Five New Year’s resolutions we think homeowners should make
The New Year is approaching and once it arrives, many people will make New Year’s resolutions.
These resolutions will be made in the first few days of January and for some, will unfortunately be broken by the middle of February.
However, we believe that 2017 should be the year that all homeowners think of New Year’s resolutions that will either increase the value of their property or help them save money.
With this in mind, we have suggested five New Year resolutions that will help you to a more prosperous 2017.
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1. Overpay your mortgage
Overpaying your mortgage is a great way to shorten the term of your mortgage and save a considerable amount of interest on the loan.
However, before you decide if you can afford to overpay your mortgage, check with your lender to make sure you will not be facing any financial penalties by paying off your loan earlier than the agreed term.
2. Refinance your mortgage
Refinancing your mortgage is another option for you if you want to overpay your mortgage.
However, there are other reasons for refinancing your mortgage.
The value of your home may have gone up rapidly since the start of your existing mortgage. This could mean you may now be in the lower loan-to-value bracket and eligible for lower rates.
You may just want a more favourable rate.
Why not shop around and find a deal that will suit you.
3. Find a new and cheaper home and buildings insurance
Are you paying too much for your home and building insurance?
You could make considerable savings by shopping around the many insurance companies on the market. Quite a number of companies offer a better premium when you apply online rather than through a broker. It could also pay to use the same company for both contents and building insurance combined.
Some insurance companies will charge a premium if you pay monthly. If you can afford it, it might be worth your while to pay the whole years premium in one go.
4. Add value to your property by extending or creating more space
Adding more space to your home will not only help to increase its value, it will make it a better place for you to live in.
There are several ways you can add value and space to your home. The three most popular are:
A Loft Conversion
This is a popular way of creating more space in your home. The benefits are you will not require planning permission and it will not encroach on your existing external space. A good advantage if you have a small garden.
Building a conservatory is a very good and economic way of adding extra space to your home.
However, it will mean you having to give up some of your garden space.
On the plus side, you will not require planning permission as long as you do not cover more than 50% of your garden, and follow the building regulations covering conservatories.
An extension is a more ambitious scheme to increase the space in your home. The relaxing of some planning laws have made it easier to build an extension in some cases, without applying, for planning permission.
The advantage of an extension is you can build upwards as well as outwards. However, like the rules governing conservatories, you cannot cover more than half of your garden.
In some cases, you will have to obtain your neighbour’s permission to build your extension.
Despite these minor restrictions, building an extension is an excellent way of adding value to your home.
5. Get your house valued
Selling your home is not the only reason you need to get your house valued.
You may be planning some improvements, such as an extension, and you may wish to know if you will recover your investment when you decide to sell.
You may want to know how much equity you have.
You may be thinking of re-mortgaging.
Finally, you may just be curious about what your property is worth in the current market.
Whatever, the reason , M & M Property will be happy to provide a current marketing appraisal for your property. Simply call us on 0203 811 4683 or visit our website to request a valuation.