Do you have your foot on the first rung of the property ladder? Have you managed to climb a little higher? Investment in real estate can be a solid foundation for future prosperity so how do you keep climbing?

Let’s face it, there’s no substitute for a happy home. So if your current property doesn’t serve that purpose a move up the property ladder may be necessary. Your desire to move could be due to a change in circumstances, or a simple desire to achieve something bigger and better. Either way, ensuring that your next move is a positive one should be top of your home buying agenda.

In truth, there are many different elements to consider. However, the basic principles can be broken down into four areas. Master each of these throughout the process, and nothing will hold you back.

property ladder

Timing

Timing is everything in this world. This is especially true when it comes to moving up the property ladder. Your first job is to access whether it’s a suitable time for you. The key here is to be honest with yourself at all times. Consider whether anything is likely to change in the foreseeable future. Will you want to go overseas, take a job interstate, have a baby, or even retire.

Moreover, you need to know whether it’s a buyer’s market or a seller’s market. If you currently have a home to sell or are planning a significant jump up the property ladder, then these are two important considerations. Seek professional advice and be practical. The worst thing you can do is rush the situation. If it means waiting a few months until the timing is better, then so be it.

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The Process

If you thought buying your first home was stressful, you should prepare yourself for a lot worse. After all, the job involved has essentially doubled in size because you are both selling AND buying. Therefore, you could be open to twice as much hassle, and twice as many setbacks along the way.

The best way to overcome this is to handle your real estate using the best services possible. Whether it’s selling your current home or finding a new one, the right service will make the process far smoother. Choose a real estate agent who has strong knowledge and a track record of success. The last thing you need is to see your dreams dashed at the last minute.

property ladder

Moving In

It would be wrong to give you any tips on what makes a perfect property. However, do your research regarding the surrounding area. After all, you aren’t just finding a new home; you’re aiming to start a new life. Ensuring that those external elements are in good health will provide far greater peace of mind.

As for the process of actually moving in, use professional movers. When entering your first home, you could handle it yourself due to the lack of items. Now, though, you have a far greater volume of possessions. For the sake of a little investment, you’ll save a lot of time and hassle. More importantly, you’ll be covered if something does get broken.

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Initial Upgrade

No property is going to perfect on day one. You will need to complete various jobs before the home starts to feel like home, and that process could take months or even years. However, you can have a huge impact by upgrading the key areas. The kitchen, bathroom, living room, and bedrooms tend to be the priorities, in that order, unless other rooms are in desperate need of work.

Meanwhile, adding CCTV and security features to your property will make a huge difference too. After all, the home will never feel happy until you feel safe. Do not forget it.

Relevant Podcasts

For more information on getting a mortgage and leveraging your equity then listen to the expert advice from Mortgage Broker and Property Developer, Joe Tirimacco. And for further information on the two key aspects of ‘flipping – borrowing money and accounting – then you’ll enjoy listening to both sides from Accountant, Nick Corbett, and Mortage Broker, Joe Tirimacco as they discuss Flip or Flop.

property ladder

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