The Thriftiest Three-Bed

GARETH Kitson is 25 and about to buy his first home.

After weighing up the rent v buy options he did the sums and decided to take advantage of one of several shared equity deals currently on offer from developers and the Government.
And some time next month he will be one of the first people moving into the recently completed apartment block at The Maine Place in Moss Side.

He is understandably chuffed because he will be living in a three bedroomed/two bathroomed duplex with its own secure parking space for around £100 a month less than he had been asked for a one bed place in town.

As he said, sometimes you have to stop and just do the maths.

He rented in Manchester for a couple of years while studying at Salford University for his degree in property management and investment but moved back to the family home in Atherton late last year.

Then he got a job with property management company Urban Bubble which is based in Hilton Square close to the Northern Quarter and wanted to be back in the city.

He said: “Rental prices had gone up considerably and I was being asked for £400 to £450 plus bills so I started looking at other options.

“I liked the idea of shared equity and went to look at a couple of developments where it was on offer and was really impressed with the apartments at Maine Place and the location.”

He decided on one of the three beds which have their own front door off the main street leading into a wide hallway off which are the bedrooms and main bathroom. Stairs lead up to the first floor where there is a second bathroom and open plan kitchen and living area.

They are priced at £109,950. Yep, three beds for £109,950, and with the developer Prospect Homes putting in almost £22,000 he put down a healthy deposit of £10,000 (it could have been half that) and will have a mortgage of £78,000.

Fixed with the Halifax for two years it will cost him £330 a month.

He said: “Because of the scheme you are a bit limited when it comes to a mortgage provider so I could not take advantage of the lowest rates but I got 4.5 per cent which is quite good.

“I will be paying a fraction of what it would cost to rent a place of a similar size and I’m investing in my future, not someone else’s pension.”

He also plans to rent out one of the spare bedrooms which could almost cover his mortgage costs.

And he is already thinking long term.

“I am just starting out but I love my job and am ambitious and hopefully in five years time when the loan comes to an end my salary will have increased substantially and I can re-mortgage and buy the other 20 per cent,” he explained.

“The job I do means I see lots of apartment buildings and I think this one is great. I like the look from the outside and the apartments themselves are much bigger than you generally find in the city and very well fitted out.

“I liked the fact that the majority of the development is housing, with only this one block of 44 apartments, and it’s a long term investment for me.

“I have just got a car so I have somewhere secure to leave it and plan to cycle into work each day which will only take me about ten to fifteen minutes.

“At the moment I am paying £10 a day to commute and it takes more than an hour so I am really looking forward to moving.”

It is so easy to be transient when you are 25 but Manchester needs more people like Gareth prepared to put down roots in the city he loves and invest for the long term.

He’s got it all sorted and I think he’s a star. We should make him a Confidential Hero. Are you listening, Gordo?

The Maine Place by Prospect Homes – www.prospecthomes.co.uk
One bedroom apartments start at £79,950 or two beds with balcony from £89,950.