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Would you like to know how to skip a few steps on the property ladder?

April 25, 2023

Some people say the property ladder is disappearing. Many first-time buyers are no longer satisfied with a flat or humble two-up, two-down starter home. Starting small has traditionally been the beginning for many on their property journey. There are some great advantages to this. Typically, smaller mortgage repayments and a general perception that it’s easier. However, sometimes doing things a bit differently can make a lot more sense and skipping a few steps wherever you are on the ladder might not be as hard as you think.

Get to know the market
Getting to know the property market in your area and beyond is important. Sometimes a three-bedroom house may represent better value than a two-bedroom home or possibly be even cheaper. Many flats, for example, can cost more than smaller homes because they are in high demand.

Buy together
Buying your first property with your partner or a friend could mean you could save a bigger deposit and increase your budget. This could mean you could buy a larger first home, skipping the first few steps on the ladder. Then you may decide to rent any spare rooms.

Buy bigger in the first place
Many people who buy their first homes have well-established careers. Choosing to travel and enjoy life before settling down and perhaps buying a home a little later in life means their earnings and deposit are healthy. When this happens, many people will choose to buy what they can afford.

A more expensive home could be cheaper!
If your plan is to buy a smaller home and then move again to a bigger home later, save on moving costs and buy bigger in the first place. You will gain more equity in your home more rapidly as you pay off your mortgage and save on moving costs and other relocation expenses.

Add value
Perhaps you are already on the ladder, and you want to buy something a few steps further up. A great way to boost your equity is to add value to your home. The trick here is to not overspend, which is easier said than done. A new kitchen or simply painting and decorating can add value. Choose tasks you can do yourself to save on labour costs.

Take on a property project
If you are determined to ascend the property ladder quickly, developing a property if you get the numbers right is a great way to gain a profit, which could be used to buy your next home. Some of the many ways to maximize returns include refurbishing, modernizing, or converting a house into flats. You may enjoy it even if you have to live in a building site! Do it a couple of times over, then find your forever home.

Broaden your search
A top tip for making your property pound go further is to simply broaden your search area. Do the research and find areas that are up and coming often; these will increase in value rapidly. Open your mind and get to know areas you might not have considered moving to. Talk to your agent; they will have a wealth of knowledge to draw on.

Be creative
When it comes to property, the possibilities are endless. You could become a developer with a group of friends and live in the home you’re renovating. You could just make a smart purchase by educating yourself on the market. Perhaps you have much grander plans and want to renovate a country estate. Transforming it into apartments, a great family home, and a business all in one place. Whichever level you are at and whatever your budget, there are always great opportunities to scope out.

Do you want to find the perfect property to help you skip a few steps on the property ladder?

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