TV presenter Zoe Salmon says the biggest money mistake she ever made was buying a Grade II-listed apartment in West London.
The former Miss Northern Ireland and Blue Peter presenter, 41, told DONNA FERGUSON it cost her £60,000 a year in service charges, plus thousands more in expensive renovations.
She is attempting to do hula-hoops for 500 minutes this month as part of the Duke of Edinburgh Awards ‘Do It 4 Youth’ challenge.
Ice queen: TV presenter Zoe Salmon on Dancing On Ice in 2009 with partner Matt Evers
What did your parents teach you about money?
To save wisely and to spend wisely. I was really fortunate growing up. My dad was the managing director of a large flooring firm in Northern Ireland and my mother was a stay-at-home mum to me and my three siblings. We were comfortable and lived in a beautiful four-bedroom detached house in Bangor, which is by the sea.
I didn’t want for anything, but I was never handed anything on a plate. My parents were keen that I should appreciate the value of money and encouraged me to get a part-time job at a young age.
Have you ever struggled to make ends meet?
Yes, at university. I was studying law, which was very intense, and I also worked part-time in retail and as a model to pay my way.
I remember nearly falling asleep in lectures at times because I was working and studying so hard. I felt under a lot of pressure to make ends meet. But I left university without a lot of debt, aside from my student loan.
Have you ever been paid silly money?
Yes, shortly after I did Dancing On Ice in 2009. I did one or two jobs within the space of a week, for which I got paid five-figure sums for a few hours of work, doing endorsements and a glamorous photo shoot. That was more than my whole year’s salary as a newly qualified lawyer. I remember meeting my stylist, hairdresser and makeup artist and thinking I barely need to do anything but smile. It was just crazy.
The best year of your financial life?
It was probably 2010, when I took part in the Dancing On Ice tour, which is actually more lucrative than the show. I also presented so many TV shows for different channels that, at one point in that year, I was on every major network in the UK. Plus, I did a Hollywood movie with Russell Brand and had the lead role in a theatre production of Cinderella.
Most expensive thing you bought for fun?
My Birkin handbag. I got it in 2017 for a four-figure sum. It’s black with gold hardware.
It was such a magical experience to buy something so exclusive and bespoke and I went for a classic, timeless colour scheme that goes with everything. Although I bought it for fun, I do see it as an investment – it’s already gone up in value substantially.
What is your biggest money mistake?
Buying a two-bedroom apartment in a Grade II-listed building in West London for £300,000 in 2000.
The building had beautiful Art Deco features, a swimming pool and a tennis court and I absolutely loved living there.
But I spent a lot of money renovating the flat and I had to use certain contractors that were council-approved to work on listed buildings. As soon as I finished my renovations, the managers of the building said it needed a lot of work. By 2008, my service charge had more than doubled to £5,000 a month. I managed to sell it for nearly £500,000 that year. But if I had bought a similar apartment in the same area that wasn’t Grade II-listed, I would have made much more money
The best money decision you have made?
Selling a buy-to-let penthouse apartment in Belfast that I’d bought in 2009 for £250,000.
A decade later, it still hadn’t appreciated much in value. So last year, during the pandemic, I cut my losses and sold it for around the same price for which I had bought it. I reinvested the money in a four-bedroom house in Bangor, which is proving a much better investment. I haven’t looked back.
Do you save into a pension or invest in the stock market?
No. I have two investment properties in Bangor, which I see as my pension nest egg. I’ve focused on paying off the mortgages on them instead of paying into a pension. I prefer bricks and mortar because it’s a physical asset that you can see. Maybe one day I will invest in the stock market, but until recently I’ve been more interested in becoming mortgage-free. Now I’ve achieved that, I wouldn’t rule it out.
In a spin: Zoe doing hoops for charity
Do you own any other property?
Yes, my family home is a four-bedroom house in north County Down. My husband William, who is a butcher, designed and built it ten years ago. We are currently building our dream home together, which will have a sort of Los Angeles feel to it, with lots of glass and a lovely view of the Mourne Mountains. We’re hoping to sell our current home and move in there in about a year.
What is the one luxury you treat yourself to?
A holiday at Sandy Lane, a luxury resort in Barbados, twice a year. It’s just paradise. We’ll go for ten to 14 days at a time and it costs a five-figure sum.
If you were Chancellor, what would you do?
I would force multinational companies to pay their fair share of taxes and use the extra money to abolish tuition fees and ensure it is free for people to study for a degree, an apprenticeship or any other type of formal educational training. I think the interest rates on student loans are too high and that education should be free for all.
Do you donate money to charity?
Yes, ever since I was a child I’ve donated money and time to charity. At the moment, I am supporting the Duke of Edinburgh Awards and taking part in their ‘Do It 4 Youth’ summer challenge.
The idea is that you complete a challenge in four weeks, to raise money to help young people from tough backgrounds (see www. dofe.org/di4yteamni for more information).
Everyone can do their own challenge, but I’m hula-hooping every day for the month of July, increasing the amount of activity I’m doing each day by one minute. By the end of July I will have done 500 minutes. I’m already exhausted. But it’s a lot of fun, and a good workout.
What is your number one financial priority?
To always be debt-free and have savings for a rainy day. That way, if I ever choose to buy myself another expensive asset – whether that’s a property or a handbag – I’ll be able to do so, knowing I worked hard for it.