People who've climbed up the property ladder after their first purchase, how did you do it?

[HowdyBubble]

If you were in a situation where you were sole "owner" (i.e. paying a mortgage - not paid off) of a small 3-bed terrace in a town which you bought when you were aged mid/late-20s and you've now climbed up to affording a larger house (semi-detached/detached) and/or in larger cities, how did you manage it and how old were you when you managed to climb up from your starter home?

Ideally looking for stories where someone didn't win the lottery or get a hefty inheritance to facilitate the step up lol.

Thanks

Bought small flat aged 24 in an area I thought was really undervalued. Sold it for 30% more 5 years later without changing anything. Bought slightly bigger flat in different undervalued area. Overpaid mortgage and paid it off 2 years later. Bought a ruin for next to nothing in different city without selling the paid off flat. Renovated it, moved in, rented out other flat. Bought another tiny tiny flat in horrible area with a very good mortgage. Rented it out for twice the mortgage payment despite the area (because the payment was low I could do this charging a fair/below average rent.)

Bought first house with ex at 26, lived there for a few years till we broke up, no profit. Was able to only just buy a little city center appartment, met DH 3 years later who also had a little city appartment (different city, prices almost like London). Sold both with a total of 270k increase 3/4 years after that and bought a detached house. It was a bit of a faff to keep two apartments running for a few years but financially very much worth it.

First house2 bed mid-terrace in London commuter belt, 90% mortgage

6 years later gained nearly £100k in equity, moved 20 miles further away from London bought 3 bed semi. 60% mortgage

8 years later another £27k equity. Divorced and moved to the North East, 3 bed semi with garden + conservatory, 45% mortgage for me, exh used equity to buy a flat with 33% mortgage.

So, property price boom and geography. Mortgage always been less than previous property due to luck. I appreciate this immensely.

25 years ago we brought 2 small units in a undesirable part of the city (not in the UK). We rented them out while we rented elsewhere. Then using the equity a couple of years later we brought a very run down house that has a small separate apartment underneath it. We rented this out and lived in the main house.

We renovated run down house which had a massive increase in value. Property prices rose hugely here plus the desirability of the suburb rose.

Then we moved to bigger house also with a self contained apartment underneath it (which we rented out). We didn't sell third house but fully rented it out.

Then fourth house got too small for us so we rented that one out and moved to an area where houses were cheaper to get the family home we wanted.

We were lucky with rising property values but the first purchase was really the key and has made everything flow on from that. But it hasn't always been an easy ride. Money was very tight for us in the early stages.

Original property doubled in value!

Thanks everyone - what renovations gave you very value for money in terms of increasing the house value?

Fixing the holes in roof where the rain got in and connecting to the mains sewers (i.e. not the river the other side of the road which is where things were going when I moved in - and for six months after) were two of the most important things I did.

Do you strongly believe you were better off in terms of affording your dream/forever home by getting onto the property ladder buying a starter home or do you think saving up for longer whilst renting and going straight for buying your dream home would have also worked?

I didn't think about 'dream homes' Just thought - "if this all goes tits up, am I going to be happy living here for the rest of my life?"

I knew as soon as I walked into house I now live in that it is was where I wanted to end my days. It's not my dream house by any means. (Ideally I'd live in a hollowed out hillside with a geodesic dome over the top - a cross between The Eden Project and a medium sized Bond villain hideout.) No way is this draughty ramshackle clutterfest that I live in my 'ideal' house. Too fucking cold for one thing. But it's my HOME.

what renovations gave you very value for money in terms of increasing the house value?
This is going to totally depend on your house and area. We got on well with the agent we bought through, so contacted him a couple of times, he came over and advised (and we eventually sold through him). For us a new kitchen and bathroom earned more than they cost. Things which would have cost more than they earned included knocking through to make an open plan kitchen diner, putting a bedroom in the attic. We didn't buy the house as a fixer upper, but it still increased in value with a fairly simple redecorating throughout.

People used to be able to climb the property ladder just by the natural increase in value in each house. The housing market was in their favour (and mortgages were basically free).

Chances are, if you're just starting off now, you won't sell for much more that you bought for. Unless in a particularly desirable area. Or you have a true fixer upper that you've turned around.

So it's much more dependent on saving elsewhere/job progression