Perhaps you own a home and want to make some resolutions surrounding it for 2018 or maybe you want to become a home-owner and need to get some financing. No matter what the situation, everyone has different goals, so here are some great resolutions for your property in 2018:
1) If you are a homeowner, take a look at your current financing arrangements. What is the interest rate on your mortgage? Can a lower interest rate be obtained through refinancing? If not, why not? Talk to your financial advisor about how you can accelerate your mortgage payments to pay it off faster. Many homeowners are not making the most of their payment schedule. For example, if you only pay one time per month then you are going to pay your mortgage off more slowly than someone who pays bi weekly or weekly.
2) If you do not yet own a home, are you working on saving a deposit for your first home? Perhaps you qualify to access a home loan that can help you to get into the housing market with a lower deposit. You can cover your deposit with a variety of schemes when you have the right financing. You may be able to have some or all of the fees covered and your financial advisor should be able to show you options that will help you to get the right loan to allow you to purchase your first home.
3) When you plan to enter the home market, remember that the more money that you have saved up, the better. This will help you in the future with paying off your mortgage because you won’t have to borrow so much money to purchase a home. First time home buyers may qualify for a FHOG or First Time Home Owner Grant. Be sure to look into what you qualify for and ensure that owning a home is attainable for you and your family.
4) See if you qualify for a home improvement loan and take care of that renovation project that you have wanted to complete for quite some time. Don’t worry about borrowing the money against your home because this is an investment in your home that is going to increase the value in the long run. Most people do not consider this factor, but it is an important one. If you are really good at saving money you will have saved up enough money to have the renovation done and this is something that you should proceed with before the money “finds other places to go”.
5) If your home is an older one you may want to consider some tasteful updates, particularly if you plan to sell the home in the future. These updates are a great way to add value to the home and make it more attractive to prospective buyers. Updates are also a way to keep your home current so that it does not look like a time capsule at the end of the time that you own it.
Many homeowners and prospective homeowners have goals and resolutions for the upcoming year. Sometimes writing those down can help you to visualize them and make them a reality. Make a list of the things that you want to accomplish and work on making them a reality if it is possible. You will be surprised how quickly your dreams can become a reality when you start to set aside funds little by little over the course of a year. At first things may seem out of reach but when you have a positive mindset and continually work toward your goals you will soon see them becoming a reality. A financial planner can assist you and a person who is up to date on the latest mortgage products can also be very helpful. Contact one or both to start working on building your new reality.