Summer is nearly over, the kids are back to school, and you’ve finally got a bit more time to yourself. Besides some much needed R and R, it might be a good idea to get your finances in order and think about making some home improvements. We’re going to take you through what you need to be thinking about, in regard to your home, now that you have a little more time to yourself.
Remortgage to release equity
After years of working hard to make monthly mortgage payments, your home is likely to be your largest asset. The value of your home (minus any existing mortgage and other loans secured against it) is referred to as equity.
Recently, many people have been tapping into this equity through remortgaging. This money can be used for a renovation to your current home, helping your children onto the property ladder, or simply helping to boost your finances.
If you’ve been thinking about doing some home renovation, but you’re unsure where to start, we’ve built a handy remortgage to renovate calculator that works everything out for you. All you need to do is pop in a few details about what extension/renovation you’d like to carry out, and we’ll be able to give you a rough guide of how much it will all cost – and how much extra you’ll have to pay per month in mortgage repayments to cover the cost of renovation.
Renovate to add value to your home
With a bit more time on your hands, it may be time to get creative and spruce up your home with a touch of renovation. Making improvements to your home is a great way to refresh your surroundings but also add value to your home. This could be a small improvement, such as a fresh coat of paint, or as large as a renovation project.
Smaller home improvements:
- Redecorate your home to give it a fresh new look with neutral colours and accessorize with coloured furnishings and maybe the odd house plant.
- Replacing the kitchen cabinets and doors, or even a quick paint.
- Fix any snags you may have been ignoring (such as loose wires or minor leaks).
- Adding to the outside of your home can also make it more attractive to buyers, new plants and a well-kept garden can finish off your home nicely.
Larger home improvements:
- You could make better use of the redundant loft space in your home by converting it into an extra room.
- Adding a conservatory to your home could give you the extra space you need downstairs.
- A new bathroom can be tricky, as it is a necessary room, but it can make the home much more appealing to a potential buyer.
Sort out your finances
Weighing up your outgoings against your monthly income can be a necessary but neglected task by many of us. Starting with a budget planner with your average bills, food and flexible expenses can be a good place to start and help you feel more in control. It could also mean you’ve got a bit more money to keep the kids entertained during the school holidays!
If you need a little help putting together a budget planner, we’ve put together an online budget calculator here that can help you get started.
Check protection for winter months
When you’re getting ready for the winter months with a cosy coat and a knitted scarf, it may be an idea to ensure your property is protected from the colder months, also. You can winter-proof your home through some of the following suggestions:
- Make sure your central heating is still working by getting the boiler up and running again.
- Insulate your home (if it hasn’t been already)
- Invest in double or triple glazing windows to keep the heat in (and keep energy costs down)
- Ensure your roof is secure and in good condition
Having the right insurance for your property is really important for the winter months and talking to a mortgage adviser can ensure you have the correct insurance in place for your property, and your family.
If you’d like to get in touch with us to discuss a possible remortgage, or protection for your home and family, or even just a chat about your options, we’re always here to help.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.