February 24th 2024.
Meet Erica Crompton, a 43-year-old writer living in the charming village of Silverdale, located in the beautiful Keele countryside. We had the pleasure of speaking with her for our property series, What I Own, where we chat with homeowners about their experience of getting on the property ladder. Last week we visited Nottinghamshire, but this week, we're taking a trip to Silverdale to hear about Erica's journey as a homeowner.
Erica's story begins with a £60,000 deposit for a 30% share in her stunning new-build bungalow. She chose this location due to its proximity to a landfill site, which has given it a rather interesting reputation. Despite this, Silverdale has proven to be the most friendly and welcoming place she has ever lived in. Erica feels safe and at peace in this community, surrounded by her family and partner, Paul.
Speaking of her partner, Paul is a wheelchair user, which is why Erica decided to move into a bungalow. She fondly remembers the day she moved in, May 30, 2023, and how she made the decision to part-own her home. With a monthly income of £1,100 from her writing job, Universal Credit, and PIP, Erica was able to afford this beautiful property in Newcastle under Lyme, one of the more affordable areas in Staffordshire. However, this was not a straightforward process for Erica, as she had to overcome some challenges.
One of the biggest challenges was saving up for the deposit. Erica had initially moved from London to Staffordshire in 2009 to take care of her mother. At that time, she was £5,000 in debt. However, the lower cost of living in Staffordshire allowed her to save up over the years. In 2016, she bought her first property, where she lived for two years before selling it for a profit of £22,000. This profit, along with her other savings, helped her purchase her cottage for £87,500 and sell it for £110,000 four years later. With this money, she was able to put down a deposit for her current home.
The process of part-ownership was not without its challenges. There was a legal dispute over the property boundaries, which delayed the buying process and caused Erica to lose the first sale of her cottage. However, with the help of the council, who co-own the property, she was able to purchase a 30% share, which she paid for in cash. The council also offered to install a ramp at the back of the house for Paul's ease of movement, which Erica appreciated as a gesture of goodwill.
When asked why she chose to co-own rather than rent or buy outright, Erica explains that her partner's wheelchair made her two-floor cottage unsuitable for their future together. She also found it difficult to afford a bungalow in this part of the UK. Renting was not an option for her, as she has two cats and two smokers in her household. It was clear that part-ownership was the best option for Erica and her family.
Erica's love for her home is evident in the way she has decorated it. She has added personal touches and pops of color that reflect her style and personality. Her favorite room is the bedroom where Paul stays with her, adorned with green and pink accents, a faux bamboo plant, and a David Shrigley print. They both enjoy watching the birds from this room, and Paul has even made the garden his own, with flowers and a bird-feeder.
As for the future, Erica plans on staying in this beautiful bungalow for a long time. She is looking forward to Paul officially moving in this year and has already started planning for his clematis to bloom this summer. She also hopes to buy a slice of the green woodland at the back of her garden, where her mother-in-law and sister-in-law have already planted a hydrangea and buddleia.
Erica's story is a testament to the benefits of part-ownership. It has helped her afford a home that she could not otherwise have on her low-income, and it has provided her with a sense of security and peace in a welcoming community. She encourages others to consider this option if they have a small deposit or are on a low-income. As for her own plans for the future, Erica is content with her beautiful bungalow and is excited to make more memories with her loved ones in this cozy and welcoming home.
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