The soaring cost of living continues to see families trimming their budget. But it's important through these difficult times to ensure that cutting corners now does not cost you significantly more down the track, or is detrimental to retaining the value in your property.
Improvement projects are essential and go hand in hand with home ownership. And vital maintenance should not be overlooked despite the financial challenges. It is important to remember that home improvement plays a pivotal role in ensuring your living experience is enjoyable.
Property prices remain high, and this alone highlights why improvement projects should be high on the family agenda, as they significantly increase the value of your home and your equity in it. You never know when your plans may change, and if a home is in good order preparing it for sale (or for a bank valuation) will not be a major expense involving a long list of onerous tasks.
Not only do improvement projects increase the value of your home, they also enhance its liveability. Maintenance and minor upgrades create a more comfortable and functional living space. Significant projects like an upgrade to a kitchen or bathroom are not necessary during a costof-living crisis - they can wait.
Let's explore some areas where cost-effective projects can improve your property's value while not hurting the budget.
Garage doors
Transforming your garage door with a feature paint is a fun and inexpensive project. Unlike other painting projects (which you tend to regret when you start), it's a small area that you can tackle yourself within a tight budget - while having some fun in the process.
Recover cushions
This story is from the July 2023 edition of Money Magazine Australia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 2023 edition of Money Magazine Australia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
An outrageous, beautiful monopoly
Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.
Drop the anchor to judge value
Buying and selling decisions should be based on where a stock price is going, not where it has been.
Powering the AI boom
Beyond the software and chipmakers, where will the energy come from?
Get into life
Tucked inside super are products that can protect you from life's inevitable uncertainties.
Paths to home ownership
Taking the road less travelled can sometimes deliver unexpected benefits.
Sold! Quick ways to add value
Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.
Money lessons the kids need to know
Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.
Property-investing rules: are they likely to change?
The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.
What's love got to do with it?
A rollercoaster of emotions could be driving poor crypto behaviour.
Are we ready to be cash-free?
Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.
