WHAT I OWN: I SPENT £130,000 RENOVATING MY £225,000 VICTORIAN THREE-BED IN EXETER
Welcome back to What I Own – Metro’s property series where we speak to homeowners about getting on the ladder.
This week we’re down in Exeter, Devon visiting Rosie Parsons, who has spent £130,000 renovating her £225,000 Victorian three-bed home.
Having relocated from Honiton, 17 miles northeast, Rosie has found her community in the heart of Exeter. Now, she and her children are just five minutes’ walk from the city centre – and yet, it still feels like a village.
Here’s what Rosie had to say about her property journey…
Tell us about yourself!
I’m Rosie, a single mum to 11-year-old triplets and a 10-year-old. I work as a celebrity and brand photographer, and I live with my children in a three-bed Victorian terrace in the heart of Exeter.
Whereabouts is your property? What do you think of the area?
I’m right in the centre of Exeter in a place called Newtown. I absolutely love it because it feels like a village right in the heart of the city.
We have everything within a minute’s walk – a primary school, our church, and a corner shop – plus the entire city centre is just a five-minute stroll away.
Despite being so central, it’s surprisingly peaceful because we’re set back from the town in these lovely old narrow streets that you’d only venture down if you lived here.
When did you move in?
I bought the house just a month before the pandemic started.
How much does your property cost?
I bought it for £225,000 but spent a further £130,000 renovating it, which I’m still paying off now as it ended up being much more expensive than anticipated.
How much was your deposit?
£50,000.
What is the monthly cost of living here now; both mortgage and bills?
I was very fortunate to secure a five-year fixed mortgage when interest rates were still low, so my mortgage is currently only £605 a month, with bills around £600. I am a bit worried about when the fixed term ends in a couple of years, though – those payments will definitely go up.
How did you save up for your deposit?
Being self-employed made getting on the property ladder quite challenging. My ex-husband and I started by buying a very modest flat in Honiton for £112,000, which cost just £400 monthly pre-children.
We were able to overpay the mortgage by £500 each month on top of our regular payments. This helped build up equity in the flat, so even though we sold at a loss later, we managed to save a decent amount.
We then moved to another house where we continued to overpay when possible – until the children came along (they’re expensive).
What was the process of getting a mortgage like for you? Did you find any parts challenging?
After my divorce, getting a mortgage became incredibly difficult. Online comparison tools were only offering me around £100,000 maximum. As a last resort, I reached out to a mortgage advisor named Kelly Gribble from Elite Financial Consulting whom I’d met through business networking.
She was absolutely amazing – she found a mortgage company that considered not just my photography income, but also my child benefits, working tax credit, and child maintenance payments.
This made it possible for me to get the house I wanted and have some equity left for renovations (though it wasn’t nearly enough – I ended up borrowing quite a bit from family and using credit cards).
Kelly handled all the paperwork and made the process incredibly smooth. I genuinely couldn’t have done it without her.
Can you share details on your mortgage (rate/term)?
I’m on a five-year fix at 1.41% until February 2027. I know I’m very lucky to have secured this rate before everything went up.
Where did you live before this – were you renting or living with family?
I lived with my now ex-husband in Honiton in a smaller home with a mortgage.
What made you want to buy rather than rent?
If you can secure a mortgage, it’s generally cheaper than renting. Plus, you have the freedom to decorate as you please without worrying about a landlord increasing the rent or deciding to sell. I also wasn’t keen on the idea of regular property inspections.
How did you find this property? What made you choose it?
I actually first fell in love with another house on this street but lost out in a bidding war when it went above my budget. Then when I found this place, I got my offer accepted but was gazumped.
Fortunately, I had some spare equity and was able to counteroffer successfully. The location really sold it for me – being so close to the city centre while still maintaining that quiet atmosphere.
I also saw huge potential in the house. While it was a bit rough around the edges when I bought it, it felt significantly larger than our previous home. Although the children still need to share rooms, they’re much more spacious than the two single bedrooms we had before, which really wasn’t working for four children.
I love that the garden is south-facing, meaning we get sunlight all day at the back of the house. Natural light was a really important factor for me.
How have you made the property feel like home? What’s the inspiration for your interior decor style?
We’ve done a complete renovation, including knocking down walls, adding an extension, and converting the loft bedroom. We relocated the bathroom upstairs and created an open-plan kitchen at the back of the house.
I wanted the space to feel connected so the family could be together even when doing different activities. We installed bifold doors at the back to maximise natural light and create a lovely view of the garden.
I spent a year during renovations gathering inspiration from Pinterest, aiming for a style that’s colourful and playful but would stand the test of time and flow cohesively throughout the house.
I had to balance the needs of a busy family home with my photography business, so I’ve turned the middle room into a lovely office/studio space that would otherwise be unused.
We’ve used wallpapers and artwork from Etsy to add splashes of colour. To save money, I got creative with the kitchen – I actually pieced it together from four different secondhand kitchens found on eBay.
I repainted all the wooden doors in one colour, replaced the handles, and added a wooden worktop to tie it all together. It gave the house character and saved me a fortune – I spent about £3,000 versus the minimum £10,000 quoted by kitchen companies.
What’s your favourite room and why?
The kitchen is definitely my favourite. The bifold doors were a splurge but absolutely worth it – they flood the space with natural light, making the whole house feel brighter and more cheerful.
I love the striped walls too; they add a cute touch that makes me happy without being overwhelming.
I’ve also invested in high-quality artificial flowers throughout the space. While I love fresh flowers, they don’t last long, so good quality faux ones give me that same pretty effect year-round without the ongoing expense.
Do you feel like you have enough space?
Having multiple children and working from home means space is definitely tight. We’re currently facing some challenges with bedroom sharing – the two girls weren’t getting along in their shared room, so I’ve temporarily given one of them my bedroom while I sleep on the sofa. It’s not ideal.
While I truly love this house, I think we’ll eventually need somewhere bigger so everyone can have their own room, plus a guest room would be lovely. I sometimes dream about moving to the countryside with a driveway and a fireplace, though I’m sure I’d miss the convenience of city living.
Do you have plans to change the property?
There are just a few finishing touches needed. The garden is high on my wish list – I’d love to get that sorted in time for summer so we can really enjoy the outdoor space.
We’re also still without a shower because of a faulty installation issue, so we’ve been making do with just a bath for the last four years.
Are there any problems with the property that you have to deal with?
The main issue is definitely bedroom space. Just one more bedroom would make it perfect.
What do you want people to know about buying a home?
Moving is expensive, so look for properties with potential in good locations. Your needs evolve with your lifestyle – whether it’s having kids, their friends visiting, or starting a home business – so having flexible space is really valuable.
If you’re like me and natural light affects your mood, prioritise properties with good lighting. Also, don’t underestimate the importance of parking – consider not just your own needs but also where visitors will park. It can become a real headache if you don’t think about it in advance.
What are your plans for the future, in terms of housing? Do you plan to stay here long-term?
It really depends on how my business performs over the next few years. I think we’ll stay put while the children are in high school, but once they’re older and can drive themselves around, I might finally make that move to the countryside and get that driveway and open fire I’ve been dreaming about.
Shall we have a look around?
Do you have a story to share?
Get in touch by emailing [email protected].
2025-01-11T08:44:01Z
