So you’re starting to feel like you’ve outgrown your first home, and it’s beginning to seem a little too small? Maybe your family needs a little more room, or you’d like a pet? Whatever the reason, selling and upgrading is a big part of climbing the property ladder, in fact, it is climbing the property ladder!
Moving house is definitely stressful though, so you should be careful when it comes to judging whether or not the time is right to sell and go bigger. Research is always going to be the best rule of thumb, and we’re unbelievably lucky in that department.
At our fingertips is the entirety of the internet, with tons of ideas, information and helpful tutorials. You’ve never got an excuse for not knowing something from now on!
That means that you can learn how to tell when it’s a good time to sell, as well as pick up a million different tips on how to sell, buy and everything in between. From paying your mortgage, to re-mortgaging, everything’s covered online!
First off, you’ve got to get thinking about the scale of your upgrade. You need to know how much bigger you’re willing to go, and that depends entirely on how much of your current mortgage you’ve paid off, the size of your current property, as well as any savings and financial assets you might have.
Ideally, you might think it’s a good idea to stretch things as far as possible to get the biggest house you can, and while that can make sense, it’s not a tactic that suits everyone. Some people might feel safer taking on a smaller mortgage and property, and seeing how that goes.
Essentially, you want to be paying off your mortgage early, so you can dodge as much of the mortgage interest payments as you can.
When it comes to judging whether or not it’s time to sell up and move on, you need to be out of debt in general (mortgage not included). You can’t be scaling up, and taking on new costs if you’ve got other debts holding you back. Fortunately, at the moment, it’s a sellers’ market, which means that as someone with a foot on the property ladder, you’re in a pretty solid position.
All you really need to do is pay attention, and read plenty about the way things are going in real estate. Don’t dive in without knowing how deep the water is!
One of the best tricks that can help out when selling up is simply making everything look pretty. Essentially, you need to make sure your house is as optimised as possible. I’ve talking new coats of paint, fresh wallpaper, deep cleaning and carpet cleaning, and that’s just inside! Maybe give the trim a coat of paint, and spruce up the garden a little bit too, because first impressions are really important too.