Moving up the property ladder is something you and many Letterkenny homeowners may be planning in the near future.
To help you make the move a little easier – and even sooner than you think – there are several simple steps that upwardly mobile house hunters can take.
With a large number of local mortgage borrowers experiencing negative equity in the last decade, many people hoping to move up the property ladder were stopped in their tracks due to financial circumstances.
However, having weathered the storm of the downturn and come out the other side, more people are now looking to make the move to bigger homes.
Increasing house prices are allowing some homeowners to boost the equity in their homes and make the long-awaited move.
There are, however, prudent steps which are helping homeowners to move up the property ladder in Letterkenny and around Donegal. And these steps can help you too.
Among them are adding value to your home, placing a strong focus on frugal spending, lodging money into savings accounts and making additional payments on mortgages to increase equity.
Three tips to move up the property ladder
Renovating will add value but invest in quick wins rather than overspending on pricey décor, fixtures and fittings. Even the smallest of changes can have enormous significance in maximising the impact on the value of your current property. The best news of all is that little changes don’t cost a lot but can yield a huge return in investment for vendors.
We’ve compiled some of the key advice that we give to our clients on the little things that ensure your home is looking its best from the garden to the living room and the kitchen, to the bedrooms and bathrooms. https://www.sfr.ie/simple-steps-maximise-value-home/
If you’ve just bought your first home then the prudent move is to keep up the good habit you have formed and keep saving. If there is not enough equity in your home for your next move then you will have your nest egg to fall back on and help make up the shortfall, allowing you to make the next step on the property ladder. A deposit will be required anyway and you can rest assured that the price of upsizing will require more than you needed when buying your last property.
Interest rates on savings accounts are at a record low so some may find it a good alternative to make significant overpayments their existing mortgage. When your savings goal is to amass a deposit for your next house then it may be a much better idea to inject the cash into making overpayments on your mortgage (if your lender permits). Making regular overpayments will speed up the process of decreasing your debt and boost your equity so long as house prices remain stable.