The 4 Most Desirable Reasons To Move Up The Property Ladder
Moving up the property ladder describes a trend where people tend to live in a property for a while, then sell it to buy a larger or more suitable home using the profits made from home value appreciation. The property ladder is a common phrase people use when they talk about leveraging the property market to improve their wealth or lifestyle.
Take a look at the 4 most desirable reasons why you might want to take a step up the property ladder:
Rise With The Property Market
Despite the property market being at an all-time high, property prices will continue to rise. Families, investors, ambitious students, and the newly-coined ‘Zoomers,’ are all becoming more and more resourceful about how they invest in property.
Demand will always push house prices upwards, so what happens when you don’t buy property, and the house prices rise without you?
If you wait too long to sell, the cost of houses can rise at a faster rate than you can afford to follow, and you risk getting left behind or spending your whole life trying to catch up with the housing market.
Beat the curve by selling your home while demand is high, then reinvest the profit into a more expensive property, before the market progresses. This approach keeps you firmly on the property ladder, and allows you to move up a rung or two without increasing the general cost of your mortgage.
Get Your Dream Home, Eventually
Buying a first property is seldom the home of dreams. First properties are affordable, and are often small flats located close to work or social amenities. First-time buyers buy what they can afford, and look for the best available within a fixed budget.
To get from that first pokey little flat to a large family home or coveted countryside cottage takes dynamic thinking. It needs to be achieved in stages.
Buying more than you can originally afford takes time, but with the right carefully-planned moves it is a relatively simple way to design the ideal lifestyle from a place you can comfortably start from.
Protect Your Financial Future
If you were born before 1990, chances are you have been told to buy a home so you can retire rent free. This is sound advice.
The earlier you put that first foot onto the property ladder, and the sooner you can start moving up the valuation table into a more expensive bracket, the more comfortable you will be in your retirement.
Set Up A Passive Income
As you move up the property ladder, your options expand. This may mean buying a larger home with space for a lodger or tenant to help pay your mortgage. It can also mean selling your home, buying one of similar value, and using the profits to purchase a second property to let out.
Whatever your preference, there will always be more options available to you when you sell your current property for more money than you paid for it.
How Can A Move Up The Property Ladder Help You Today?
The first step to understanding where your property can take you in the financial future is to find out what it’s worth today, so you can make a sound decision on whether or not to sell it.
Keller Williams is here to assist you with a free home valuation, and all the support you need to make an informed, personal decision about what’s right for you when it comes to selling your home.
Get in touch!