A young woman who bought her first home after saving £35, 000 over seven years has revealed how you can do the same – by maxing out a lifetime ISA and putting away £500 per month.
Amy Bunney, 27, who is an assistant campaign manager from Skipton, had been aware of the Government supplemented Lifetime Isa (LISA) since its commencement.
Since doubling down on her savings from the age of 20, she has managed to accumulate a £35,000 deposit, saving £17,000 into a LISA as soon as the account became available, for a two-bedroom property, with a garden and two parking spaces in a village outside Skipton.
Bought in need of renovation, she and her boyfriend are now making the final DIY touches necessary to move in together, whilst he is also saving up enough for his own separate property using his own LISA, for the couple to rent out.
Amy Bunney, 27, who is an assistant campaign manager from Skipton, bought her first home after saving £35, 000 over seven years. Pictured, with her partner
Amy has been documenting her new home renovation journey on Instagram and shared this snap of the bathroom alongside the caption: ‘We need to move pipes as we swapped the toilet and sink around so I could have a mirror above my sink’
The savvy homeowner shared the progress of her bathroom (pictured) and said she was ‘excited’ to finished the floor and wall tiles
Amy, who has been documenting her new home renovation journey on Instagram. @myfirstburrow, told how the property they bought six months ago was an end of terrace.
‘It was part of quite a small row of five houses located on a cul-de-sac,’ she explained. ‘The house has two bedrooms, one bathroom, a garden and two parking spaces.’
‘The property was originally advertised at £165,000, however we were able to negotiate down to £152,000.’
‘This was still at the top end of my budget though. Fortunately, the house needed a lot of renovation, which brought the price down, and my boyfriend works in construction, so we saved a lot of money when it came to making the home improvements.’
Amy went on to explain that at the time of buying, her salary was £23,000 and she had managed to save up to £17,000 into a Government supplemented cash Lifetime Isa account.
‘It allowed me to benefit from the maximum bonus (a total of £3,000 in my case),’ she added. ‘This combined with my other savings gave me a total of £35,000.’
Amy told how she was delighted with the finished hexagon tiles – and many agreed, flooding her Instagram page with praise
Amy’s (pictured) house has has two bedrooms, one bathroom, a garden and two parking spaces and is part of a small row of five houses located on a cul-de-sac
The first-time buyer went on to say how she and her partner have been living together for a while now, but while saving, they lived separately with their parents to save up more money.
‘We did the renovation work on the property, whilst still living at home and now it’s almost ready to move in,’ she said.
Savvy Amy also revealed how she went about saving and finding a property.
‘I have been saving all my life,’ she explained. ‘I started putting money away during my A-Levels, but I really started ramping-up my savings when I was about 20.’
‘I was at art college in Leeds then, and since, have put aside around £500 per month. Throughout, I’ve always tried to ensure that I’ve maxed out my lifetime Isa, to get the biggest bonus.
And Amy credits spreadsheets as being her most valuable tool when it comes to saving.
‘These have helped me budget and calculate how much I’m saving per month,’ she said. ‘I’ve also tried to cut back on non-essentials, such as buying lunch and snacks at work, choosing instead to make pack-ups. I’ve also tried to reduce the amount I spend on clothes.’
‘My friends and I have also tried to work together to save on money – for instance by having meals at each other’s houses, rather than going out for dinner.’
When it came to homebuying, Amy was regularly monitoring RightMove and OnTheMarket alerts to ensure she was able to view homes from as soon as they were available.
The thrifty homeowner shared a Transformation Tuesday and told how the kitchen (pictured, before) is a ‘massive work in progress’ but is gradually coming together
Pictured, during the renovation. The kitchen id nearly complete, but is still in need of tiles and a worktop
The couple bought the property with the intention of doing some DIY work. Pictured, the living room during the renovation
‘There is also a great tool called the “Affordability Calculator,’ she added. ‘I used it to help estimate how much I needed in savings.’
Following her great achievement as a first-time buyer, Amy has offered her advice to other young people looking to save for their first property.
‘Understand that it is possible to have balance in your life,’ she explained. ‘I was still able to save, without having to give-up all luxuries. You can compromise in smart ways.’
‘We didn’t factor in the cost of estate agency fees or surveying during the buying process. I was fortunate enough that my parents were able to pay this part of the sum, leaving me £2,000 spare to spend on decorating and renovating the house.’
She continued: ‘I’d suggest that anyone looking to buy has at least £5,000 spare for this, on top of a deposit, when budgeting.’
Amy says she also bought with the view of renovating the property in mind.
‘My boyfriend is in construction and naturally adept with handiwork,’ she said. ‘We knew that we could buy a property that needed more renovation at lower cost and, as such, get more for our money.’
‘My boyfriend has done most (with the help of family to) of the professional renovation, such as installing the windows and more, but I’ve rolled-up my sleeves and taken to the sanding and painting.’
‘I’m in charge of the decorating though, so this will be a big task to come!’