It’s Saturday so it’s time for another What I Own.
This week, we are chatting to Paulomi and Avik who own five properties in total. They live in their family home in Romford and rent out the other four.
Paulomi and Avik bought their current home in November 2022 for £645,000 with a 25% deposit.
Here’s what they had to say about their property portfolio and getting on the ladder…
Tell us about yourselves.
I am Paulomi Debnath, 43, a founder and artist at jewellery brand Handmade by Tinni.
I established the company in 2020 with the goal of offering unique, eye-catching accessories and home decor for those who enjoy expressing their individuality through bold statement pieces. My mission is to fill the gap in the market for sustainable, biodegradable jewellery that adds a playful and colourful touch to any fashionista’s wardrobe.
My husband is Avik Biswas, 43, a hotel general manager.
How many properties do you own?
Five properties.
Where is your current property you live in? What do you think of the area?
Romford. The neighbourhood is quiet, with families and mainly wide streets. There are also friendly neighbours and good schools nearby.
When did you move in?
November 2022.
How much does your current property cost?
£645,000.
How much was your deposit?
25% or around £160,000.
What is the monthly cost of living here now; both mortgage and bills?
The mortgage is around £2,600 and bills are £600.
How did you save up for your deposit?
By selling another house and yearly savings.
How have you found the process of getting a mortgage on your various properties?
Buyers are experiencing high levels of stress and facing significant restrictions in the current market. Interest rates have increased, and deals are becoming less competitive, causing approval times to extend due to the surge in demand following the Covid-19 pandemic.
What made you want to have a property portfolio?
Our fascination with properties began in 2007 when we acquired our first one-bedroom flat. When our son was born in 2011, we decided to upgrade to a larger property and instead of selling the flat, we opted to put it on the market as a buy-to-let investment. This marked our first foray into the property investment market. Over time, we realised that investing our savings into properties was a sound long-term strategy.
As an avid viewer of ‘Homes under the Hammer’, I took copious notes on how to buy, what to look for, and what to avoid, gaining valuable knowledge and expertise in the field. Once we had saved enough funds for our second investment, we didn’t hesitate to jump into the market.
Our third investment opportunity presented itself when we were approached by the BBC and featured on ‘Homes under the Hammer,’ where we were interviewed by Martin himself in 2018. Since then, we have continued on this journey, moving into our third and current family home, selling two properties, and renting out four others. Overall, our experience in the property market has been a fruitful one, and we continue to learn and grow with each investment opportunity.
Do you rent your other properties out?
Yes. We have four properties currently rented out.
How many properties have you owned over the years?
Seven properties. We have lived in three of them.
How did you find this property? What made you choose it?
Living just 15 minutes away in Chigwell, we found ourselves in search of a larger home as our son prepared to start high school in 2022. As a successful jewellery designer, I also needed a proper office space to accommodate my growing business and storage needs.
Having frequented Romford for shopping and social activities, we grew fond of the area and decided to research schools and houses within our budget. Our quest led us to a friendly neighbourhood that checked all the boxes on our list of requirements. We were thrilled to discover the perfect home that not only met our needs but also offered the ideal space for my business to thrive. We are excited about our new venture and look forward to making many wonderful memories in our new home.
During our house-hunting journey, we stumbled upon a charming cottage that caught our eye. The ‘for sale’ sign was already up, but that didn’t stop us from reaching out to the listing agent. Sadly, we were informed that the property was already under offer, leaving us feeling disheartened.
However, fate had other plans in store for us. A couple of weeks later, the same agent gave us a call, revealing that the initial offer had fallen through, and the property was back on the market. Without hesitation, we arranged a viewing for the next morning.
Stepping into the cottage, we were immediately smitten. The cosy, yet spacious layout, the picturesque surroundings, and the overall warmth of the home captured our hearts. We knew we had to make an offer.
The agent informed us that there were other interested parties, and a bidding war ensued. We were determined to make this cottage our forever home and put forward a competitive offer. After several rounds of negotiations, we were thrilled to learn that our offer had been accepted.
Looking back, we couldn’t be happier with our decision to pursue this home. It was a journey full of ups and downs, but in the end, everything worked out perfectly, and we now have our dream home to call our own.
How have you made the property feel like home?
To make our new home truly ours, we added warm colours and homely decor items that created a cosy and inviting atmosphere. As the kitchen is the heart of any home, we upgraded the existing kitchen to suit our style and preferences, opting for a modern yet warm finish. The choice of mainly wooden furniture and decor elements provided our home with a charming country home feel.
Our west-facing dining area, which doubles as a conservatory, is filled with natural light, and furnished with a ‘jhoola’ indoor swing made of solid Rosewood, as well as an oak dining table. To give the whole house a personal touch, we repainted the walls with our choice of colours. We also added new furniture that complements the overall home decor and ambiance of our new home. We take pride in our space and are delighted with the transformation.
What’s your favourite room and why?
It’s a tough choice as we both have areas of our home that we adore. The dining area is a particular favourite, with its cosy and welcoming ambiance that is enhanced by the solid Rosewood ‘jhoola’, which adds a touch of glamour and warmth to the space.
Avik loves his ‘man-den,’ a summer house located at the end of our garden, which boasts an ultra-modern decor. With a large fabric sofa, drinks cabinet, and pool table, it serves as a party and playroom for us and our guests, exuding a fun and lively vibe.
I, on the other hand, am enamoured with the new kitchen, which features a pantry and extends to the dining-cum-conservatory area. This part of the house serves as the perfect breakfast and coffee section, where we can relax and unwind in the morning and afternoon. There’s nothing more rewarding than sitting around the dining table, enjoying a glass of wine or coffee after a hard day’s work.
Do you feel like you have enough space?
Our house boasts five roomy bedrooms, a comfortable living room, a well-appointed dining area, a brand-new kitchen, a charming summer house, and a generous garden. As a family of three, we are content with the ample space that our home provides.
Do you have plans to change the current property?
Our next project is focused on upgrading the bathrooms and the garden. For the bathrooms, we have already replaced the old units with modern and functional items, and now we plan to completely redo the decor and upgrade the shower cubicles and baths for a fresh and contemporary look.
In terms of the garden, we are planning a complete overhaul of the landscape, starting with the addition of a new wooden patio and pergola. Our vision for the garden is to create a boho-inspired southern Italian look, complete with garden swings, large rattan sofas, colourful rugs, lounge chairs, and wooden-finished lights. We want to transform the space into a relaxing and inviting outdoor oasis that we can enjoy with family and friends.
Are there any problems with the property that you have to deal with?
As with any property, unexpected issues can arise, and we recently had to deal with leaks in both the bathrooms and our summer house. Fortunately, we have already taken care of the necessary repairs, and both issues have been resolved.
Do you want to feature in What I Own?
What I Own is a Metro.co.uk series that takes you inside people’s properties, to take an honest look at what it’s like to buy a home in the UK. If you own your home and would be up for sharing your story, please email [email protected].
You’ll also need to be okay with sharing how much you’ve paid to live there and how you afforded the deposit, as that’s pretty important.
What do you want people to know about buying a home?
- Before making a property purchase, it’s crucial to conduct thorough research on the area. Take the time to drive around during both the day and evening to get a sense of the neighbourhood and its amenities.
- Families should prioritise researching the schools in the area they’re considering. Check the reviews and Ofsted ratings to ensure you’re investing in a location with good schools. This can also impact the value of the property in the long run.
- Finding the best mortgage deal is essential in the current unpredictable market. Be sure to shop around and work with a trustworthy mortgage provider to ensure you’re getting the most favourable terms.
- Plan your home décor and upgrades well in advance, especially if you need to order furniture or special items. Many suppliers have long lead times, so be sure to plan accordingly and avoid delays.
What are your plans for the future, in terms of housing? Do you plan to stay here long term?
Certainly. We envision this to be our permanent home unless unforeseen circumstances arise. We are enamoured with the locality, the community, the ample living space and the ideally proportioned garden that we can relish as a family of three. Therefore, we are opting to invest in timeless décor and furniture pieces that will withstand the test of time, rather than choosing disposable home items.
Shall we take a look around?
Do you have a story to share?
Get in touch by emailing [email protected].
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