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How to use your 13th cheque to improve your property value

Spending your annual bonus on Christmas gifts or a brand new TV is tempting, but using it to improve your home value can pay off in the long term.

13th Cheque

Article summary

  • Your 13th cheque can be used to make tangible improvements to your home that boost its value, including minor alterations.
  • Investing in the long-term value of your home is especially wise in the pandemic era, as more people are looking to upgrade to more spacious environments. 
  • A 13th cheque can also help you with home ownership, if you put it toward a higher deposit or extra repayments into your bond.

Tempting as it may be to let an annual bonus slip slowly – or quickly in some cases – through your fingers on a big-screen TV or exotic family vacation, it’s far wiser to invest in the long-term value of your property.

This is especially the case in the pandemic era, where despite tougher economic conditions, demand for new homes is on the rise as more people look to upgrade to more spacious environments to deal with the stay-at-home lifestyle. 

Cost-effective ways to invest your 13th cheque in your home

So investing your end-of-year bonus in your home can reap dividends in the long-term. Here’s a few ideas on how to do that:

Kitchen remodelling

The kitchen is the heart of the home, and just a few minor alterations to the kitchen can significantly boost the value of the entire property. It could be something as simple and affordable as repainting the kitchen cabinets.

Improve energy-efficiency

Some steps to upgrade the property’s capacity for off-the-grid living will go a long way in the age of Eskom loadshedding. For example, installing energy-saving lightbulbs, improving the home’s insulation, or replacing your air filters (so as to reduce the work necessary for your heating / cooling system).

This applies to water as well; for example, installing a rainwater tank.

Improve the garden

A well-kept garden boosts the value of a property, even more so in the pandemic era, where more people are looking for properties with pleasant outdoor spaces.

Consider adding a soothing water feature, such as a fountain or duck pond. Adding more plants can also help create a more immersive outdoor setting.

Prepare the home for a viewing

Conducting a deep-clean of the property, or a repainting job, will ensure it makes a more powerful impression on potential buyers during a home staging, which in turn may lead to them making a higher offer than they otherwise would have.

If you’re looking to buy…

If you’re considering purchasing a property, your 13th cheque can help in that regard as well, by going toward a higher deposit, or toward extra repayments into your bond.

Bear in mind that ooba Home Loans can help you save money on a home purchase by submitting your home loan application to multiple banks, allowing you to choose the best deal.

We also offer a range of tools that can help you plan your budget. Start with our Bond Calculator, then use our Bond Indicator to determine what you can afford. Finally, when you’re ready, you can apply for a home loan.

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