Smallest steps people have made up property ladder

[pisspants]

I was just wondering what the smallest move up the ladder people have made. I hadn't really considered moving up within the town I live in at the moment but am just going through a broker to re mortgage and due to having more equity and higher salary it looks like I will be able to reduce the term on my mortgage. It would be due to end by my retirement age - before it would have been 73!
In the course of doing the application it looks like I could borrow more. From my calculations and taking into account moving costs it looks like I would be able to get something for about 30k extra. My house is probably worth about 280k and so may be able to get something for around 310k. It would not buy a massively different house but I would likely gain a driveway or garage, a larger garden and an extra reception room. I am mid terrace at the moment and would maybe be able to get a semi or end of terrace. Although where I live is an ok area, it is on the edge of town so is a pain for going out etc and means lots of lifts for the children who are early/mid teens. If I moved it could be to a more central location and nearer more of their friends.
When looking at info on moving up the property ladder it is usually from flat to house, then to a large family place. This would be a much smaller step than that. Has anyone made a similar small step and thought it worth it? or is it just worth staying where we are, where we are happy and which is fine with view that it is not that many more years before the children have moved out and by staying I'd be more secure as would have a smaller mortgage?

I'd say going from a mid terrace to a semi with an extra room is a decent step up the ladder! Especially if to a better location. Go for it! Don't forget to factor in estate agent fees and stamp duty though.

yes, stamp duty, solicitors fees, estate agent fees and moving costs are likely to be close to £10k spent with no return, so that's worth bearing in mind.

We moved from a small 3 bed mid terrace with courtyard garden to large 3 bed mid terrace with large garden in the same post code. The price difference was £75,000 but it was 15 years ago. Well worth it for us. We never did move up to a semi or 4 bedrooms despite our income more than doubling ... but that's London and house price inflation for you.

This move and this move only! We’re FTBs and buying our first house at the age of 42. We both prioritised education over earning with both of us spending 7 years at university, then doing post-doc fellowships. So we were older when we got our first properly paid secure jobs, and then had to wait for promotion to get a decent salary. Also I had my DS in 2014 which set us back financially.

We saved a substantial deposit and wanted to buy somewhere we could live for the next 20 years at least. All with being well we’ll be moving into a 1970s build 5 bed detached house next month. It’s costing us £265k so a bargain compared to some parts of the country. I have no plans for moving up the ladder at all. I can’t take the stress and it’s very expensive. I’d rather spend the money turning the house we’re buying into our long term home.

*All being well

When you take into account all the costs (solicitors fees, stamp duty etc) and the upheaval, I personally don't think it would be worth it. But around here you wouldn't get anywhere near the step up that you describe for £30k. You'd more or less be swapping like for like.

Has anyone ever moved from a 2 bed flat to a 3 bed flat? usually people move from flats to houses. I would like the extra room as a home office.

I have a home office now, but I wouldn't have one when I have a baby!

My parents went from a 3 bed mid terrace with awful on street parking and tiny concrete yard to a 3 bed semi detached with a driveway and standard garden. It was a big improvement despite not gaining much space in the house. No risk of having to park 5 minutes away with a boot load of shopping and they could invite people and sit in the garden.

@MilduraS that is the sort of change it would be. At the moment the garden is too small to have any other families round and the sitting/diner too small to entertain in as have to open up a table then there is no floor space. Just having that extra space, even a garage to keep bikes in would make a big difference I think.
I thought it'd be a resounding "not worth it" response so it's interesting and reassuring to see I am not being completely crazy to consider it.

It would also be worth it if you could move to a property with extension potential should your circumstances change again. eg one you could extend over or behind the garage, or add a conservatory

Personally I think I would either increase pension contributions or mortgage repayments to pay it off before you retire or make a bigger jump at a later point.

That is more because I am now older so retirement more imminent and had I not moved I would have been mortgage free by now which would mean more living and less decorating! I don't actually regret the move as the location is more convenient even though I only moved a few miles.

All that said only you can weigh up your priorities and there is a lot to be said for a home that works best for you.

I don't think of my home as part of a 'ladder' - surely this is a mad way to think of it? Positioning houses as 'higher' or 'lower' on an imaginary ladder is insane, and why does it matter what kind of moves other people have made?

The right home for you is based on your needs, budget, the area, what facilities you want locally etc. How many bedrooms it has or whether it's a house or flat are only a couple of factors, and not necessarily the most important ones.

My current house is smaller than my last one, with fewer bathrooms, but has a nice garden and a workshop - both of which are important to me. It's in a location which is more convenient for my hobbies than where I was before, although further from city amenities. Neither area is 'posher' than the other. Did I go a rung down, or a rung up on this 'ladder'?

^ The above move did involve extra mortgage btw, but we weighed up our needs/wants/lifestyle and decided it was worth it.

Not every move has to about trying to get a bigger house!

I think this sounds like a great move! Teenagers definitely need convenience. I have friends that have moved to secluded areas (only way to get to a shop is to walk on a country road/drive) and I do think they'll regret it when they're teens!

We moved recently from a beautifully renovated semi to a smaller detached in a quiet close that needs full renovation. Our new house is walking distance to the local shopping centre and walking distance to schools. It has made our life so much easier!

I think it sounds a no-brainer. The cost jump IS pretty small but the gains on the house and lifestyle seem well worth having. Others would upsize for less, I'm sure.

Perhaps look at the amenity value of the extras and better location over the life of the ownership plus the likely increase in value compared with your current house. Post-2008, it looks like the previous escalator of starter home then property ladder progression looked a little broken but if you can secure the improvements you set out for the budget you have and a reduced mortgage term then it seems sensible.

thanks all, some definite food for thought. It is tricky as I am a single parent and so have to make the decision alone and also I guess am more vulnerable as is only my finances to fall back on though I do have a secure job and a good pension which I am very grateful for.
Where we live at the moment is quite nice, good neighbours and near large open spaces. We live in a big town and my children have friends all over town so is not my main concern as we would be closer to some and further away from others if we moved. Town is walkable but is a good 40 minute walk which is a bit of a pain.
I am going through the mortgage application to see about reducing the term but think I will ask the adviser to see what I could get if I did max out. Then will have a play around to see what kind of step I could make.
It's hard as not a lot is coming on the market at the moment so am comparing sold prices/current asking prices with what mine would be likely to go for and what the asking price might be. That makes it harder to know what could be possible.

well having spoken to mortgage company it looks like what was showing on the calculator was about 15k more than I can actually borrow. After costs it looks like I could only go up by 20k so I dont think it's really viable to move. Is a shame but will just keeping chucking what I can at the mortgage and maybe in a few years see if I could upgrade. Thanks for all your thoughts though, I appreciate it.

I moved from a 2 bed flat to a 2 bed flat but I moved areas (for work) and property prices here are higher. I gained a 2nd bathroom and my own front door and the living area is a bit bigger here but the bedrooms are probably smaller than I had at the previous place. Unless I win the lottery or move well out of town to get a house (which might still have less floor space than my flat) or relocate I'm stuck here!

How you describe where you live with nice neighbours, easy access to all parts of town, open spaces and 40min walk to town is exactly how i'd describe where I currently live and for me that's priceless compared to a larger house out in the sticks!