News

Woman who bought first home aged 22 says young buyers ‘don’t want to make sacrifices’


Georgina Carson, 25, and her fiancé Freddy Quinn, 27, ditched nights out and lived at home with their parents to save the five per cent deposit needed for their £82,500 first home in Wigan

Georgina Carson, 25, and her fiancé Freddy Quinn, 27, saved up for a five per cent deposit to buy their first home in Wigan three years ago
Georgina Carson, 25, and her fiancé Freddy Quinn, 27, saved up for a five per cent deposit to buy their first home in Wigan three years ago

A woman who bought her first home aged 22 says young people aren’t willing to make the sacrifices needed to get on the property ladder.

Georgina Carson, 25, and her fiancé Freddy Quinn, 27, put down a five per cent deposit on an £82,500 property in Wigan three years ago.

Georgina said the couple saved around £1,000 each month by ditching nights out and budgeting while living at home with their parents.

The couple then spent between £6,000 and £7,000 renovating their home during lockdown before selling it on for £115,000 – making them a £32,500 profit, Manchester Evening News reports.

Georgina believes other young people can do the same, but that many aren’t willing to make the sacrifices needed to become a homeowner.







The couple made a £32,500 profit after renovating and selling their first home
(

Image:

MEN MEDIA)

Georgina, who is now in the process of renovating and selling the couple’s second home, says: “It’s all about priorities.

“Whilst saving for our first house my partner and I were both earning just over £20,000 a year, so not an extravagant wage.

“We put away savings every month and managed to save about £1,000 per month between us.

“When we got the keys, we moved into the house straight away and lived in it whilst we were renovating.







The couple are now in the process of selling their second home
(

Image:

MEN MEDIA)

“We didn’t even have a bed, we just had a mattress on the floor and were living very basic.

“We had to wait to get paid every month to buy things to renovate the house. So one month we’d do the tiling and another month we’d get all the paint to do the walls.

“This was all to save as much money as possible as that’s what you have to do.”

Earlier this month, Location, Location, Location presenter Kirstie Allsopp sparked outrage when she suggested young people should give up their luxuries if they want to own a home in this day and age.

Kirstie claimed that although there are those that cannot afford to buy a home, others are not willing to make the sacrifices – and Georgina agrees.







They spent between £6,000 and £7,000 on their renovation
(

Image:

MEN MEDIA)







It comes after Kirstie Allsopp caused a storm by claiming it was ‘easy’ to buy a home in the UK
(

Image:

MEN MEDIA)

“I think this is true, a lot of people don’t make sacrifices for what they really want,” she said.

“A lot of young people don’t want to make these sacrifices which, each to their own, but if you want something that much you would do what you could to get it.

“I still enjoyed myself whilst saving, I always liked to make sure I have money saved to go on weekends away or to go abroad and that’s just because I manage my money well not because I come from a wealthy background.”







The couple managed to save around £1,000 each month before buying the home
(

Image:

MEN MEDIA)

In response to Kirstie claiming young people should give up ‘coffee, gym memberships and Netflix ‘ if they want to get on the property ladder, Georgina said: “Giving up things like Netflix and coffee won’t give you the money for a house but it does help to save all that extra bit of cash you can.

“Maybe cut down on how many coffees you buy a week or think about if you really need subscriptions to Netflix etc.”

Both Georgina and fiancé Freddy lived with their parents while saving up for their first house – something which Kirstie advised – but not everybody is in a position to do.

Georgina said although this helped, it wasn’t the main factor that allowed them to save.







Both Georgina and Freddy lived at home while saving
(

Image:

MEN MEDIA)

“Whilst living with my parents I still paid rent, probably just not as much as I would have if I moved out,” she explained.

“We’re not big drinkers so we didn’t go out every weekend and I only bought clothes for occasions or if I needed them, so that helped us to save.

“We just prioritised and made sure that the money we were spending was just on things that we needed.

“I think young people rush to move out so young, and then use most of their wages on rent.

“For some people that might work but then you are stuck in a trap of paying rent from a young age, which then makes it harder to save for a deposit for a house.

“I think it does help to try and stay at home with parents if you can, just so you can get yourself on track and save up a bit more money instead of moving out at 18.”

Kirstie claimed that although there are those that cannot afford to buy a home, others are not willing to make the sacrifices – and Georgina agrees.







The property show presenter angered many first time buyers with her comments
(

Image:

MEN MEDIA)

“I think this is true, a lot of people don’t make sacrifices for what they really want,” she said.

“.A lot of young people don’t want to make these sacrifices which, each to their own, but if you want something that much you would do what you could to get it.

“I still enjoyed myself whilst saving, I always liked to make sure I have money saved to go on weekends away or to go abroad and that’s just because I manage my money well not because I come from a wealthy background.”

Kirstie advised that first-time buyers should find homes up north in cheaper areas to afford their lifestyles while saving for a deposit on a home.







Kirstie also advised first-time buyers to find properties in the north of England, where house prices are far lower (Pictured: Freddy and Georgina)
(

Image:

MEN MEDIA)

Georgina agreed: “House prices in the north are a lot more affordable.

“I am on my second house that I have bought but I wouldn’t be in this position if I lived in the south.

“You can make money from houses in the north to put towards a house more down south – I think it is more about knowing the property market and how to make money with it.”

Georgina and Freddy’s house was ‘liveable’ but quite old fashioned when they bought it, and in need of modernising.

The pair renovated everything themselves from painting to tiling the kitchen and bathroom, and they learnt their DIY tricks from YouTube and podcasts.

“Before we both met we had it in our heads that we wanted to buy a house and rent it out,” Georgina said.

“We both listened to podcasts and watched YouTube videos to learn everything about the home-buying and renovating process.

“We researched loads and found the cheapest way to buy a house without having loads of savings.”

Read More

Read More





Source link

Leave a Reply

Your email address will not be published.

close