So this festive period, you might not be buying or selling property – but that doesn’t mean you can’t turn your attention to the lots you already own. It’s also a fantastic time of year to use the break so that you can polish up your budget a little.

Giving your housing situation a little bit of wonderful winter attention, can set you up financially for the coming year – a nice way to cut back after the Christmas spend.

1)   Overhaul Home And Contents Insurance

It’s the ideal time of year to evaluate whether your home contents insurance is still reflective of the things in your home – especially relevant at the festive period, when you may have shelled out on some expensive gifts for loved ones.

In real estate terms however, you might want to think about recent renovations that could significantly impact on the value of your home. Make sure that you give your insurance provider a call, as you’ll want to chat about the value of your home contents – including the value for replacing them if the house was to burn down in a clove-infused yule log fire.

2)   Look For A Loan Review

At Christmas, you might want to look for a loan review with your lender. This may depend on whether you’ve got a fixed or variable rate loan however. You can shop around to get a better indication of what other lenders may be able to offer.

Once you’ve shopped till you’ve dropped, give your lender a call and try to negotiate for the same low rate that’s been offered elsewhere. If you’re on a variable rate loan, it may be time that you start thinking about fixing all, or a portion of your existing loan.

3)   Going Solar

This one depends on the longevity of your future in the home that you’re currently in. If you’re planning on staying put for another five to ten years, you might want to look at installing some solar panels.

Whilst solar panels are expensive, you could possibly get an extension loan on your mortgage – this would help to fund said solar panels. This is a great strategy for knocking down your energy bill over the coming years, as you’ll be producing energy and not consuming it.

Is Solar Power the Right Choice for You?

4)   Renovation, Renovation, Renovation

So you may well have been paying away at that hefty mortgage for quite a while now. This has given you access to a nice little top-up loan, which is a blessing in disguise. The top-up will give you the ability to sink some money into a renovation of your property.

Considerations for renovation might include decking, extra bedrooms and extensions. Decking is a great addition as it adds massive resale value, whilst adding another bedroom increases this value exponentially – that said you should research this with your local agent first to avoid nasty planning restrictions.

Overall, the festive period is a great time to take stock of your holdings, and to check your budget is running nice and cleanly. Making sure that you keep on top of these things is key to running a successful home.