January 4th 2025.
This week, we're taking a trip to Birmingham to meet Michael Swords, the proud owner of a one-bedroom flat that he purchased through the shared ownership scheme in 2024. As part of Metro's property series, "What I Own," we sat down with Michael to hear about his experience of getting on the property ladder.
At 37 years old, Michael works as a property lister for Connells Estate Agents and currently lives alone in Belgrave Village with his adorable dog, Jack. When asked about his property's location, Michael raves about the B12 area of Birmingham city centre, citing the green space and peaceful surroundings as crucial factors in his decision to buy.
Michael moved into his home on July 31, 2024, and is the proud owner of a 30% share in his one-bedroom apartment, which has a full value of £210,000. He shares that a similar apartment in Belgrave Village recently sold for £230,000, making him feel like he made a smart investment.
What's even more impressive is that Michael only had to pay a £3,000 deposit, which he saved by cutting back on non-essential spending, such as takeaway lunches and coffees. He also gives credit to his mortgage advisor, Jack Speed from Connells, for making the mortgage application process easy and stress-free.
Michael's monthly cost of living includes a £340 mortgage repayment and £337 rent for the remaining 70% of the property, totaling to £677. However, had he chosen to rent an apartment like his in full, he estimates he would be paying an extra £400 per month. On top of that, his bills are relatively low, thanks to the apartment's energy-efficient design, with electricity and water costing him a total of £80 per month.
Before purchasing his flat, Michael was renting and even moved back in with family for a year to save money. When asked about his decision to buy rather than rent, he shares that he wanted to have something that was truly his and couldn't be taken away. He also sees it as an investment for his future, as he plans to staircase and eventually own the remaining 70% share of the property. He hopes to one day rent out the apartment and use it as a long-term investment.
Michael's home is located in Belgrave Village, a development recommended to him by the New Homes team at Connells Birmingham. He fell in love with the development and his apartment, which features a private terrace with views of the landscaped communal gardens. When it comes to interior design, Michael's inspiration came from Kim Kardashian's home, as he prefers a neutral and muted aesthetic with pops of bold colors.
His favorite room in the apartment is the living room, which he describes as spacious yet cozy. As a single guy with a small dog, he feels like he has more than enough space, but a couple could comfortably live there as well. He has no plans to make any changes to the property, as he is happy with the high standard of Wavensmere Homes' specifications and has put his own stamp on the interior.
When asked about any issues with the property, Michael shares that there were some expected snagging issues, but the Wavensmere Homes team promptly addressed them. He also wants people to know that shared ownership is a fantastic way to purchase a home sooner, even if saving for a deposit may seem daunting at first.
Looking to the future, Michael hopes to staircase and buy the remaining 70% share of his property. He also plans to eventually rent it out and buy a three-bedroom house in Belgrave Village. Before we wrap up, Michael takes us on a tour of his beautifully decorated apartment, showcasing his love for organization and cozy touches like a salt lamp and comfortable pillows.
As we say goodbye, Michael leaves us with a piece of advice for anyone considering buying a home – don't discount shared ownership as a viable option. With determination and the right calculations, it's possible to achieve your homeownership goals sooner than you think.
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