Down a long gravel driveway in the Gisborne township is a three-bedroom house that is home to Dale Coppin, her dog George, and a cat. Dale, 22, bought the house when she was 18, with a partner she has since broken up with. Now, her sister contributes towards the mortgage by paying rent.
Dale had moved out of home – and moved in with the guy – at 16. While she recognises this was a huge step for an 18-year-old, Dale had always wanted to buy a house young: “I’ve always sort of thought paying rent was money down the drain,” she says. “My parents didn’t buy a house until about 15 years ago, and I’ve always wanted to have a mortgage paid off by my mid-thirties.”
It made much more sense to buy something, and pay rent to herself. At 18, most of her friends were going to university, and that wasn’t something she wanted to do. Having grown up on a farm, she had a small nest egg– made from the sale of pets she reared – to put towards buying a house.
“I’ve always sort of thought paying rent was money down the drain”, says Dale Coppin Photo: Unknown
She works as a beekeeper, which is seasonal work, but her winter hours cover the mortgage, especially with the extra income from her sister. And her house now is an investment in what she wants for her future – a lifestyle block in the country. “My first home was supposed to be a stepping stone… living in suburbia isn’t really for me.”
She has two other friends her age who have bought a house. “I suppose it is unusual for people my age to be looking at buying property,” she admits. But she does get annoyed when she sees news stories about how hard it is for young people to buy homes. “I think if you really want something, nothing is going to stop you. And I think making it easier for people just makes them thinks they can get handouts.”
But she does agree that the market has changed in the years since she bought her first home. “I bought when I thought the market was at the very bottom, and then the global recession, and then everything was cheaper again.” But she did get in with a five percent deposit, which she reflects wouldn’t happen now.
Having paid $195,000 for her three bedroom house, she still has 26 years of mortgage to go. She says it’s not going quickly. “The first few years are the hardest, because you look at what you’re paying off the principal, and it’s sort of $20 a week, and you’re paying hundreds of dollars in interest.”
Having bought the house with a partner, Dale now warns people about buying with other people. She says people need to think it through, and not trust in a future relationship. It can be difficult to get out of such a long term financial commitment, and it can cost a lot of money. “People say to me ‘me and my partner are going to buy a house’, and I say ‘don’t do it, because you just can’t see into the future.”
But now she has her house, she can paint the walls, and have parties, pets, and she doesn’t have to wait for a landlord to fix a leaking tap. “I feel like it’s an enforced savings scheme. Some people have bank accounts, I put it into my house. I have a KiwiSaver as well, but you are really setting something up for your future, and your children’s future. I like that I can come and go as I please, and paint whatever I want and do whatever I want.”