What I Own: I bought my first home for £1,000,000 with no mortgage or deposit

Welcome back to What I Own – Metro’s property series where we speak to homeowners about getting on the ladder.

When 37-year-old Biro Florin was looking to get onto the property ladder in 2023, he was instantly drawn to sunny Brighton down in East Sussex.

He’d previously lived in the centre of town, and before that, he was in bustling London.

He’d always dreamt of buying his own home, but after he sold his business, he managed to buy his £1,000,000 townhouse outright.

Here’s what he had to say about his property journey…

Tell us about yourself!

I’m Biro, and I’m 37 years old. I’m an entrepreneur, investor and podcast host of Misfit Founders, which shares the stories of small, start-up business owners.

I’m originally from Romania, and previously Iived in London, before settling in Brighton.

Whereabouts is your property? What do you think of the area?

I live in Brighton, in the Preston Park neighbourhood, a beautiful and quiet residential area about a 20-minute walk from the centre of town.

Having previously lived in the centre of Brighton and before that London, it’s a welcome peaceful change. It might be my age!

When did you move in?

April 2023.

How much does your property cost?

£1,000,000.

How much was your deposit?

We didn’t have a deposit, we paid cash in full.

What is the monthly cost of living here now, both mortgage and bills?

About £1,500 in bills, with no mortgage.

How did you save up for your deposit?

We paid in full because a few months before, my partner and I sold our B2B tech business.

What was the process of getting a mortgage like for you? Did you find any parts challenging?

The fact that we had no mortgage process and no chain was the reason we were able to get this house as there were six other interested buyers.

Where did you live before this – were you renting or living with family?

I was renting with my partner and our Jack Russell in a three-bedroom terraced in Brighton city centre.

What made you want to buy rather than rent?

We’ve always dreamed of buying our own home, ever since we started our business, and this became possible once we sold it.

In our rented place we couldn’t do much due to our contract, but in our own home we got a second puppy, and we were able to decorate and paint how we needed without restrictions.

How did you find this property? What made you choose it?

We had a property search agent who put together several viewings in one day for us.

We were split between this and another £1,000,000 property, but we chose this one because of the location closer to the city and the furnishings – this property was updated in 2018 by the previous owners who were interior decorators by trade, so the house looks stylish with high-end finishes.

How have you made the property feel like home?

We work from home and don’t have any kids. Our vision for the property was to have the first floor three bedrooms be functional rooms, so we have an office, podcast studio and a cinema room on the first floor with the bedroom occupying the second floor.

I started the podcast to help diverse entrepreneurs from different backgrounds get into the business world and not feel so alone. Growing up in Romania, I’m not from a privileged background myself, so I want to help others who are coming into the business world change their lives, and see that the success that I have is possible. 

The house is big, so we have a lot of space where we can be during the day to work, including a bright and extended kitchen.

What’s the inspiration for your interior decor style?

The prior owners had a stylish touch on the property so we made sure to fit in furniture and appliances that fit the look and feel of the property.

What’s your favourite room and why?

My favourite room is my podcast studio and office which is built in the biggest bedroom of the house, a 4mx4m space.

This is where I spend most of my working day and the room setup gives me inspiration and helps with my focus and creativity. I’m obsessed with quality cameras and filming equipment, so the cameras are ones really high end, the same as those that Netflix would use for filming. 

Do you feel like you have enough space?

Yes, we wanted a big four-bedroom Victorian house where we could spend our time and have loads of space for both working as well as socialising.

Do you have plans to change the property?

No, not for the next 10 years at least.

Are there any problems with the property that you have to deal with?

No, thanks to the property being fully modernised and extended in 2018, it was handed over in pristine condition.

What do you want people to know about buying a home?

For us a property search agent with a lot of connections was of massive help, not just because they helped us find the perfect property but because they connected us with trustworthy suppliers, solicitors, assessors and so on.

Being first-time buyers, it helped to have someone who understands the landscape and could guide us the right way.

What are your plans for the future, in terms of housing? Do you plan to stay here long term?

We’re both in our mid-30s, so we’ll be here until at least our late 40s and we may decide at that point to move to a bigger countryside property or go abroad.

Currently, as working professionals, we’re very happy with the property and location but as we grow old I’m sure our wants will change.

Let’s see the rest of the property, shall we?

This article was first published on April 20 2024.

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