QUESTION: Sir John, within the next 20 years I want to improve the quality and of the house where I reside. What will I do?
ANSWER: Either you renovate to add value to it, or you sell it and buy another house with a higher quality. I know people who now live in mansions just by reselling their own house who initially bought a small house. The technique is simple, but you have to look at the long-term, be ready to move a frequently, and forget the sentimental value of the house.
Example, your house now is worth P3 Million. What you will do is find a Licensed Broker and "offer" it for sale at P4 Million, and simultaneously, you tell your Broker that you will use the proceeds of the money to buy a new house with better quality than what you have now. Then just wait. Within the next two to three years, your Broker will be able to move you from your current house to another house with a higher value. Then just keep on repeating the process.
I know people who now live in mansions just by reselling their own house who initially bought a small house. The technique is simple, but you have to look at the long-term and forget the sentimental value of the house.
The theory that works here is that there are people who are willing to buy your property at a higher price than what it is worth. The key elements here are (1) offer it for sale at a longer period even if you are still occupying it, and (2) use a Licensed Broker who is familiar with this real estate management technique.