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Original poster

How do you upsize!?

246 replies

secondtimebuyer1 · 04/04/2021 20:19

This is a very first world problem and I know we are lucky to a) own our own home and b) have stable incomes.

We bought our first home in 2013 for £285k- a 2 bed bungalow. In 2015 we borrowed an extra £50k and converted the loft so we now have a three bedroom house. Mortgage is now £203k and house is worth £420k. We are desperate for a 4th bedroom so family can stay (post lockdown) as they all live up north.

When we bought our combined household income was just under £50k. We have progressed in our careers and our combined income is now £84k - despite our pay increases we still can't afford to upsize. A detached 4 bed with garage (our forever home dream) in our area is £700k- these are relatively normal family homes. We'd need a combined salary of £100k+ to afford a house like that- how do normal families afford it? We both work full time in professional jobs, nursery fees are crippling and I feel like we're just keeping up. If we were first time buyers we'd need a £42k deposit just to buy our own home- would never have happened!

AIBU to think the only way to really upsize, in the south east, is win the lottery or inherit?!

OP posts:
Mmn654123 · 05/04/2021 18:51

Your forever home needs to be £600k not £700k - or you need to earn more!

Fluffmum · 05/04/2021 19:07

Build an outside office/ chill room they can sleep in there

Lucyk1 · 05/04/2021 19:09

Can't you just move up north and move jobs? House prices are alot more cheaper

Empressofthemundane · 05/04/2021 19:17

It’s dangerous, but you could split the large mortgage: half repayment, half interest only.

This works if prices rise, and you start repaying the interest only portion as soon as nursery feels end.

anon666 · 05/04/2021 19:27

I totally agree with you, in the SE/London you have to inherit to afford anything more than a v modest home.

We are in one of the relatively cheapest areas, but a 3 bed was the max we could ever stretch to. This was on pretty high incomes PRE-COVID.

anon666 · 05/04/2021 19:29

PS we ask people to stay at a local Premier Inn. They seem to quite like it 😂

CatCup · 05/04/2021 19:33

Bought ours for 300, now worth 500k. Better jobs means we can sell, use the equity as a deposit and start mortgage again as we can now afford to pay more each month.

GloriaSicTransitMundi · 05/04/2021 19:53

PPs have suggested garden cabins and the like, but I'm wondering if there's any scope for an extension, add another room at the back? Or, much cheaper and only takes a couple of weeks to install, no planning permission needed, what about a conservatory? That could double as guest room for occasional visitors. You could always put up a screen or bookcase to act as room divider for the guests if the garden access is through the conservatory.

MargosKaftan · 05/04/2021 20:01

We also asked people to stay locally rather than pay for a spare room.

In our area, a B&B is less than £50 a night. So 2 nights a month at £100 every month for 250 years would be your price difference.

A guest room is a luxury that most normal people can't afford.

Also worth looking for what you could get for an "ugly" house in your area, you might not get an extra bedroom but bigger rooms.

cafenoirbiscuit · 05/04/2021 20:08

People you know may be on interest only loans - or in agreements that will have them paying mortgages for 40 years. You never know what’s round the corner so don’t give up, and overpay if you can. You’d be surprised how much of a difference it can make. There are lots of online overpayment calculators and it’s weirdly addictive to play with 😊

DoLallyTapMum · 05/04/2021 20:36

Do you have a decent garden? Could you put a home office type building in it to use as a guest bedroom? Alternatively you could get a decent sofa bed and give your room to your family when they visit? I would pay £250k for family to visit and if I had 3 children and bought a 4 bed I would expect they would all want their own rooms in time.
The mums on the school run probably secured the mortgage pre-nursery fees, or they moved at the right time in terms of the property market, or like you have suggested they had some inheritance or a leg-up from family.

DoLallyTapMum · 05/04/2021 20:37

*sorry that should read ‘I wouldn’t pay’ not ‘I would’

Jangle33 · 05/04/2021 20:42

I don’t agree you have to inherit to own a large house in the SE.

You can work bloody hard in a well paid profession you know Hmm

Ellpellwood · 05/04/2021 20:59

@Jangle33

I don’t agree you have to inherit to own a large house in the SE.

You can work bloody hard in a well paid profession you know Hmm

You can. But it would take a while to save 20% deposit minimum on a 700k house while also paying nursery fees and SE rental prices, paying into pensions etc. Most people need previous equity or inheritance for that level of property.
Cantbebothered2 · 05/04/2021 21:01

@wobblehut our equity is around £440k at present as we we first bought in 2006 and throughout the moves have been repaying the mortgages so on top of the amounts stated, we had more paid off as well. You need to basically start the mortgage again at the next move. We haven't funded anything by loads more earning, I'm part time now and my husband and I both earn less than the op and partner. We also have better loan to value ratios now too so the monthly payments aren't vastly different.

emilyfrost · 05/04/2021 21:05

You’re not poor by any stretch of the imagination, so it’s quite rich to be whinging you can’t afford a more expensive place where you live.

If you’re priced out, you’re priced out. No need pleading poverty.

FeelinHappy · 05/04/2021 21:26

Multiple jumps up the ladder used to work, but stamp duty on doing that is so crippling these days.

OP would you be happy with your friend's 650k house? If so that's 50k you'd have saved from your original 700k already. But there is a lot to be said for cutting your cloth and being happy with what you have. Surely your relatives will understand that buying that elusive 4th bedroom is harder where you are than where they are. We think of it that a 3 bed semi is enough. Anything more than that (detached, 4th bed, playroom etc) are non-essentials that we are grateful for and don't take for granted.

Don't compare yourself with everyone else. I had an aunty who was always moving into new builds, ever bigger and much posher than our house. Then one day the bank took the house and the cars back, and they were left with nothing. And I bet many of those who have had inheritance money would much rather have their mums and dads still with them. Just enjoy what you have.

SeaSunandSand · 06/04/2021 00:51

Completely unhelpful but I have no idea how you even have the house you have on the income posted! £50?!
With an joint income of 90k DH and I only had a house worth 250k up north! Mortgage on 190k of that.
We now live abroad and have split the equity into two properties that don’t quite pay for themselves. That’s ok as they are an investment for when we return. (The propert we had wouldn’t have rented out easily)
DH now earns much more and we still look at programmes like “location location location” and wonder how?! I mean seriously?! We are early 40s and save every penny and still have no idea... and DH hit it lucky to buy when he did so we were on the property ladder before shizzle hit the fan.
Do people not have savings or pensions anymore?!
How does a joint income of £50k get a house like that?!

SeaSunandSand · 06/04/2021 00:52

Just seen it’s £84k now but I still don’t understand

Cloudyrainsham · 06/04/2021 00:56

I guess you’d have to move to a cheaper area. We’ve upsized a couple of times but DH is a builder. First house was £36k (back in the 90’s) we extended and converted the loft and sold for £170k. . We bought the next for £180k, we’ve extended again and converted the loft. Also other improvements, must now worth about £500k. I don’t want all the work again so we’ll stay put until we downsize once the kids have all gone.

Babyroobs · 06/04/2021 01:03

@FeelinHappy

Multiple jumps up the ladder used to work, but stamp duty on doing that is so crippling these days.

OP would you be happy with your friend's 650k house? If so that's 50k you'd have saved from your original 700k already. But there is a lot to be said for cutting your cloth and being happy with what you have. Surely your relatives will understand that buying that elusive 4th bedroom is harder where you are than where they are. We think of it that a 3 bed semi is enough. Anything more than that (detached, 4th bed, playroom etc) are non-essentials that we are grateful for and don't take for granted.

Don't compare yourself with everyone else. I had an aunty who was always moving into new builds, ever bigger and much posher than our house. Then one day the bank took the house and the cars back, and they were left with nothing. And I bet many of those who have had inheritance money would much rather have their mums and dads still with them. Just enjoy what you have.

Totally agree with just enjoying what you have. I have a friend who is young, maybe around 26 and looking at a huge 4 bedroom house, absolutely perfect, home office, utility. Will need to return to work full time with a small baby to afford it. What on earth happens if one loses their job, or becomes ill or a child becomes disabled, where is the wriggle room ? Also what on earth is there to strive for if you have the ultimate house at that age. It baffles me how people want everything perfect from the start. I guess it's up to the individual how far you stretch your finances, but you need to leave enough to have some fun.
Slimemonster · 06/04/2021 06:31

The UK is being forced to become a nation of renters, current homeowners can't upsize, current renters can't even get on the ladder at all... Nightmare for everyone x

flooredreally · 06/04/2021 06:42

With an joint income of 90k DH and I only had a house worth 250k up north! Mortgage on 190k of that.

I don't think that's normal, to borrow so little. Most borrow at least 4 x their income.

Harmonypuss · 06/04/2021 06:52

Oh what is give for a house worth £200k never mind £700k!

I was a single parent earning about £18k when I bought my 3bed terrace in Birmingham 20yrs ago for £37k and extended the mortgage to just over £53k to pay for a conservatory and requiring, although, even paying for that has been a struggle at times.

It's now worth about £130k, I've got 2 more mortgage payments to make and then I'll be doing a few repairs and a bit of much needed decorating before putting it on the market to downsize because I really don't need 3 bedrooms on my own.

I do understand people wanting somewhere nice to live but overstretching yourself to do it is really not worth it!

Harmonypuss · 06/04/2021 06:54

Rewiring not requiring..... hateful predictive text!

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