As we climb the success ladder in our career, we start checking the bucket list — from buying a car to going on a vacation. One of them is buying a house for many, which seems impossible sometimes for an individual to buy a property solely to save up a deposit while often having to pay rent at the same time. Sarah Yates with good finance management bought her first home at the age of 24.
In an interview with Manchester Evening News as a part of their Where I Live Series, where each week it hears from a different homeowner to find out about their home-buying journey, Sarah said that she bought her first home in Stockport and shared that she had been eager to save money since starting her first job as a paper round at just 14. She continued the job until her first year of college.
The 27-year-old, who is now a journalist shared, “People used to take the mick out of me. I remember one of the boys said that they’d seen me one morning and I told him it wasn’t me because I was so mortified and embarrassed. I then quit and I got a job at Clarks.” She then got her first job as a journalist at the age of 19 and she has always tried to save money.
She also mentioned that she used to live with her parents until she bought her first house. “I put offers on about five different houses over a year but my offers kept getting declined and that’s when I realised that people were offering quite a lot more than the asking price,” Sarah said.
Sarah was first finding a house in Hazel Grove but as it was a more desirable area, the price of the property was high and she was being rejected.
Sarah soon found a two-bed terrace house in the suburb for £140,000 (Rs 1.13 crore). “It was run down and everything needed doing to it, but that appealed to me because I liked the idea of being able to put my stamp on it.”
Initially, the previous owners turned her down and asked her for £141,000 (Rs 1.42 crore) which she agreed. “Once the survey came back there were a few issues, so I ended up buying it for £139,000 (Rs 1.4 crore). I was really lucky to get it for that,” she added.
Her offer was accepted in March and got the keys to her first home in August 2020. Instead of hiring a mortgage broker, the money-savvy relied on Martin Lewis’ Money Saving Expert Site.
“I then went straight to the bank which cut out the broker and saved me a bit of money. I was lucky as well with the rates back then, I think my mortgage rate is 1.7 per cent or 1.8 per cent,” she added.
Sarah mentioned that she will stay in her house for another three or four years and that she will have a good deposit for her second home. She also shared that she will put it up for rent rather than sell it.
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