A 30-YEAR-OLD from Somerset has defied the odds of becoming a homeowner and now owns a property empire worth £1.5MILLION.
It’s estimated that only one in three young people today will actually ever own a home, but Emily Evans, who turned 30 in December, owns six of them.
News Dog Media Emily has defied the odds and become a property millionaire before she turned 30
Emily, from Bridgend, is now on a mission to teach other young people how they too can get on the property ladder.
The estate agent turned landlady bought her first home at 19 with her then boyfriend, shortly after the 2008 property crash.
They used a 10 per cent deposit to purchase the two-bed £160,000 terrace house in Bridgwater.
The pair renovated their home which added £50,000 to its value, leaving them with £25,000 each when they sold it four years later following a breakup.
News Dog Media Emily bought and renovated her first home with her boyfriend
News Dog Media Now, Emily lives in London and rents out some of her properties
She then used £12,000 of it to buy a two-bed end of terrace house for £120,000 in Taunton – another small renovation project which needed a new bathroom and kitchen.
Emily used the other half of her savings to buy a third house, and in 2012 she because the proud owner of a one-bed house in Bridgwater that was about to be repossessed.
It was a risk – she even had to remortgage her Taunton home to be able to buy the £50,000 rundown “wreck”.
Emily’s top tips for buying a homeEMILY, who now owns seven properties a decade on from when she bought her first home, shares her top tips on how to get on the property ladder:
Get on the ladder. Living in London can’t afford to buy, but out of London and rent the house out. Good areas to buy: anywhere on the new cross rail lines, Croydon, then out to cities like Bristol. Get the advice of a good letting agent, preferably not linked to an estate agents.
Buy a property that needs work. Get stuck in yourself to save money.
Look out for end of terrace houses with corner plots, where you can get planning to build another house.
Don’t go direct to your bank for a mortgage speak to an independent mortgage advisor, they have access to better deals.
If money’s tight, employ a no sale no fee solicitor. So if the deal does fall through you don’t have to pay legal costs.
Do your homework finding an honest trustworthy builder. I would not be where I am today without my builder Josh. Recommendations and word of mouth is where to start.
Negotiate. Negotiate on everything. When buying the house, when buying a new kitchen, anyway you can. Get multiple quotes for items and see who wants to give you the best deal.
Buy with a boyfriend or friend or sibling. If you can’t get a mortgage on your own, invest with someone else this will get you on the ladder. Do everything 50/50 and make sure a contract is in place. Recommend to sign as tenants in common.
She said: “Everyone thought I was mad buying that house. It was such a wreck that I didn’t even go inside to view it and it was about to be repossessed so I didn’t even have time to get a survey done.
“But while I was never good at maths at school, I realised I had a good mind for figures.
“And as an estate agent, I would regularly meet with up builders renovating properties so I could see this house had bags of potential.
“I knew this property would be a good investment so I trusted my gut instinct.”
Emily fully renovated the property and the gamble paid off when it was valued at £115,000 soon after.
News Dog Media The third home that Emily bought was a “wreck” and in need of some serious renovation work
News Dog Media Emily completely gutted the home and now it’s worth more than double what she bought it for
This allowed her to take out a mortgage to release the £68,000 so she could build her next property in 2013 – a replica of the end-of-terrace house she owned on Bilberry Grove right next door.
In the following years, Emily purchased two more houses in Somerset through re-mortgaging her existing properties as well as with the help of a bridging loan.
In 2016, she bought her seventh and final property – a two-bedroom new-build in Clifton, Bristol – which she has since rented out.
Emily added: “I was never book smart as a child and from a young age, I knew I wasn’t intelligent enough to go to university.
News Dog Media Emily built a house attached to her end of terrace home in Bridgwater
News Dog Media The house cost Emily £68,000 to build and is now worth £170,000
News Dog Media Emily was a hands on project manager for all of her property renovations
“But I knew I wanted to get out of the poverty trap and have the financial security of owning a home.
“Of course sometimes it was terrifying, I would worry that it was too risky buying another house and would consider pulling out of the purchase.
“But I always knew the figures worked and today I have seven properties in total.
“I always say I bite off more than I can chew and then chew like hell later!”
Emily has no further plans to purchase any properties and instead wants to focus on helping others get on the property ladder through her podcast PropertyPod.
How Emily bought seven properties worth £1.5MILLION before the age of 30EMILY bought her first home at 19. Here’s how she build her property empire:
House 1, 5 Wembledon Road, Bridgwater, aged 19
Year purchased: 2008
Sold in 2011: £210,00
Emily bought her first home with her plumber boyfriend with a £16,000 deposit. The pair renovated it for £20,000 over three years before selling it in 2011 for a profit.
House 2, 68 Bilberry Grove, Taunton, Somerset, age 23
Year purchased: 2011
Value today: £165,000
Emily purchased a two-bed end of terrace house for £120,000 on Bilberry Grove in Taunton, Somerset with a £12,000 deposit and added a new bathroom and kitchen to the property. She spent around £7,000 on renovations.
House 3, 31 Sovereign Road, Bridgwater, Somerset, age 24
Year purchased: 2012
Value today: £115,000
Emily spent £50,000 buying this one-bed house in Bridgwater that was about to be repossessed. Emily had to remortgage her home on Bilberry Grove and use £12,000 savings to buy the property. She spent £8,000 on renovations.
House 4, 68a Bilberry Grove, Taunton, Somerset, age 25
Cost to build: £68,000
Value today: £170,000
Emily took out a mortgage to release the £68,000 so she could build this property – a replica of the end-of-terrace house she owned on 68 Bilberry Grove right next door.
House 5, 7 Cedar Close, Bridgwater, Somerset, aged 26
Year purchased: 2014
Value today: £150,000
Emily bought this house with a £12,000 deposit after taking out a mortgage on 68A Bilberry Grove and renovated it for £5,000.
House 6, The Tithe Barn, Westonzoyland, Somerset, aged 27
Year purchased: 2015
Value today: £400,000
Emily raised a bridging loan to purchase this property as she was remortgaged to full capacity. She planned to live Tithe Barn and spent £130,000 renovating it but it is now rented out.
House 7, 18 Quarry Steps, Clifton, Bristol, aged 28
Year purchased: 2016
Value today: £390,000
Emily purchased this property after raising £100,000 from Tythe Barn.
Property value in total: £1,390,000
And as first-time buyers are now typically in their 30s, almost a decade older than their parents, Emily understands how buying a house can seem like an insurmountable task for Generation Rent.
Emily explains: “Lots of young people panic and think it’s an impossible feat to get on the property ladder.
“We go to school and we learn maths and English but we are never taught about how to buy our first home and put a roof over our heads. We’re not educated about property.
News Dog Media House number five cost her £110,000 and is valued today at £150,000
News Dog Media Emily bought house number six for £150,000 and now its worth £400,000
“I genuinely want to help people get on the housing ladder. I understand how scary and complicated it can seem but with a bit of knowledge and advice, it’s more than possible.”
She explains: “Ultimately, buying a property is the biggest investment you’ll ever make in your life and an opportunity for financial security.
“But it’s complicated. Lots of people are not sure how to go about saving a deposit, getting a mortgage and what comes after.
“People need help with how to buy a house and I want to show them how.”
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We recently caught up with Eve Obasuyi who bought her first home in Bristol two years ago and now makes £6,000 a year by renting it out.
Another couple, Danielle Owen-Brodie, 30, and her boyfriend Darren, Grogan, 29, decided to buy a run down property and do it up themselves – only using YouTube and DIY books.
Are you a first-time buyer who has recently mad it onto the property ladder? Then why not check out our My First Home series for tips and tricks for home ownership.
Budget Day 2017: Chancellor of the Exchequer Philip Hammond announces that he will abolish stamp duty for all first time home buyers up to £300,000
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