If you are thinking of buying a home in the near future, think about ways to save cash and protect your investment. Here are a few tips regarding property ownership for 2014.
By Karen Lancaster
- Put Down a Deposit
A deposit strengthens your chances of obtaining a bond and securing an improved interest rate, so this is your priority. Make sure to have savings or access to finances that you can put down as a deposit. - Pay a Little Extra Into Your bond
It makes a big difference if you pay a more into your bond than you need to each month as it decreases the interest that is owed. Even a minimal amount can save a few years of paying off your bond repayment and reduce the final amount. If you happen to receive a windfall like a bonus, use it to make a lump sum payment as it will significantly reduce the amount of your bond account. - Negotiate the Interest Rate with the Bank
The smallest decrease in your interest rate will have a huge effect on your bond payment. If your track record with the bank is good, speak to them about a reduction in your interest rate. There is nothing to lose and much to gain. - Repair the Faults
A house should be kept in the best condition possible, especially if you would like to sell some time in the future. Keep the internal and external paint work clean, repair any electric faults or plumbing issues and keep an eye out for damp and leakages. Also ensure that the garden is well maintained. - Revise Your Insurance Policy with Your Broker
Make sure to check with your insurance broker that you are covered for the correct value of your property and make any necessary amendments . Insurance needs to help in emergencies, so don't be under-insured. You also need to disclose any renovations or major repairs with your insurance broker.
By Karen Lancaster