Top tips for climbing the property ladder
Getting a foot on the bottom rung of the property ladder is an ambition of many young people aspirations to become a property owner.
However once they have achieved that first step it is almost certain that changes in their circumstances will make them want to move up the property ladder.
At times when the property market is buoyant it is just a matter of trading up. But in less favourable times it may be that some careful planning and hard work will be called for to achieve the upward spiral on the property ladder.
However getting on to the first rung of the property ladder is the first, and possibly the hardest step. That is why we have put together some top tips for climbing the property ladder to try and help.
These days the problems of getting on the first rung of the property ladder seem almost impossible for some people.
With the demise of the 100% mortgage many first time buyers are faced with the daunting prospect of raising a very substantial deposit.
However once the finance has been raised the first pieces of the plan to climb the property ladder should be put into place.
Be prepared
This advice applies both to first time buyers and those already on the property ladder and looking to climb higher.
To take advantage of a good buying opportunity, it is important to have the money or a mortgage offer in place as early as possible.
Think outside the box
In these times of austerity, it would not be advisable to sit in a property and hope times will improve and the value of houses will rise along with salaries and wages, and this would be the way to rise up the property ladder to property wealth.
Today a certain degree of thinking outside the box is required to add value to a house, and this applies to first time buyers as well as second stagers who are looking to move up the ladder.
Pick the right location
The right location does not mean a house with a panoramic view of over a deserted valley, but one close to a property hot spot.
An area that has experienced high demand and dramatic prices rises.
These areas would usually be beyond the reach of most of the new comers on the property ladder, but with some careful research these new comers could benefit from these property hot spots.
The secret is to buy a property in a region or are adjacent to the hot spot, but has yet to feel the effect of the high property demand of its neighbour. But recent experience has proved this does ripple out into its poor relation.
A well thought out house purchase would have proved a good investment, and a valuable stepping stone onto the next rung of the property ladder.
It must be said that buying in an area next to a hot spot could be considered a gamble, so it is important to buy a house in an area people would be happy to live in regardless of what happen in the future.
Refurbish a house
Another way to add value to a house is refurbishment.
Houses close to potential property hot spots tend to be close to city centres and towns. Properties in these areas tend to be from the early part of the twentieth century or older. These properties lend themselves perfectly to refurbishment.
Obviously it would be prudent to not select a house that is too dilapidated that would stretch a budget too much; but a well thought out and modest refurbishment could add considerable value to an older property.
Where possible it would be wise to choose a house that is in need of cosmetic refurbishing rather than structural.
Structural alterations should of course be left to professional builders, but there are plenty of tasks that could be carried out by an enthusiastic and capable amateur. Restoring and varnishing wooden floors. Replacing door knobs and handles with stylish period pieces.
Where necessary restoring original fire places to their former glory is another way to add value and appeal to an older property.
It will be worth it
If all the pieces fall into the right place: buying a house in the right place at the right time could mean a quick step up the property ladder.
It will take some research and work, but it could be worth it in the end.
