How many times have you made a New Year’s resolution? And how many times have you made it stick, at least until the end of January. If you’re anything like most people, very rarely I’d guess!
So how can I make a real change, relative to my home? Perhaps taking a little time to complete some (or all) of these five New Year’s property resolutions will mean your pocket could feel the benefit for at least 12 months – or longer.
1. Start overpaying (even a little bit) on your mortgage
If you have a mortgage, you’ll be paying a set amount every month based on an agreed interest rate.
But chances are, this is only the minimum you can pay to the lender – not the maximum. If possible, and subject of course to personal circumstances, ask your lender whether you can overpay – most will let you – without charging a penalty. And, if you can afford to take them up on the offer, you could save yourself a fortune in interest repayments down the line.
2. Switch to a mortgage better deal
If your current mortgage deal has come to an end, you’ll probably have reverted to your lender’s Standard Variable Rate (SVR) which tends to be considerably more expensive.
What’s your alternative? Get switching. Seek out some sensible financial advice and see what other alternative mortgage products are out there. Reduce your rate if you can and save money off your repayments.
3. Review your home insurance
First, check the level of buildings cover is accurate. Like most of us, we don’t really know how to do this. But let me tell you simply; the value of buildings cover is based upon the cost of rebuilding the property – as a whole.
Please don’t confuse it with the market value of the property, i.e. the price your property might sell for if put on the market for sale.
There are informative websites where you can check this sort of information out – a quick google search and you’re off. You never know, you could be under-insured or, perhaps you’re paying too much and could make some additional savings.
4. Insulate your loft
Something I’m going to be doing having been reminded how cold it was when I got the Christmas decorations down a few weeks ago!
Like my own, it’s easy to let lofts languish. But getting yours insulated and boarded over this year will mean a warmer house AND more effective storage space. This is a sales aid too so get on with it!
5. Get your boiler serviced
Waiting for your boiler to break down before giving it any TLC can be expensive – and result in a cold and miserable few days. So, just like your car, put it in for an annual service.
When selling, you have to provide confirmation that your boiler has been serviced. Doing this job regularly will make it more efficient and save you money long-term. Makes sense.
So what’s left is for me to hope you’ve all had a superb Christmas break and are looking forward to a happy, healthy and prosperous 2018. Happy New Year to you all from the team at Black Grace Cowley!
Tim Groves
Black Grace Cowley
tim@blackgracecowley.com
(01624) 645555
