Climbing the property ladder is, in theory, the art of buying a bigger and better property every single time. While the principle appears simple in theory, in practice, you can flip houses that easily. In fact, for a lot of homeowners, the idea of upscaling their home can be terrifying and stressful. There is so much to prepare during the process! You not only need to prepare your kids to the prospect of moving homes – and most parents would testify that it’s not an easy matter – but you also need to find a property that will make you feel just as good or even better than your current house. Climbing the property ladder is challenging to say the least. But do you know what the hardest part of upscaling is? It’s managing the transition period, the period between the selling your home and the purchase of a new property.
Getting your current home ready
Indeed, you can’t just consider buying a new home if you haven’t yet put yours on the market. However, there’s more to it than just taking a few good pictures and writing an appealing description. Indeed, you need to stage your home to impress a future buyer, you need to create the feeling of a homely place. Using an attractive and neutral color palette can make the space feel inviting, elegant and yet not too overwhelmingly personal. As a result, you should also remove all personal photos and decorations for visits. If you want to help someone imagine your house as their home, you need to remove all indications that it is your home.
What if you can’t sell on time?
Ideally, you want to sell your home and be able to buy your next property at the same time. But in reality, there could be months in between, meaning that you need to sort out a transitional mortgage solution – mortgageloans.co is a good address to start. You can organize to repay your mortgage as soon as you’ve received the payment for your home. It takes a bit of juggling, so you need to be prepared for a bridging loan.
What if you sell too early?
What can you do if you find yourself in a position where your current home has been sold, and you haven’t yet found or built the perfect bigger house? Don’t panic. You can rent out a property in the meantime. If your rental is furnished, you can store your furniture away. You can also sort out a pickup date for your furniture in your home if the future homeowners don’t move it immediately. In other words, with a little bit of organization you can keep your head cool and continue your search for the ideal home.
What if you can’t sell?
In the case when you can’t sell your home, you need to be creative about managing your finances. You can choose to rent out your property to guarantee regular income – which you can use to pay your mortgage. There are low times in the real estate market where nobody is looking for properties. Making sure you pick the right time to sell can speed up the process.
It’s not climbing the ladder that matters the most in property investments. It’s all about the bridging period during which you find yourself between two houses. You can’t guarantee things will go smoothly. But you can prepare for all eventualities so that you don’t put your family at risk.