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One of the advantages of renovating an apartment is that, unlike a house, there is a limited number of things that you can do to add value, and we can concentrate on the areas that will get maximum bang for our buck.

We can take our first cues from other apartment updates in the building. Simply viewing the before and after photos online provides a visual reference as to what adds wow factor.

Structural changes to the interior walls and doors will have the most dramatic effect on the floor plan’s functionality but let’s take a look at some other renovation options that buyers will love.

1. Ceilings

Many 1970s buildings have what I call ‘popcorn ceilings’. The actual name of this type of ceiling is ‘vermiculite’ – a sprayed and coloured concrete with a textured, popcorn-like finish. If you try to paint vermiculite with a brush it will absorb all the paint on your brush and you will dislodge it, making it look even worse.

There are two common options for tackling vermiculite. A specialist company can apply four coats of vermiculite recoat, which will leave you with a snowy white but still textured ceiling; however, you will still only have the option of track or hanging lighting.

The other option, depending on your ceiling height, is to install a new ‘shadowline’ plasterboard ceiling over batons. This will lower the overall height of your ceiling but will give you a flush, smooth finish with no edge cornices and the possibility of installing recessed LED lights instead of track lighting.

The difference is the wow factor that buyers notice immediately, particularly if they are walking from a common hallway which has popcorn ceilings and into your apartment with a ‘shadowline’ ceiling.

If you have also installed recessed LED lights with dimmers, you are now competing with the presentation and feel of a brand-new apartment.

2. Painting

Every property will benefit from a good coat of paint. The secret to a great paint job is preparation, so be sure to scrape off any flaking paint from ceilings and walls and wash walls down with sugar soap before painting again.

Colour trends come and go but a classic white colour provides a light and bright starting point, allowing the apartment to take its personality from the colour and texture of the furnishings.

3. Lighting

Older units often have very basic lighting. In many cases, they have flat oyster lights, single hanging feature lights and a variety of track lighting everywhere else. This is an area where you can really make a difference. In addition to ceiling lighting, think about wall washing lights, floor lamps and table lamps, all of which allow you to create mood and interest without using overhead lighting at all.

4. Electrical

If the power switches for your unit are located in a common area cupboard, you can add value by installing a switchboard inside your apartment. If a fuse trips, it’s so much faster and safer to reset the switch in your own switchboard.

5. Windows

Generally, the owners corporation own your windows and front door, so they can’t be changed without authority. As windows are readily seen from the street, they are very much part of the look and fabric of the building, and consistency is important to the owners corporation. However, check your by-laws as sometimes windows and doors to balconies have been ruled to be the responsibility of the owner.

Where a door and window combination open onto a balcony, you may be able to request changes from the owners corporation when they are in keeping with the building’s theme.

Apartments on busy roads or in noisy locations will benefit from treating the windows with some sort of system to reduce the noise. I have sold properties which had windows retrofitted with a double-glazing system: in essence, they install another level of glazing made from acrylic inside the window, which is held in place by magnets to make it easy to install and manage.

6. Floors

Your older-style unit will most likely have carpet in the bedroom and living room, lino in the kitchen, tiles in the bathroom and concrete on the balcony. The variation may be some type of parquetry timber floor in the living room.

These days, every second buyer talks about their allergies and how they can’t live with carpet anymore. That’s a big tick for a timber floor, and you have a choice of engineered boards or laminate depending on your budget, but both will be more buyer friendly than carpet in the living room.

I am not a fan of tiles on the floor in the kitchen because they are so unforgiving. Bathrooms are a tile area and I prefer carpet in bedrooms. Some people don’t like carpet in the bedroom so it will end up being your choice. If you do opt for carpet, it likely won’t be a big space so choose a quality wool carpet, not a synthetic type. Carpet people can tell the difference and the investment is worth it.

7. Balcony

The balcony floor is often ignored. In your unit it will probably either be plain concrete or tiled, hopefully using a plain tile.

If you have tiles and they have a pattern that dates them, you may be able to replace them or, depending on drainage and the doorway height, you may be able to tile over the existing tiles (or plain concrete). If you do go for tiles, make sure they are slip proof, because it will be a wet area at some time or another.

The other option that is popular with tenants who want to upgrade their balcony without getting permission is to buy pre-made timber or timber-look squares that clip together and allow water to pass through the spaces so that there is no drainage issue. They may also be called ‘wooden pavers’, ‘deck squares’ or ‘timber tiles’. They can easily be cut to size to fit and as they are not fastened down and they can’t be seen from the street, there is no issue with the owners corporation.

8. Airflow

If you are double glazing for traffic noise reasons, then you also need to look at air conditioning; the two go hand in hand. Every new apartment on the market will offer air conditioning, so to compete with them we need to include air conditioning in our upgrade as well. One split-system air conditioner with the header unit well positioned will heat and cool your whole apartment.

9. Dining

You have to eat somewhere, but eating TV dinners on your lap went out with your 1970s flower-power wallpaper so hopefully you have room for a dining table and four chairs. A dedicated dining table and chairs is often seen as a luxury item in a one-bedroom unit because space is tight, however try to fit at least a round table and four chairs to create the impression of a larger space than you may have. At the very least, you may be able to design a kitchen bench with an overhang so that you can include two stools as a breakfast bar option.

10. Study nook

All the up-market apartments now feature some sort of study nook, so if we can include this as well, it ticks an important box for many buyers. It can be as simple as a bench along a dead-end wall just wide enough to take a laptop and high enough to sit with a stool, which takes up less space than an office-style chair. There you have it – an instant study nook. If you can create anything more, that’s a bonus.

11. TV cabling

Cabling is always a challenge. It never seems to come into the unit in the right place. Nothing looks worse than cables taped to walls… well, some things might look worse, but you know what I mean.

12. Storage

No-one has ever said, “This place has too much storage”. Just bear that in mind when you are upscaling your unit – storage is luxury.

If you happen to buy the top floor apartment in a small building, you may be able to negotiate with the owners corporation for exclusive use of the ceiling space above your unit. If the roof has enough pitch you can install a pull-down ladder and put down basic flooring over the rafters to create a storage space for light but bulky items like suitcases. When it comes to storage, you need to think differently to find opportunities that others may miss.

13. Bathroom and laundry

Older-style bathrooms are likely to have a bath with a shower over it and a plastic shower curtain, a pedestal sink, old-looking loo with exposed plumbing and an opening shaving mirror with storage for next to nothing. It may even feature a mosaic-style floor and a pink, yellow or green colour theme.

You do have the option to call in the professionals and let them spray-paint the wall tiles and the bath in white. You would still have the same floor and fittings and, unfortunately, as big an improvement as it may be, it’s still the old bathroom in disguise. Depending on your budget, this may have to do.

In my mind, the bathroom and the kitchen are the two areas that you will need to do properly to impress. The bathroom may also be the only place where you can put an under-bench front loading washer/dryer because you need the existing water and drainage to make it work. If there is no room in the bathroom, the kitchen is the only other laundry choice. If you are not keen on that idea, then it’s back to the bathroom for a full redesign and the bathtub probably has to go.

The bathtub is a luxury but the laundry is a necessity so a compromise may be necessary. It’s better to have a generous shower with easy level access plus the concealed laundry under a bench with a designer basin or two on top, than a bath and no laundry.

If you are lucky enough to have a separate laundry, make the most of it. Stack your washer and dryer and put in as much storage as possible. Include as many cupboards to conceal shelves as possible and the space will look even better.

14. Kitchen

There is a saying that ‘kitchens sell houses’ – well, let me tell you that kitchens also sell apartments. The hard part of upgrading the kitchen is sticking to your budget. You can easily go over budget on your choice of brand name appliances alone. Getting the kitchen right, in my opinion, is best left to a designer. That said, you are looking for great bench space, great storage, clean lines, clever design and a timeless feel. Kitchens can date a unit faster than any other room, so choose classic looks that will stand the test of time.

For reasons we probably don’t need to explain, 2020 was not the year for embracing ground-breaking design trends. Sure, we spent more time indoors than any other year on record, but this insularity was borne out of survival, and often tinged with emotions many of us would care to leave behind. But, as our calendars have now switched to 2021, it gives many of us hope for a renewed sense of purpose and greater clarity on how we’d like to live at home.

Admittedly, ‘turning over a new leaf’ is typical new year speak. But resolutions aside, after the 2020 we had, surely, we’ve earned the right to kick some new home habits into gear? From incorporating soothing natural colours (beige no longer reads as boring) to diving headfirst into vintage, here’s what some of the world’s leading designers have to say about design in 2021.

1) Natural does it better
Blame Covid-19. Or being stuck inside for days at a time, but the natural, earthy tones that have permeated our wardrobes for the last few seasons have also hit our homes. “In terms of 2021 trends, we’ll see heavy textures, beiges and browns, and vintage and antique pieces gaining more popularity,” says Kiel Wuellner, vice president of design at US-based design, furniture, and staging firm Vesta. “Designers and owners are gravitating towards rugs and pillows that embrace flaws, natural movement, and subtle moments of rough textures to add character to spaces. For the past decade, greys used to rule the design world, but beiges and browns are now gaining popularity.”

2) Vintage is in
“Vintage, one-of-a-kind pieces will add a layered look to a home and make it feel liveable and not overly designed,” says Wuellner. The lived-in look is a sentiment Highlyann Krasnow, founder and creative director of The Design High is also calling for, albeit via pared-back design pieces. “Less is more with furniture – think simple lines and not over-designed,” she says.

3) Make it calm
Unsurprisingly, the desire for tranquillity within the home is high. According to Scandinavian furniture giant Great Dane, this is set to continue in 2021. “With design being a response to human needs, the new year will place value on instilling balance and calm in the living spaces, making it a place where one can switch off from work, technology and endless notifications. Design trends will seek to achieve calmness and serenity through natural textures, forms, colours and aesthetics.”

It’s a move London-based interior designer and architect Laura Hammett also supports. “Living spaces are starting to reflect the current situation, and people are embracing calming colour palettes that create a sanctuary in their home,” she says. “We will see soft, warm and comforting tones and textures.”

And if you were slow to get on board with last year’s table scaping obsession, it’s time to get acquainted now. “Soft lighting and curated table scapes will also be on trend, with more people entertaining at home,” adds Hammett.

4) Hold the whites, please
Calm may be the vibe we’re all gunning for in 2021, but that doesn’t necessarily mean stark white has to reign supreme. “With more focus on creating a productive home environment while maintaining elements of play, homes are moving away from white walls,” says Sara Ianniciello, director of design at Whitehall Interiors. “We are amidst a colourful revolution in the design industry. We at Whitehall Interiors take inspiration from fashion among many things, and trends are already showing that 2021 will be a colourful year. We will be looking to infuse more colour and boldness in our projects in in 2021.”

5) Multi-functional matters
“This year has made us rethink our homes as never before,” says Hammett. “The need for multi-functional spaces and separate areas that allow each family member to have their own space has resulted in a return to separate rooms and zoning, leaving the open plan living behind. There is a growing trend for spaces that are connected but can also be closed with sliding and pocket doors to provide privacy and flexibility.”

Adam Meshberg, founder and CEO of architecture and interior design firm Meshberg Group, agrees, stating that residential floor plans will start to incorporate breakout fitness rooms and office spaces. “While many multi-family [homes] have always touted workspaces, there will be a wave of large spaces with breakout rooms and phone rooms, all with social distance in mind to cater to this new remote trend that will extend beyond the current pandemic,” he says. “And instead of expansive fitness centres, we’ll see custom designed individual breakout fitness rooms with VR components and fitness on demand equipment like Peloton rooms and Mirror rooms with self-disinfectant technology.”

“The pandemic has forced people to spend more time at home, so every room needs to have more than just one use,” agrees Wuellner. “An increasing number of clients are requesting their spaces serve multiple purposes, and living spaces now function as relaxation spaces and work and home-schooling spaces too.”

6) Mindful design choices
With the world slowing down last year, there’s been an uptick in reflection and a natural tendency towards more conscious consumerism. “At Vesta, we’ve seen an increase in informed clients wanting to know more about the pieces they’re investing in, where they’re made, and how it shapes their home,” shares Wuellner.

There will also be a focus on local, says Hammett. “2021 will be the year to support local businesses. People are now buying more mindfully, supporting independent shops and small suppliers, especially when it comes to home accessories and artworks.”

7) Go bold, or go home
Feeling a little underwhelmed by all this calm? On the flip side, now has never been a better time to make a statement, whether it’s through bold wallpaper or large-scale art. “I’m thrilled to say that there is more interest in wall-covering,” Carolynne Kollar, interior designer at Mojo Stumer. “It’s not about innocuous durability, but more about adventurous personal choices that might have seemed extreme just a couple of years ago.”

8) Attention to detail
“I think the biggest trend going for 2021 is attention to detail,” adds Kollar. “Now that we all spend more time at home, renovations are becoming more personal, individualised, and truly thought out.”

That’s not to say design has to be fussy. Again, for Krasnow, less is more. “I think the minimal design aesthetic we are seeing comes somewhat because of Covid-19. Less clutter, less to clean,” she explains. “In the kitchen, think fewer materials, using the countertop as the backsplash for a more seamless design, and hidden or no hardware altogether.” If you ask us, anything that makes cleaning easier is a win-win.

A Federal Government program offering cash grants for housing construction projects has been extended, but at a lower amount.

Key points:

• The HomeBuilder program, due to finish at the end of the year, will be extended until March 31
• Contracts signed between January and March next year will attract a lower rate of $15,000
• People will be given more time to start construction and price caps in NSW and Victoria will be lifted

The HomeBuilder scheme currently provides $25,000 grants to eligible people building a new home or renovating an existing one.

It had been due to expire at the end of the year but will be extended to 31 March, 2021, at the lower rate of $15,000.

Prime Minister Scott Morrison said the extension was expected to lead to another 15,000 construction projects, bringing the total anticipated renovations or builds under the program to 42,000.

“It’s critical we keep the momentum up for Australia’s economic recovery,” Mr Morrison said.

“Extending HomeBuilder will mean a steady pipeline of construction activity to keep tradies on the tools.”

Price caps and time limits changed

Property price caps for new builds in two states will be lifted for contracts signed between January and March next year, rising to $950,000 in New South Wales and $850,000 in Victoria.

The amount of time all approved applicants who signed contracts on or after June 4, 2020, are given to start construction will also be extended, from three months to six months.

The decision follows calls from the construction industry for more flexible deadlines, with concerns people could miss out due to a bottleneck of applications. 

The Federal Opposition had also called for changes to the program, arguing it had failed to deliver on its promises and amounted to a “marketing exercise.”

The changes have been costed at $240 million, bringing the total expected price tag to $921 million.

Of the around 24,000 applications made to the scheme so far, the majority (19,180) are for new builds while the rest (4,697) are for renovations.

Keeping everything in and around your home in good working condition can give you peace of mind, protect your asset and save you money. That’s because without routine home maintenance, larger (and potentially avoidable) repairs or replacements can cost you hundreds or thousands more than you’re prepared to pay.

“Most things in your home have a lifespan or a maintenance schedule,” explains Kevin Busch, vice president of operations at Mr. Handyman, a company that provides handyman and remodeling services. Being familiar with these maintenance needs and the cost, Busch says, can help you anticipate and budget accordingly.

How much does home maintenance cost?

When it comes to estimating the cost of home maintenance, a good starting point is to save at least 1 percent of your home’s value each year. That means if you own a $240,000 home, you would set aside a minimum of $2,400 a year, or $200 a month, for maintenance costs.

Of course, if your home is older or in need of extensive work, you’ll need more money stashed away. Even newer homes can cause headaches — that’s life as a homeowner — so consider saving more, if you can, as a cushion for unexpected home repairs.

Another way some homeowners budget for maintenance is to sock away 10 percent of the total cost of their property taxes, mortgage and homeowners insurance payments. If your combined taxes, mortgage payment and insurance costs $4,000 a month, you would put away $400 each month for maintenance.

“Taking into account the geography or region of your home and the factors that may play into the wear and tear of your home and appliances is important, too,” Busch says.

One easy way to set aside money for home maintenance is to set up automatic payments to a savings account.

“If you look at it in small chunks, it doesn’t seem so overwhelming,” notes Russell Catron, HUD housing counseling coordinator at the Tennessee Housing Development Agency. “That little bit of money will add up if you make good decisions.”

5 ways to save money on home maintenance

Home maintenance can be a sizable expense, but you can save yourself money and still keep your home in tip-top shape with preparation and some smart strategies. Here are five simple ways to save money on home maintenance:

1. Do it yourself

To really save on costs, you can do simple fixes yourself — think snaking the drain or redoing a small section of chipped paint — instead of hiring a handyman.

Catron, for his part, watches videos online to learn how to do projects like fixing a garbage disposal.

“If you had a plumber come in to fix it, it would cost $75 just for the visit, and that doesn’t cover any parts or labor that would be added on if the job takes a lot of time,” Catron explains.

When weighing whether to do something yourself or to outsource the task, remember to consider how handy you are and how easily you can pick up a new skill. In some cases, you may actually be better off having a pro come in.

2. Hire a quality professional

If you do have a home maintenance need that requires a contractor, consider spending a little bit more for quality service. Oftentimes, a higher cost means the company carries specific licensing and insurance, which makes them a significantly safer and more reliable choice, potentially saving you from having to pay to fix shoddy work later on.

“The lowest price is often not the best choice,” Busch says, adding that you should always research the company or contractor before agreeing to a job, and check their credentials. You can also find reputable contractors by asking people you trust for a recommendation or referral.

3. Keep up with preventative maintenance

To stave off bigger, more expensive repairs, continue your basic home maintenance projects, which might cost you a little bit now but most likely save you from a large bill later.

Water damage due to plumbing issues, for example, can often be held off with routine tasks, like cleaning the gutters, sealing cracks and attending to leaks or clogs quickly.

Other preventative projects include:

• Replacing smoke alarm batteries
• Keeping your home clean
• Taking care of pests
• Repainting your home’s exterior

4. Cut your energy expenses

At least one home maintenance task, changing your air conditioning filter, can actually save you money in utility costs in addition to preventing the need for a new unit or repair.

To make sure you stay on top of this easy project, set a calendar alert for every one to three months, depending on the manufacturer’s recommendations and any environmental influences.

Other energy-saving measures can help, too. For instance, adding a programmable thermostat can help you save on energy costs and reduce unnecessary wear on your HVAC system, Catron says.

“Also, check with your electric company if they have hours when electricity is cheaper,” Catron recommends. “That’s when you could be doing your laundry or run your dishwasher.”

5. Focus on immediate needs

In a pinch, you can prioritize the parts of your home that need attention now instead of the projects that are “nice-to-dos,” Busch says.

“Consider what will happen if you don’t address an issue,” Busch says. “Will it cause a bigger issue, create additional issues or create a safety hazard?” These are all important questions to ask when determining which maintenance tasks or repairs to prioritize, and considering them can help you save money right now.

Bottom line

Being a homeowner takes a lot of responsibility to care for your home, and discipline to set aside funds for maintenance and repairs. With these tips, you can save money each year and protect the asset you worked hard to purchase for years to come.

“One of the values of homeownership is building equity,” Catron says. “We have to remember to continue building that equity; we have to maintain our homes. The house does not take care of itself.”

Closing the purchase of a new home is a feeling unlike any other. Unfortunately, many people new to homeownership may not know how just much maintenance a property requires. Regular maintenance is an integral part of retaining your new property’s value and ensuring you don’t have to deal with costly repairs later on.

As the adage goes, an ounce of prevention is worth a pound of cure. To this end, we asked 12 experts from Forbes Real Estate Council to provide tips to help new homeowners protect their life-changing new investment.

1. Complete a thorough inspection prior to purchase.

The best defense against costly repairs is being proactive before you buy your home. Make sure to complete a full inspection that will uncover any expensive issues lurking around the corner. It’s important to confirm the remaining years of use for all the primary systems, the structure and the roof. With this information, you can budget properly and minimize surprises. -Joanna Schwartz, Quartz Properties

2. Don’t wait until it’s time to sell to schedule an inspection.

I advise my clients to get a home inspection every few years. Too often, homeowners wait until they’re about to sell their home or the escrow process to have a professional take an in-depth look at their home. By then, a newly discovered issue could be very costly. Hiring someone with a trained eye who knows what to look for is a good way to stay on top of routine maintenance and repairs. – Brad Le, Compass

3. Trim back surrounding trees.

It may be one of the less glamorous tasks on the list of to-do’s when a buyer first moves in, but trimming back any tree branches that touch the house or roof will keep pest and rodent infestations away. – Beatrice de Jong, Opendoor

4. Start with the HVAC filters.

It’s hard to suggest only one task, as there are a few important ones, but one thing first-time homebuyers should definitely do is replace the HVAC filters, then clean the gutters and do some boiler maintenance. These should be done twice a year. Then there are the big three: plumbing, heating and electrical. These are very important to every property owner—especially first-time homebuyers—and could become costly if not maintained properly. – Valon Nikci, Link NY Realty

5. Don’t defer comprehensive maintenance.

Deferred maintenance can catch up to any homeowner. Monitor wood that may be rotting, sign up for programs to have your air conditioning checked twice a year, and don’t forget about pest control. Keeping an eye on your roof, plumbing, AC, electrical and drainage will benefit you when it’s time to sell your home. -Anna Morrison Lee, Anna Morrison Lee, Broker Associate, Moreland Properties

6. Keep an eye on plumbing and drains.

One very easy maintenance item homeowners should keep on top of is the plumbing and drains in their homes. Roots, deposit build-up, etc. can create problems at the most inopportune times. Look into a maintenance plan with a well-established plumbing and drain company. You will thank yourself. – Michael J. Polk, Polk Properties / Matrix Properties

7. Stay on top of your roof.

Ongoing repairs and maintenance are part of life’s rich tapestry when owning a home. As someone who has managed commercial and residential real estate, one area has always stood out: Be watertight! Keep an eye on the roof and drainage. These are the first lines of defense in protecting the external membrane, and if this seal is penetrated, the real problems begin. Literally, stay on top of your roof! – Damien Moore, Haüskey Inc.

8. Regularly caulk leak-prone edges.

Homeowners should constantly caulk edges around the home that are prone to leakage of air and water. Such home components include edges of windows, doors, bathtubs, bathroom sinks, kitchen sinks, countertops and the like. Damaged caulking may lead to leaking of air and water, causing mildew, mold and other structural issues. This may lead not only to expensive repairs but also to health issues. – Amit Inamdar, Own Sweet Home Realty

9. Get rid of the dust.

It doesn’t matter where you live—dust is ubiquitous. Dust buildup typically happens in places we don’t regularly check and can dramatically shorten the lifespan of refrigerators, washers, dryers, HVAC systems and other major appliances. Committing to regular dust removal and filter replacement will keep you healthy, reduce fire risk and save money over the long term. -Gary Beasley, Roofstock

10. Drain and flush your water heater.

One thing all homeowners should do is drain and flush the water heater once a year. This extends the water heater’s useful life by preventing sediment build-up that could clog your heater and cause other problems down the road. – Jason Hsiao, Shaw Investments

11. Invest in a home warranty policy.

To mitigate risk, purchase and renew your home warranty policy. I recommend that all buyers get this, and you can often request that the seller pays for the first year in your offer. After year one, it’s just a nominal fee to keep it active and it’s worth it for peace of mind if you don’t have significant savings for repairs or if it’s an older home. Nowadays new homes usually come with some warranties. – Catherine Kuo, Elite Homes | Christie’s International Real Estate

12. Set up reminders for regular maintenance.

Make sure to set up reminders for regular maintenance around the house. This includes changing AC filters and having the unit serviced regularly, checking smoke detectors, checking the water softener salt levels, and walking the property to check for signs of rotted wood or leaks around the roof and siding. Addressing repairs early on will save money in the long run. – Melissa Johnson, We Buy Houses San Antonio, TX

Australia’s scorching summer temperatures have many people cranking the air-conditioner at home to escape the heat.

Unfortunately, the comfort of a cool home comes with a price: A high power bill.

Sure, dropping the temperature another one or two degrees is easy in the moment, but it’s not always the most efficient or budget-friendly solution.

However, a leading sustainable building expert says making some “quick wins” around the home can lead to substantial savings.

CSIRO building simulation research lead Anthony Wright said a common blunder families make when retrofitting their home is focusing on “big ticket” items first, such as double glazing and new insulation.

As a result, they neglect more urgent needs, like fixing draughts and ensuring rooms are closed off by doors to regulate climate.

“Looking at draught sealing your home is a really good place to start to combat the gaps and cracks under doors and around windows,” Mr Wright told The New Daily.

“You can buy these very simple seals at your local hardware store and they can make an enormous difference.”

Once households address those leaks, they can set about improving their ceiling insulation and window treatments – external blinds for houses that struggle to repel heat, while heavy drapes can help in winter.

And for families with larger budgets, double- or triple-glazing windows and swapping out energy-guzzling appliances and light fittings with a higher energy star rating alternative can help drag down electricity bills.

Mr Wright also encouraged renters to negotiate small-scale interventions with their landlords in the form of draught sealing and – for states with applicable schemes – accessing rebates to install solar panels.

Renovations push the savings to the max

Modernising a home can push the savings into the stratosphere.

Mr Wright said most homes built from the post-war period to the late-1980s were built with little thought for insulation, and an orientation that maximises sunlight in winter and shading for summer months.

Which is why, he says, the average Australian home is only rated 2.2 stars (out of 10) for energy efficiency.

But, if the average Sydney or Melbourne family renovated their home to hit 4.9 stars, they can save up to $480 per year.

If they went the “whole hog” and upgraded their hot water system, air-conditioning and some appliances to boost their rating to six stars, that annual saving could increase to $900, he said.

By going further and installing solar panels, they could potentially offset their entire energy consumption.

But Mr Wright stressed that renovators should ensure they separate the newer rooms from older sections of the house to avoid cancelling out those benefits.

“It’s also worthwhile getting an energy rate involved early,” he said.

“It can seem like it costs, but it will pay back in comfort and energy bill savings in spades over time, as they can do a before-and-after rating, and also provide consultation on tweaking your renovation as you go.”

Hundreds saved despite ‘summer from hell’

CEO of Botanic Gardens Australia & New Zealand Eamonn Flanagan was a self-confessed sceptic before he enlisted Canberra-based sustainable firm Light House last year to retrofit his home.

Despite the home’s relative modernity, his guests described it as “a cave” due to its frigid conditions over winter – and he thought installing under-floor heating was the only solution.

After conducting draught testing through the home, the architecture firm suggested sealing gaps underneath doors (one gap was 22 millimetres wide) and behind appliances.

Along with improved insulation around light fittings and new curtains, he estimates the overall cost of the retrofit came to $15,000.

And then came the “summer from hell”.

“We made these changes in November, and when people came around wearing masks, they couldn’t believe there was no smoke inside because they knew our house previously,” Mr Flanagan told The New Daily. 

“And in terms of our air-conditioning bill, we had it on more last summer because it was so much hotter, but because our rooms were sealed, we had it on 24 degrees instead of 22 and for less time as the room would reach a comfortable temperature more quickly.”

Mr Flanagan estimates he saved $300 on every quarterly gas bill through winter despite working from home during the pandemic, while his electricity bills dropped by $150 last summer.

And he said while the changes carried a large upfront cost, they would eventually pay for themselves.

“I didn’t think we had big power usage, so I didn’t think we were going to be saving so much money,” Mr Flanagan said.

After spending more time at home during 2020, many home owners might be considering a renovation. Maybe it’s time to upgrade the kitchen or finally add that second level.

Whether it’s cosmetic changes or complete structural transformation, there’s a lot to plan, including finding a reputable builder, drawing up plans and most importantly, finding the money to fund it.

What type of renovation is it?

Firstly, you need to see how much equity you have in your home, which refers to the property’s value minus what you owe to the bank. Then determine what renovating you want to do.

According to mortgage broker Will Foster of Foster Finance, there are two types of renovations. “If you’re doing a cosmetic renovation, it’s pretty straightforward if you’ve got the equity in your home already,” he says. “You can borrow up to 80 per of the home’s current value.”

This includes minor work, such as upgrading the kitchen, bathroom or laundry or replacing floorboards. “It’s essentially an equity draw-down, you get up to about $100,000 and you get it all done within two to three weeks,” he says.

The second involves structural work such as adding another level, extending the home or building a granny flat and requires a construction loan.

“For this, you need council-approved plans and the fixed-price building contract all sorted before you get finance approved,” says Foster. “Then the bank controls the flow of funds and pays the builder direct.”

Securing finance before beginning is essential, which is why Foster recommends engaging a mortgage broker early in the process.

“The most common thing we see is people talking to the architect first, who over-quotes by 20 per cent, then the bank won’t come through with the cash,” he says. “Always work out what your borrowing capacity is and that informs the budget.”

Mortgage broker Kathy Dundas from No Fuss Home Loans advises not signing anything until you have at least pre-approval from the lender.

“I’d recommend getting a draft building contract, and making sure the lender is happy with the plans and all draft documents,” she says. “Worse-case scenario is that you sign a contract, you pay the builder a deposit and you can’t get your finance in place.”

Once you’ve got pre-approval, you can finalise the paperwork and get plans council-approved. “When you get the fixed-price builder contract and plans, that’s when you can send the valuer around and they can tick off the equity,” says Foster.

In some cases, your mortgage broker may request a valuation on an as-if-completed basis, which is the property’s value once renovations are done.

“It gives us a lot more equity,” says Dundas. “You might have a property worth $1 million, you spend $200,000 on renovations, but this bumps it up to $1.5 million.”

How to choose a lender

You may choose to stay with your current lender but you don’t have to. “I find that a lot of people are taking advantage of doing a renovation and refinancing at the same time to get better deal from another lender,” says Dundas.

And since mortgage brokers have access to so many lenders, there’s usually one that’s suitable.

“Our process is to select the lender that is going to approve it and tick most of the customer’s objectives, then we look at rates,” says Foster. “There’s no point in getting the cheapest rate if we can’t get the loan approved in the first place.”

One reason for not getting approved is an inability to make repayments. “Banks now abide to responsible lending, which means they look at living expenses, school fees, even how much you spend on your pet,” says Dundas.

How long does it take?

This depends on the lender. “Often lenders with the best deals are the busiest so take a little longer,” says Dundas. “Other lenders are turning things around in two to three days.”

For Foster, it also varies from lender to lender, with some lenders taking up to a month, while others have approved finance in a matter of hours.

Post-pandemic borrowing

Since the pandemic, Foster has seen more people wanting to renovate. “The pandemic put people in their houses for longer periods of time,” he says. “They’re realising how much space they’ve got and what space they need.”

The main challenge post-pandemic is if your income has been affected.

“The lenders essentially want to see that you’ve got enough income to service the loan,” says Foster. “They’ll want your business activity statements to see that your sales are back to post-pandemic levels, or if you’re PAYG-employed, they’ll want a letter from your employer, confirming you’re back on your normal pay.”

HomeBuilder

Those able to qualify for the government’s HomeBuilder scheme could secure an extra $25,000 to renovate. It has specific criteria concerning your income and property, but if the stars align, there might just be a little more in your renovating pocket than expected. It ends on December 31, 2020, so you need to hurry to take advantage.

Go ahead and let out a sigh of relief – you’ve endured winter’s worst, and summer is finally here, once and for all. It’s time to pack away those winter clothes, and get ready to enjoy cookouts, laying out on your deck, and some much-needed vitamin D.

There’s nothing quite like relaxing at home on those perfect summer days and nights. Yet as great as summertime can be, it can also shed light on all of those projects around the house you’ve been putting off for months.

So, how can you get your home ready for the summer – and fast? Explore our top 10 home maintenance tips for summer below to make this year’s summer preparations an absolute breeze.

1. Check your A/C

If there’s one thing we can all agree on, it’s that having access to a functional air conditioner during the summer months is an absolute must. You’ll need to make sure that yours is working to the best of its ability before those ultra-high temperatures kick in. Whether that means cleaning out the filter or performing a thorough A/C functionality test, preparing in advance will help you prevent a cooling catastrophe.

2. Clear out the clutter

By now, that so-called spring cleaning session you attempted feels like 10 years ago. Summer is the perfect time to do a deep clean (especially in terms of dusting), declutter your living space, or to go through your closet and dump out all those clothes you never wear.

3. Prep your deck or patio

Whether your idea of relaxing on the deck or patio is to lay out on a lawn chair with a good book or enjoy a beer with friends, there’s something so special about spending time outside. Before summer kicks in, make sure that your deck or patio is in clean, tip-top shape – whether that means washing it, checking for cracks, or simply giving it a good hose-down.

4. Check your insulation

You can find insulation issues pretty much anywhere throughout your house, from your front door, to your attic, to cracks in your garage door (especially if yours is attached). With higher cooling costs in the summer, now’s a great time to take a look around, and to seal up any insulation gaps you may encounter.

5. Get your grill ready

Take a second to think about it – when was the last time you thoroughly cleaned your grill? If it’s been quite some time or you simply can’t remember at all, we’d highly recommend giving your grill a good scrub-down before hosting your next backyard barbeque.

6. Schedule a fridge or freezer checkup

During the warmer months, your already hard-working fridge and freezer have to work even harder than usual. Therefore, as temperatures rise, it can become much more prone to a breakdown or malfunction.

7. Prep your bathroom

As the new season approaches, it’s a great time to give your bathroom(s) a fresh start. This could be in the form of heavy-duty cleaning, unclogging all your bathroom drains, replacing any leaky faucets or showerheads, sprucing up your bathroom design or feng shui, or otherwise.

8. Automate your A/C with smart devices

This summer will surely be a hot one – and, thanks to smart home technology, keeping your home running at an ideal temperature is now easier than ever before. With smart devices like the Nest thermostat, you can automate your home’s temperature on a timer, or even adjust it from your smartphone, so it’s always just right when you get home. Not only is this an immense convenience – it can also save you some major money and help reduce your carbon footprint.

9. Clean out your screens, shutters and window sills

There are some things at home that we’d rather not know about. The amount of dirt, grime and dust hiding within our window areas is pretty high up on that list. Tackle these head on with a deep cleaning before the summer starts so you can enjoy that cool evening breeze, while keeping your seasonal allergies at bay.

10. Check your detectors

While you should be checking these routinely, taking a look at your smoke detector and carbon monoxide detector every few months is crucial to your entire family’s safety. You’ll need to make sure that they’re functioning properly, that they have sufficient batteries, and that they’re fully capable of detecting an issue efficiently and immediately.

If you want any maintenance or summer renovations contact the AllSafe team today.