- As part of COVID, my family was able to move in with my dad after a long time in London and pay a hefty rent.
- I set aside $1,200 each month to put towards a down payment because I didn’t have any home expenses.
- The epidemic turned my world upside down and I realized that I required a permanent place to stay.
Prior to the outbreak, I was a resident of Notting Hill, London, right located on Portobello Road.My home was about 20m from the famous bookshop in “Notting Hill. “Notting Hill.”
My buddy, his former girlfriend as well as I shared a bed in a two-bed apartment, on the sixth floor.When the rent was divided in three different ways, I was able to obtain a fantastic bargain on the property and pay only $1,166 (PS845) every month.I’m close to finishing the purchase of my own home today.I am owed it to the outbreak -it’s the silver lining in the midst of a dark year.
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I went back to live with my dad to help him get through the outbreak and then stumbled upon an amazing opportunity to save.
I would like to acknowledge my gratitude and gratitude. I’ll always be content to get out of the most abysmal bowels of a pandemic the financial situation that was comparable to the moment it first began.I realize that this isn’t the scenario for everybody.
I recently returned after a couple of months of working remotely and was in Brazil at the time that the disease first came to the UK.As the COVID epidemic grew worse I realized that living in a spare room of a friend’s in London was not the most ideal alternative.So, I went back to Durham which is where I grew up in my childhood in the North East of England, to stay alongside my dad.It was a better option rather than trying to find an apartment to rent during an outbreak.It also allowed me to start saving for my own home.
The pandemic caused a shift in my now 30-year-old and (slightly) maturing brain that had been convinced for years (and trying to convince my parents) that it was feasible to spend a substantial portion of my salary every month on rent.It was time to say to end the cycle.It was the right time to buy the home of your dreams.
Then, it’s July 2021 and I’m in the process close on the first home an amazing apartment near the River Tyne in Newcastle, an urban area situated in northwestern North East of the country just a few miles from close to the Scottish border. It’s not inexpensive for Newcastle but it’s more than half the cost of comparable homes in London and many others who I have spoken to are.
I think it was the combination of getting to 30 and then having my life turned upside down due to the pandemic which caused me to shift my perspective.I love London and will forever cherish the memories I had there during my 20s.However, it was time to make a change.I felt immediately compelled to establish a foundation and be in complete control of my finances and start an exciting decade as a homeowner.
It’s not like I’m done with London but rather I’d say that we’re separated for the moment because I’ve got plans to work and travel in the city in the future.However, between doing what I enjoy most travel — my new home located in Newcastle is going to be my private home and a base from which I’ll be able the option of returning.
The only method I had to save enough money to pay for a deposit was to stay in the same house as my dad.
The process of saving money isn’t easy for the majority of people living in cities such as London as well as New York.It’s not a bad situation if you’re a top-performing banker or lawyer who is able to afford to pay for a huge amount of rent and live in the middle of the city and save quite a bit of money.It wasn’t my experience, however, nor is it the scenario for the majority of Londoners I’ve spoken to.With a much higher than average London salary it was not easy to be in the black by the close of every month.
I paid around $70,000 (PS55,000) in rent over all the 4 1/2 years that I resided in London in various ways. I’m aware that for those who live near Manhattan, Brooklyn, or further away, this number will be significantly more. If you can see that you can buy a 3 bedroom property located in the North East, things start to become more logical.
I saved for more than one year to save $23,000 (PS17,000) which is that’s the downpayment of 10% that is required to purchase a home for $334,000 (PS170,000).I set a goal to save one hundred dollars per month roughly the amount I could have used on rental and another cost in London.
In some months, I saved more money, while other months had me saving less.On payday, I’d deposit the total amount of the month into a different account and keep it out of my sight and thoughts.Since I wanted to save more per month, than that which the UK Government’s Help To Buy ISA (Individual Savings Account) allowed, I decided to choose this option instead of that the Aid To Buy ISA.The money quickly accumulated and I was able to make the deposit before I even realized it.
Why did I choose to purchase a house in the midst of the time of a pandemic?
I did this because I saw an opportunity and made use of it.This is something I’d never thought of doing prior.If I’d been in London I’d never had enough money saved to buy the house.It’s a wonderful feeling to know that I’ll pay my mortgage each month.