May 25th 2024.
Hello there, and welcome back to our property series, What I Own, where we chat with homeowners about their journey to becoming homeowners. Last week, we visited Anil in North West London for What I Rent, where he shared how renting in a waterfront neighborhood helped him build a community after his divorce. This week, we're heading up north to Horwich in Greater Manchester to meet Jake Cohen, who recently became a homeowner with his partner, Sean, before the age of 30. Let's find out more about their property journey!
Jake, who works as a Senior UX designer in corporate banking, is 29 years old and lives just outside of Manchester in a town called Horwich. His property is located at the old Locomotive Works, which has been around since 1886 and was previously used to build steam trains. Jake and Sean were able to secure their spot on the property ladder last autumn through a strategic loophole and their efforts to save up.
When asked about their monthly cost of living, Jake explains that all bills are split between him and his partner. Their total monthly mortgage payment is £1,174, while other bills and food shopping come to about £900. After splitting the costs, they each pay around £987 per month.
Curious about how they saved up for their deposit, Jake shares that he had been saving money since 2017 and learned about Lifetime ISAs, which allowed him to get an additional £4,000 bonus from the government. During the lockdown period, he took advantage of the opportunity to save more as he was spending less. He also worked on some side hustles and made sure to get cashback on his spending. With the help of a high-interest savings account, he was able to save up for a 10% deposit. Luckily, the housebuilder, Bellway, also provided an incentive of £7,000 towards the deposit, allowing Jake to use some of the money he had saved for furniture and upgrades instead.
Both Jake and Sean are gamers, so they were excited to make their new house feel like home by bringing their two cats with them. They also slowly started buying furniture for each room and chose a minimalist interior decor style with a neutral color palette. Jake's favorite room is the kitchen, as it gets a lot of natural light and they were able to upgrade it with premium floor tiles, a hard worktop, and delta lights.
Asked if they have enough space, Jake mentions that they have a good amount of storage space, and they recently had their loft boarded and shelved for even more storage. Their next goal is to work on the garden space and buy a shed to store their bikes.
As for any plans to change the property, Jake shares that they currently have no immediate plans, but they do want to create a nice garden space. Luckily, they have only had minor cosmetic issues with their new build property, which have already been fixed.
Reflecting on his experience of buying a home, Jake shares that saving up is not easy and takes time, but it's worth it in the end. For him, consistency was key, and he saw saving for the house as a regular bill. He also recommends using a Lifetime ISA if you're under 40 to maximize your savings for a house.
When asked about their future plans, Jake shares that their current house is perfect for them, but they might consider upsizing in the future. And now, let's take a look around their beautiful home!
The first thing you notice as you enter the house is the game-changing cupboard under the stairs. And as you make your way through the house, you can't help but admire the colorful Bauhaus print and decorative finishes. There's even a bathroom tucked around the corner, which is squeaky clean!
The kitchen is full of natural light, and the couple's love for Lego is evident with the Lego flowers and sculptures placed around the house. A gorgeous light fixture catches your eye, and you can't help but notice the diffuser, adding a good vibe to the room. And if you look closely, you'll spot a lava lamp too!
As you make your way upstairs, you'll find more evidence of the couple's love for Lego, along with a fluffy friend and a few fake plants. There's plenty of storage space, and the essential bedtime reading is always within reach. And for all the Halloween fans out there, you'll love the Halloween-themed decorations scattered throughout the house.
Jake and Sean's home is not only beautiful, but it also holds a special meaning for them. It's located in the town where Jake grew up and is close to both of their parents. Plus, with plans for new green spaces and community areas in their neighborhood, there's a lot of potential for their former industrial site.
As we wrap up our tour, Jake leaves us with some advice for those looking to buy a home - saving up takes time and effort, but it's worth it in the end. And don't forget to make use of a Lifetime ISA if you're under 40. Thanks for welcoming us into your home, Jake and Sean!
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