.
Was all the work worth it in the end?
I want to stay here for the foreseeable future - it was so stressful and I think I'm still trying to get over it!
But it was an amazing feeling when I finally got to move in because to took so long.
When I did finally move in I just wanted to clean everything. I had this moment one day when I got home from work and cleaned everything and then made a cottage pie and I thought what has my life become?
None of my mates have done it on their own. One of my friends has bought somewhere with her husband but I’ve got two mates who had to move out of the area to buy.
I've got another friend who’s renting who just can’t save the deposit at the same time, and the other who’s looking to move out of the area.
I would recommend doing up a place too because it's so worth it in the long term.
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