Thursday, April 27, 2017

So You're On The Property Ladder. Is It Time To Get Off?

property ladder
There are hundreds, if not thousands, articles, advice columns, and blog posts on the internet about how to get your foot on that all important first rung of the property ladder. These posts are incredibly useful and valuable to a lot of people, after all, property is likely to be one of the best investments that a lot of people can make. But that doesn't mean that property is always a good investment. In fact, there are plenty of people who find that investing in property is a mistake. This can be for a number of reasons. You may simply find that you can't keep up with the payments necessary on a property, or perhaps you were renting out a property, but the rental market is drying up a little bit. Whatever the reason is, there's a chance that you may find yourself needing to hop back off the property ladder at some point. The question is, how do you do that? If you're in that kind of position you're probably looking to sell pretty quickly. With that in mind, here are some fast and simple ways to get back off the property ladder.

Sell it for cash

If you're in a bind and you need to deal with both the financial burden of your home as well as the financial problems that it has caused straight away, then there are plenty of places that are able to buy your home fast. Companies like are willing to take your home off your hands in exchange for cash without you having to go through a long, arduous process. This means that you won't have to sit around waiting for a buyer to be able to get yourself back to a comfortable financial position so that you can start over again.

Sell to current tenants

If you're renting out your property and have some tenants who have been renting from your for a long term, why not offer to sell the property to them? They will already be aware of the property, and it will often be a much more appealing idea for them than having to find somewhere new if you find yourself in a situation where you need to sell the property entirely. Many renters are looking to get onto the property ladder, and a lot of them would likely jump at the chance to become the owners of a home that they've come to know and love.

Long term renting

It used to be the case that renting was for suckers and if you had any sense, you would jump and the first possible chance to get onto the property ladder. But now, with interest rates as high as they are, not to mention to the uncertainty that the housing market has faced for the last decade, buying a home is no longer the inherently better option. Instead many people are turning to renting instead. For one thing, the deposit on a rental property is nowhere near as expensive as on a mortgage. Many rental properties are extremely competitively priced and don't come with many of the fees and responsibilities that accompany being a homeowner.

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