A couple from Greater Manchester have managed to make a step onto the property ladder after more than two decades of renting. Due to fluctuating house prices and mortgage rates over the years, Elaine, 39, and Andy, 44, from Oldham say they were stuck in a 'rent trap' and were unable to save for a deposit.
But this year, after 20 years of renting, the pair finally purchased their very first home - a milestone which they were worried would never come. The first-time buyers now own and live in a three-bed, three-storey new build house in Chadderton.
The couple spoke to the Manchester Evening News as part of our Where I Live series, where each week we chat to a different homeowner from across the north west about their buying journey; and take a look at how they've made their home their own.
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"We were stuck in a rent trap for over 20 years. We've rented in several areas across Oldham, we’ve lived in flats, terraced houses, and semi-detached," Elaine told the Manchester Evening News.
“Back in the day we had to rent because that was just what we could afford to do at the time, but then we kind of got stuck in the cycle of not really having enough savings to be able to buy.
"It was only in the last couple of years when we thought 'you know, we actually need to try to get on the property ladder'. I wanted us to have the security of knowing we had a place that was ours.
"There are so many risks with renting and I just thought we need to be in control of our destiny. If we didn’t do it now we never would have done it. We thought we would have been stuck forever."
It was when Elaine got a new job that she decided the couple needed to take saving more seriously.
The couple adopted strict budgeting habits including selling items they no longer used and put the spare cash towards their savings.
"I got a new job where the pay was better and then we started to look at saving as more serious thing," Elaine, who works as a chartered quantity surveyor, said.
“I started looking at houses to buy in 2021. We viewed a couple of doer upper houses which were really cheap but I knew it would cost us around 40 to 50,000 to do them up.
"Also because of what I do as a job I decided I wanted a new build instead of a project. I didn't want to go to work, come home, and then have to do work."
The couple went to view a show home at Countryside’s Radclyffe Green development in Chadderton and decided that it was the one.
“We fell in love with the open plan layout of the house, it’s perfect for us and for our lifestyle," Elaine said.
“We were particularly impressed when we went upstairs and saw the master bedroom on the top floor.
"It had a nice view, a good sized south west facing garden and a drive big enough to fit two cars side by side which takes the hassle out of when people visit."
Elaine and Andy then reserved the house off-plan for £315,000 and exchanged in less than two weeks.
"I found the process really easy, they were constantly keeping us up to date with how it was going and what they needed from us," she said.
"We used a mortgage broker to help us to and he was also really good at making sure we were up to date with everything and kept us informed about interest rates."
The couple moved into their brand new home in April this year and are currently taking the steps to make it their own.
Elaine said: “I really like living here. As soon as we got the keys it already felt like home, and it will even more when we get the finishing touches in.
"When we've been renting before, it's always felt like we've been living in someone else's house with our things in it. And now it's really nice that we're able to just put our own stamp on it and have the freedom to do whatever we want.
"We're going to get the garden done first as a priority for this summer. We want a nice outdoor dining area. Then from there we just want to live in it and work out how we're going to live. We want it to be practical as well as look nice aesthetically."
Describing the layout of their home, the first-time buyer said: "On the ground floor we’ve got an open plan kitchen, lounge and dining area, with French doors leading out to the garden, and a downstairs toilet as well.
"Upstairs on the first floor we have a bathroom with both a shower and bath, two bedrooms, one of which is going to be a study with a single bed in and the other one we're going to set up as a double bedroom.
"Then if you go up to the master bedroom on the second floor there is a walk-in area which we’re going to set up as a dressing area.
"Then we’ve got our master bedroom with an en suite and the sky light windows which look out onto the stables and the new park which will go in eventually.
"I really love the kitchen and the bedroom, just being able to have all the windows and doors open and looking out is really lovely, especially with this weather and watching the sunsets."
Giving advice to other first-time buyers who might be stuck renting, Elaine said: “First you need to admit that you need to save.
"You don't have to make massive sacrifices, but just commit yourself to a budget each month and then decide how long it's going to take you to get to that figure that you need.
"We set goal for ourselves, so once we got to saving £10,000 we had a bit of a celebration and treated ourselves for making some serious savings, because otherwise it just feels like all you're doing is putting money away because of a future date that could be years away."
Want to feature your home in Where I Live? If so, please email your details to phoebe.jobling@reachplc.com.
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