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Original poster

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

54 replies

Didicat · 06/05/2021 22:23

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

OP posts:
JesusInTheCabbageVan · 07/05/2021 19:55

Stay PUT, not stay out. Hmm

mobear · 07/05/2021 19:56

10 years and 6x, but gone from single FTB to buying as a couple.

somuchcoffeeneeded · 08/05/2021 00:16

2005 69k sold for 68k (crash)
2011 £140k sold for £135k (was new build)
2020 £280k

Starseeking · 08/05/2021 00:41

2006 - First house £132k (individual purchase)
2017 - Second house £382k (joint purchase)
2021 - Third house £650k (individual purchase)

I haven't actually bought this third house yet, as currently looking, but will be a hone for me and the DC for at least 15 years, if not more, so I'm prepared to push the boat out. I'm comfortable servicing the mortgage to go with it myself, but don't really want to go much higher, given it's just me now.

Henlie · 08/05/2021 07:03

1st house - £350k (2006) - 3 bed - sold for £650k
2nd house - £975k (2016) - 5 bed

Both houses in South East. We made a good amount on the first house, without having to do a lot to it...other than painting and new boiler. Just the market at the time.

justanotherneighinparadise · 08/05/2021 07:07

Eight years on the bed get has gone from £250 to 650!

Onandoff · 08/05/2021 08:00
  1. £70k sold £110k
  2. £140k sold £180k
  3. 390k sold £850k
  4. 1.3 mil
Iseeyoulookingatme · 08/05/2021 08:04

1st house bought in 2008 for £87k
2nd house bought 2020 for £187k

CasperGutman · 08/05/2021 09:00
  1. Bought 2011, SE England, £236,000
  2. Bought 2014, S Wales, £495,000
  3. There is no plan for a house 3!
oohmyback · 08/05/2021 09:01

From £157,000 to £460,000 14 years later!!!

Mazblue86 · 08/05/2021 09:17

@Flemingshat

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.

@Flemingshat that's interesting. I'm about to do exactly the same thing. Bought in 2016 and now it is worth less.
OUB1974 · 08/05/2021 09:26

Really interesting...I am the only one with a lower budget second time around!

Flemingshat · 08/05/2021 09:31

Mazblue86

Commiserations. After estate agents fees we are essentially only getting our deposit back. The market for London flats without gardens has been absolutely flattened by covid.

User135792468 · 08/05/2021 09:39

5.5 years and 2.25x the budget. It felt like a massive step as it was just money we had saved / got promotions. No inheritance or anything like that.

Mazblue86 · 08/05/2021 09:47

@Flemingshat

Mazblue86

Commiserations. After estate agents fees we are essentially only getting our deposit back. The market for London flats without gardens has been absolutely flattened by covid.

Yep; exactly the same here. I live right on the outskirts in Surrey. No garden and no one needs to live near a train line anymore.
missbunnyrabbit · 08/05/2021 10:48

Bought first house alone 1.5 years ago for 124k, two bed terrace.
Looking to buy second house alone in a few years for 200-250k. That will also be a terrace, and slighty smaller rooms, but with a garden which I really want.

Fixitup2 · 08/05/2021 10:50

First house 130k, second house 840k

Twosharks · 08/05/2021 10:52

Ours will be 5 x first house but here in Scotland most houses in our price range are selling for 20k plus over HR so we won’t be able to spend as much as we should be able to.

Time difference is 4 years for us.

The amount the bank are willing to lend us is more than we plan to borrow.

beepbeepbonk · 08/05/2021 11:05

First house £210k
Second house £451k
Three years apart.

SpnBaby1967 · 08/05/2021 11:37

First house £159,500 sold for £282,000
Second house 15 years later £437,500

We had a fairly small mortgage on our first house so have been able to have a decent equity to put towards our next one without having to mortgage up to the max.

Harryfrog12 · 08/05/2021 21:05

First house 105k lone purchase
2nd house just completed 188k again lone purchase (needs abit of work though)
Yorkshire
Housing market can be unpredictable so i hope it works out.
However, fear for the kids now no idea how they will ever get to this stage

LouNatics · 08/05/2021 21:43

very similar amounts really

105k on my first flat
120k on my second house, it was smaller but a house
130k on my third house, bigger but worse area and needed a LOT of work (60k worth)

But I never actually sold my first flat, still own it

Likeroses · 08/05/2021 22:48

Around 4 X more been here for 6 years

thismeansnothing · 08/05/2021 23:07

First house we bought for £115k
Nearly 12 years later, one wedding and 2 kids we are about to buy our second for £256k

CaramelWaferAndTea · 09/05/2021 14:18

First house £400 2012 sold for £580 in 2019, second house 805.

London, we had overpaid mortgage a lot so had a much bigger deposit for house 2.

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