For many, getting on the property ladder is simply the first of many challenges.
The next difficulty comes with a second stepper home.
So, what are second steppers and what difficulties are associated with them?
Read on to find out.
What is a second stepper home?
A second stepper home is a property purchased after a first home (or ‘starter home’).
It’s name reflects the second step on a (property) ladder its buyers are taking.
Size
This type of home is typically – but not always – larger and better suited to a growing family or changing lifestyle needs. In other words, it represents an upsizing of property, with more space and additional rooms.
Type
It will also often be a step up in the type of properties available.
For example, if the previous house was a flat, this might be a house Or if the previous house was a terraced house, this might be a semi-detached house.
Buyers of second stepper homes usually seek more comfort, better locations, or other amenities that their first property did not provide.
Research on second homes
A report by Lloyds Bank revealed that 39% of homeowners looking to move to their second home believe it is harder now than it was 12 months ago.
While this doesn’t necessarily set alarm bells ringing, it does potentially mean lousy weather for the broader market, especially with continued pressure on our stagnant affordable housing market.
The report also revealed that these fears exist despite homeowners typically having more than £100,000 in equity.
Tips for getting a second stepper home
Maximise the value of your current property
A second stepper home is usually more expensive that a first home.
So, sellers need to get the best possible price for their house sale. This means doing everything they can to increase the value of their home.
Stage your house well
Staging your property well is a big part of getting good offers after viewings. This means you should tidy and clean it thoroughly before photos and viewings take place.
Part of this process means maximising curb appeal where possible, too.
Move to different location
Property costs vary between different areas. If you are determined to upsize with your second property, you should consider moving to an area with lower house prices.
This may mean having a longer commute or less amenities more broadly.
Consider alternative selling channels
If it’s the speed of your sale and not the price that is holding you back from selling your house, consider alternative property selling channels. These include:
- Online estate agents
- Property auction houses
- Cash house buyers
