Ah, New Year’s resolutions. Who hasn’t made them? How many people actually kept theirs is… unknown. Well, this year we have prepared some thoughtful and practical resolutions for your house. These are difficult to implement as they all take money and effort, but, on the other hand, they don’t require commitment the way most resolutions do. Once you’ve made these changes in your household, they are going to stay, making your home a better and more comfortable place.
Let’s start with the nicest one, shall we? There are always things your home needs – new appliances, a little upkeep here and there, maybe you’ve been thinking about a renovation for a while? Write down a list of all the major home improvements you want to purchase for your house, then plan your finances for the year to make room for new investments. With proper planning any purchase is manageable!
If you want to make the most of your purchases, prioritise ones that are going to serve you for years to come or ones that will save you money in the long run.
What better way to celebrate New Year than to take better care of the planet we live on? With an added bonus of making better use of your resources and saving money, there are plenty of reasons to help out environmentalists on this one. Of course, not every eco-friendly adjustment is economically sound, so we recommend focusing on ones that optimise your resource and energy consumption.
For example, you can collect rain water to use for irrigation or even in cold taps. Grouping all the facilities in your house in adjacent rooms would reduce hot water pipe run. Solar panels are a heavy investment but they can also significantly reduce your energy bill. You may even earn some money from feed-in tariffs – and that’s in addition to being good for the environment!
Save Money on Your Mortgage
Mortgage takes a heavy toll on the accounts of many Australians. However, there are ways to make it less of a money drain. First, if you can spare some extra money each month, you can try to use the “banker’s secret” – paying down the principal early and dramatically reducing the amount of interest you owe. Increasing your monthly payouts by just 50$-100$ can save you thousands in the long run.
Second, you can recast or refinance your mortgage. Recasting is similar to paying down the principal, except you pay a large sum upfront and have reduced monthly payouts for the rest of your mortgage term. Refinancing simply means taking out a separate loan or a new mortgage with a lower interest rate and using it to pay off your existing one.
Finally, you can also get an additional income from your house that you can use to pay off your mortgage (or for any reason that you want, really). We’ve already mentioned feed-in tariffs, however to take advantage of those you will need some powerful (and expensive) solar panels and even then your earnings wouldn’t be that high. A better, more profitable option would be to rent out your space. Granny flats and multigenerational homes are becoming a building trend in Australia, providing comfortable living for growing families and financial opportunities for those who want to lease their space but don’t want to compromise their privacy. This, incidentally, brings us to our final resolution.
Build Your Dream Home
Big house projects are always expensive, however the common theme of the resolutions that we’ve gathered here is that all of them, in one way or the other, return your investment back to you. Building your own home or an additional property, extending and renovating are definitely worthy investments. So, if you’re planning to make any big changes in your household, consider changes to the main structure first. With proper organisation you can accomplish everything that you’ve set out to in one go – planning the house layout for comfort and energy efficiency, installing drains and filters for your water collection, setting up the electrical infrastructure and all the necessary sockets, so you can put your new appliances exactly where you want them and so on. That way you won’t have to pay extra for repairs after installing one thing or another or call in tradesmen several times. And you’ll have your perfect home by the end of it all!
No matter what next year brings, we hope that you have a happy, safe and cosy home to celebrate the good days and wait out the bad ones. See you in 2019!