Sale and Purchase of Property
If you are buying a smaller home while selling a larger one, ideally you want the market to be rising. That way you can easily sell your home, and if you gain 10% on a £300,000 home but have to pay 10% more for a £150,000 home, you end up pocketing £30,000 versus spending an extra £15,000, so you are quids in.
Unfortunately, the current market isn't working in your favour, depending on the type of property you have and area you are living in. For our full property market report, visit the Designs on Property website.
For those looking to trade down though, it's important not to worry too much about the market. Mainly, people trade down from properties they own outright, releasing equity so you can enjoy life. Or you may be in the unfortunate situation of getting divorced, so are forced to sell and find something smaller.
READ MORE to find out what to do if you are:-
Trading down - cash purchase or Trading down due to divorce/separation
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Buying real estate property is one of life's many milestones. Who hasn't aspired to own their own two-storey home or two-bedroom apartment? The monumental purchase indicates that you've accomplished your financial goals and are looking forward to a life of security.
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