If you’re in the property market, or just considering buying your first home, you should be thinking about these things in 2016 to save you money and to protect your investment. Make one of these resolutions now, and stick to it!

 “It’s always easy to start the New Year with good intentions, but just as easy to lose determination as the year gets underway,” says our property expert. “Property is an ongoing commitment, so whether you’re a buyer, owner or seller, make sure you stick to your property resolutions.”

Our property expert  thinks that these should be your top resolutions for 2016:

Start saving for a deposit

 If you are considering buying a property at any time in the next two to three years, the time to start saving for a deposit is right now.

 Having a deposit increases your chances of securing a home loan, and of securing a better interest rate. So if you’re even just starting to think about buying a property, this is the first and most important step you should take.

The task can seem daunting at first, our experts tips for saving a deposit are to open a separate account to save into, and make small regular deposits. Did you know that if you save 1 pence on the first day of the year and 2 pence on the second day after 365 days you will have saved over £667!

Pay more into your mortgage

Aim to pay a little (or a lot) more into your mortgage than your specified monthly repayment.

 Paying extra into your mortgage reduces the interest that you have to pay. Even just an extra £100 can shave years off the term of your mortgage and thousands off the amount that you end up paying.

 Once-off lump sums like inheritances or bonuses will also significantly reduce the amount you end up paying back, if you put them towards it too.

Negotiate on your interest rate with your bank

Even a small reduction in your interest rate will have a massive impact on the amount of money you pay back.

If you have a good track record of bond repayment over a few years, speak with your bank manager about reducing your interest rate. The answer might be no this time, but find out when you can approach them again.

Shop around. Just like shopping around for a January bargain in the sales, shop around for the best mortgage deals.

Fix those niggling repairs needed around the house

“A house is an investment, just like any other,” says our expert. “To protect your investment, you should keep it in the best condition possible. This is particularly relevant if you are planning on selling at some point in the future.”

Keep the interior and exterior paint work fresh, fix any electric, plumbing or structural problems as soon as they come up, pay attention to rising damp and leaky roofs, and make sure that the garden or exterior spaces are maintained. If you plan to do work to your property, make sure it adds value or heightens your selling appeal to purchasers, in a recent survey by Our Expert 63% of purchasers were interested in a property because they liked the Kitchen.

Revise your insurance policy

Check with your homeowner’s insurance broker to find out whether you are covered for the current value of your property, and update it if necessary.

“The point of insurance is that it’s there when you need it, and if you are underinsured, you could come up short if any unexpected damage were to befall your property,” says Our Expert. “This is why it’s so important to keep the insured value up to date.”

 Remember to disclose any renovations or alterations when you are discussing your insurance with your broker.