Your eco-friendly staycation home

November 15th 2018 | Categories: Financial Planning |

Summer is right at our doorstep and with the holidays approaching, some of us might like to turn our attention to simple home renovations in preparation. Just like you might get your “summer bod” looking fresh for January, there are a number of ways you can turn your home into a haven of energy efficiency and seasonal comfort.

The 2018 Australian Houzz and Home Renovations Trends report shows that 57 percent of us planned or still plan to make significant changes to our properties this year. The previous year’s study also provided insight on motivations – with over 40 percent of respondents saying limiting energy consumption was their top priority.

If you’re thinking about a quick renovation for summer, what can you do to make your home a staycation spot that’s friendly to your budget and the environment? Get in touch.

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Could the number one travel destination this summer be your own backyard?

Make the most of eco-friendly summer appliances

One of the easiest ways to make your home more energy efficient is to reduce the impact of some of your most consumptive devices. Cooling your home is an absolute must during our usual sweltering summers, so it’s important you find the most efficient way to do so.

An air conditioning (AC) unit is one of the most effective renovations to keep the home cool. It’s a relatively simple installation that brings huge benefits to the comfort of your home through summer, but they aren’t always energy efficient. When finding a new unit or updating your existing one, look for products with the highest number of stars on the Energy Rating Label that you can comfortably afford. Remember that energy efficiency not only save the planet, it protects you from shocking power bills at the end of the month.

Embrace the power of passive design for your eco-friendly renovation

If you’re investing in a more significant renovation project for the summer, you might have the scope to integrate passive design into your home. This is a concept that aims to save on power consumption by embracing natural cooling and insulation benefits of construction and furnishing materials.

The use of shutters, shades or tall, wide-spreading trees over your north-facing windows can protect your home from up to 90 per cent of the summer heat, according to government site Your Home. Think about how you can also turn this into an opportunity for luxury! If you have a verandah, you can install shades that allow you to comfortably lounge, entertain guests outdoors and embrace the season without risking sunburn.

Shading your outdoor spaces can create a fantastic place to unwind while providing passive design benefits to your home.

How will you fund your eco-friendly summer renovation?

Renovations aren’t always cheap. The median annual renovation spend in Australia is $25,000, according to the Houzz and Home report – no small sum!

So how are we funding our renovations? Interestingly, the report reveals that 82 percent of Australians are using their savings to makeover their homes. Other methods include:

• All-purpose credit cards (16 percent).
• Cash from home loan refinancing (14 percent).
• Gift or inheritance (6 percent).
• Home equity lines of credit (5 percent).

While many of us prefer the security of using our own cash, clever Australians aren’t afraid of finding new ways to fund their projects. Utilising credit lines strategically is a great way to improve your buying power for your renovation, but it’s important to remember the effect mismanaged debt can have on your credit score.

Welcome in the summer with a well-deserved refresh to your beloved home! Reach out to Invest Blue today for financial advice to help you get the ball rolling on your renovation.

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What you need to know

This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.