Is it "bougie" to have 2 properties ?

[IHearYourVoiceItsLikeAnAngelSighing]

Hello Mumsnetters,

I bought my first property; a flat in zone 2 about 7 years after I finished university. No bank of mum and dad or inheritance, just saved up student loan and 7 years of hard work; frugal living and lots of saving. I paid it all off, saved up again and earlier this year I bought a small house in zone 4 as I have a child now so need more space and also a garden means I don't always have to leave the hosue for my child to be able to play outside. It was a practical/strategic move as I specifically bought in an area with good primary and secondary schools, lots of green areas and also now I don't have to book a venue for kids party as I just use my home.

The issue is, now I'm being "accused" of being posh/bougie because I have a "flat in the city and a house in the suburbs" even though I am still completely myself. I live a very simple and frugal life; shop at lidl, buy whatever I can in bulk so it works out cheaper, never owned a car and my winter coat is at least 10years old.

I don't know why it bothers me but it does. Am I worrying over nothing?

I was NOT a high-earner at that stage of my life. But being sensible with money, saving hard, not overspending, and making wise career choices, I managed to get through that, and go on to buy multiple more properties. So now, I don't have to go out to work, and can raise my children with the income from them.

So you bought multiple properties in 15 or so years despite not being a high earner, how come the bank was happy to lend you so much?

and now the mortgages are all paid enough so you can live off the rental income? That's remarkable quick!

Buy something in Liverpool or Manchester. They’re a quarter of the price & appreciating faster than SE

Are you not on the same “show me your kitchen” thread as I am, talking about the flooring in your kitchen and wanting to replace it as you don’t like it, but it came with the house when you bought it?

To be fair, it’s hardly the fault of someone who twenty years ago dragged their arse to uni an hour across London every day when she could have rented nearby, chose to save like fuck and not spend money she could otherwise invest, that house prices in the capital are so over-inflated normal earners can’t afford to buy.

But that’s only living costs. What about your tuition fees?

Don’t tell people what you own? I

Not bougie at all.

Ex-DP and I had two properties in London Zone 2/3 between us in our early 30s, as did quite a few couples we knew. Quite normal for those who meet later in life when both parties are already on the property ladder.

Well you're obviously rich. Most people don't have a spare flat. Don't really know what you want anyone to say. What is the point of this thread?

@beaniebabby tuition is covered by the loan which I had to pay back. Then you also receive a studnet grant for living cost ...this you don't have to pay back and this is the part I saved up ....then worked part time which I lived on.

I've always said that. Only HMRC needs to know.

@IHearYourVoiceItsLikeAnAngelSighing you've given your sister an amazing gift of free accommodation for three years. I hope she's working and saving too.

It's funny that owning two properties agitates folks so much. You could sell both and have one big home which in theory shouldn't bother them.

I've been a renter when young, never resented my landlords for being owners.

Yes, bought multiple properties in 16 years, and yes, all paid off outright now. The figures worked out, paid 25% deposit on each additional property (I'm a big time saver), the rent covered the mortgage, so bank was happy to lend. I used all the rent that wasn't needed for maintenance/insurances, to pay down the mortgage capital, and one by one paid each one off, including the home I live in (although that one was paid off jointly with my DH). I paid the last one off just 10 days ago.

I guess it is quick actually, I never thought of it until you just said! I've never been a spender (other than buying more houses!), I rarely go on holiday, when I do, it's just within the UK and stay with family, so costs very little. I rarely buy new clothes, never been into designer clothes/shoes/handbags, we rarely eat out (both very good cooks so don't see the point). We don't have subscription TV, never used a food delivery app. Don't wear makeup, don't get my nails or hair done. God, making myself sound awful, but just not into these things. I have just been determined to build something to live off for retirement (I don't have a private pension), and also determined to leave my children a roof over their heads and a ready made income to supplement whatever job/career they have when adults.

Just to add though that I am married, and my husband works full-time, so he was covering household expenditure whilst I was a SAHM and was fine with me using all rent money to pay off the houses, because it was for our long-term future for both us and our children. If I'd been a single mum, wouldn't have bought quite so many but still would have been able to have a home plus one extra to let. My DH didn't buy the extra properties with me, I saved for those and paid them off on my own, he's not into property like I am!

Typical zone >2 mindset.

@Yopeyou sound bitter and angry and hate is an awfully strong word. My generation were advised to provide a pension for themselves via property investment, as the likelihood of the state pension being enough to live on was in question. Every generation has its issues but I agree the housing one is tough on younger people. Try not to hate though, it only eats away at one person in the long run; you.

Just don’t tell others about your private financial affairs.

Who is accusing you of being posh or bougie?

You are worrying about it? Worrying about being solvent and financially secure and what other people think?

Quite ridiculous.

Posts like this just show ignorance. Yes, properties were cheaper 20 yrs ago but they were still relative to wages. Wages were less and there was also no minimum wage.

How could you afford to "save up your student loan" if there was no bank of mum and dad?

Because people who REALLY don't have any help need the student loan to pay their living expenses.

I mean you must earn an awful lot of money to have paid/ to pay for two London properties. That sounds like over £1m of properties… and don’t act coy as though that’s not unusual and a very expensive way of life.

Wages were less but the house price to wage proportions were also way way better. Flats on my old road in London cost £100k in the early 00s and 600k in 2017 when I bought. Wages hadn’t gone up by a factor of 6.

Also the minimum wage was introduced 26 years ago so nonsense

There are lots of properties up and down the country that can be bought by someone on NMW

I didnt have any help at uni, I worked more or less full time, temping as an agency auxillary nurse (as they were called then) and nursing assistant, carer, etc etc

I had to fit the course around my work.

Agree.

Same, which is how I know I was in no position to be buying in zone 2. Or any zone.

So OP’s assertion it was all through her own cunning thrift makes little sense to me.

Maybe there’s an inheritance or something she’s forgotten to mention.

Ok, 30 years ago then 🙄