2nd time buyers - how much bigger is your budget?

[Didicat]

So comparing you budget for you first house and 2nd house, how much bigger was you budget 2nd time round?

Due to a lot of luck and hard work ours is 4 times bigger, we are also being less conservative 2nd time round.

11 years difference time wise

Ours is 160% more due to equity and inheritance. 9 years difference.

Mine was three times as big - but bought me far less! I moved from rural Scotland and a gorgeous five bedroom converted church to a small two bed terrace in a nice but pretty average London suburb. Budgetary increase was also almost entirely due to large increase in salary - my Scotland home only increased in value by about 10% over five years.

I was also less conservative this time around - a combination of buying in London as a single person meaning that to get what I wanted where I wanted, caution wouldn’t have worked; and also, I’m older, and my attitude has changed, and it’s only money. I can make it, I’ve lost it, it’s never the end of the world.

First house £90k
Second house £230k

Twice as much, 2 years later. Combination of us both being promoted, saving up a bigger deposit and making money on the first house. We bought a similar house again but in a significantly nicer area.

Barely. We've just sold our London flat for 30k less than we paid for it in 2016.

The people we bought it off bought it in 2011 and made 180k on it in 5 years.

2nd property was around 1.6x the value of first property; 5 year'ish gap.
Equity (deposit) growth, increased borrowing due to bigger salary, & being less conservative were the reasons.
We skipped the traditional first rungs though - first house was a 3 bed semi.

Why?

First was a two bed flat, 350k. Second was a four bed house, 700k.

First house bought for 94k in 2007
Then the property market crashed badly in our area in 2008 so sold for 89k in 2012 as the market still wasn’t rising and we had to move due to work commitments

Bought a new build for 250k in 2012 and sold for 255k in 2019

Bought our current house 445k in 2019 (it’s low for the area as it’s a big doer upper project) and after phase one of the renovations it’s now worth around 500k (we are not moving again) I’m hoping after everything it rises to 700-800k like similar houses in the area, but who knows

So all in all it had taken around 12 years to get to our forever home

Bought house for 240k in 2009 spent 100k on it - now valued at 650k - we will prob look at 900k-£1mil

By the time it's all signed and sealed it would be 5 years between sales.

We bought for £190k, now buying for £335k (could've gone higher but decided on a sweet spot with the LTV and repayments).
Possible through increased pay, equity, some improvements to the property and a bit of passive saving.

Not sure if this one will be our forever home, but certainly the next 5-10 years. Not much room for adding value, but planning on making overpayments on the mortgage to get a better rate after our 5 year fix is up.

First house 55 k in Scotland, second house 250k in the south east. There was about 7 years between the two.

First house was £170k, second £365k, we only moved 3 years later. It's mostly mortgage! We were very conservative first move.

First house was bought 4.5 years ago for £300k,

Our budget to Kobe now is £425k, so it doesn’t seem to get us anything much more than what we have at the moment so will probably need to stay put longer

This is with wage increases but we’ve gone from no children to 2 children

We started in a 2 bed maisonette in zone 2 now in a 4 bed with large garden in zone 4 via a three bed in a good location. The money difference between the three seems huge but each time the reality was that our financial situation was not hugely different and we only added a small amount to the amount we sold for. So in effect our ability to borrow is the similar to when we started. A small inheritance and pay rises have greased the wheels but children and moving freelance for one half of us have sat against us/ our income vs exp. we have upgraded properties by moving location to somewhere less a desirable each time. Has worked for us as we like the locations and they meet our needs.

First house bought for £240k in 2008. We have just sold it for just shy of £400k.

Our new house is much less at £195k! It is much farther north, the same size, but we are buying outright with no mortgage.

Haven’t bought recently, but first was 2000 for £80k and 3 years later bought for £250k. In that period, first property had increased in value by a whopping 75%, plus in that intervening period I had pay rises and got married meaning we were buying 2nd time round based on 2 incomes not 1. We were borrowing around 50% of value so still very conservative.

Now, almost 20 years later we are still there in a very average family home which has probably doubled in price over the almost 20 years. We are happy here, but lots of friends have made several other moves and stretched themselves and have much bigger houses now. We have been mortgage free for almost 10 years.

I think the years of sustained price rises have gone, so you don’t see quite the leaps as in the past.

My move was from a 2 bed flat to a 3 bed house.

Mine was 54% more i think.

First: £213k
Second: £328k

We only owned first for 3 years, however equity we had in that time due to house price rises together with wage increases meant we could go from 2 bed property in ok area, to 4 bed detached in a lovely area.

First house: 185k
Second house (5 years later) 400k
Third house (another 5 years later) 700k

First house: Jan 2004, 3 bed semi. £195. Welling DA16. Borrowed £150K

Second house: August 2020, huge 4bed + 1 storage room Semi, £540k Sold first house 370K. Borrowed £300K. Bexleyheath DA7. Just a mile away from my first house

First £165k and second nine years later £380k. In grim north.

Roughly double. We've both had a good few (7) years at work and have been able to save and borrow more.

Our budget (we're buying right now) is nearly three times our first budget 10 years ago. But a lot of that has come from equity.

9 years inbetween and 3x the budget

First house £79k in around 2002.
Sold for £86k during the big crash (2009?) and bought current house for 200k.

Plan is to stay out until we've paid off the mortgage and DS is grown, then hopefully move somewhere a bit more rural with a nice pub or two.