How Does Selling A House At The Right Time Raise Your Wealth?
When it comes to selling a house, sentiment can sometimes get in the way but selling at the right time can also create a lucrative source of income for you and your family.
House prices have been steadily on the rise for over a decade, and are generally-speaking reaching all-time-highs. There’s certainly an enviable profit to be made from the right sale.
So, How Much Untapped Money Might You Be Sitting On?
Firstly, let’s take a look at some key factors in the current property market. You may be surprised by how much your house has increased in value with time.
Headlines About House Price Crashes Are Long Gone
If you bought your property a while ago, you may remember the house price crisis from the late 2000s. You might even have bought before that, and watched your house price dip before it rose again. It was tough for a lot of people, but those days are now over, and house prices have been moving steadily upwards for years.
At the end of 2021, the Scottish Government reported the average house price across Scotland increased by 10%, which is by no means out of the ordinary. If you’ve had your home for the last 10 years or more, you could see a total property valuation increase of up to 50%. It’s well worth taking a look at what your property is worth now.
When you sell a property, the profit made typically allows homeowners to put down a larger deposit on a more valuable home, which then sees the same exponential rise in value over time, allowing homeowners to move up the property ladder quickly and easily.
Demand For Property Is Soaring
Today’s younger generations are the prodigies of those who bought their first homes early in life, so the desire to get onto the property ladder is ingrained in the average person’s life ambition.
The rise in property value is making it challenging for young people to buy a house, which is causing a shift in ingenuity when it comes to buying a first home.
Parents and carers are seeing the need to purchase a flat for students, rather than run up hefty rentals and long-term student loan debt. Investors are also getting savvy, and are becoming masters at buying up the best deals before others get to them.
Everybody is looking for more space, more freedom, and more choice. An easy sale is a real gift, so if you live in a popular area you might be astonished at how many people would jump at the opportunity to purchase your home for an attractive price.
Selling property to people who are competing to own it, such as worried parents or active property investors, means you can leverage the increased demand to fetch a higher price.
Mortgages Are Becoming More Flexible
Buying a house brings financial security, and mortgage lenders know that providing a good mortgage for their customers will boost their reputations. Mortgages are also a long-term source of income for lenders, so getting your money into their pockets is highly desirable.
Because of this, the mortgage market is competitive. Lenders have been forced to become bendable when it comes to finding new ways to offer brilliant mortgage deals. Consumers demand choice for releasing equity, switching lenders, or re-mortgaging their property.
The sale of a property nearly always means you can negotiate a new, improved mortgage, with lower interest rates, flexible terms, and easy repayments.