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Homeowners Happier than Renters: study

Australian homeowners are more satisfied with life than renters, research suggests.

The Australian Unity Wellbeing Index found that people who were paying off a mortgage or owned their home outright consistently reported higher levels of wellbeing than renters. The results were consistent across different age groups and income levels.

The Wellbeing Index results from a survey of 2000 people who answer questions about their satisfaction with different aspects of their lives.

Higher incomes did show a trend towards higher levels of wellbeing but renters earning $91,000 to $120,000 reported only marginally higher wellbeing than outright homeowners earning $15,000 to $30,000.

"It is apparent that there are consistent differences between these three groups of people (renters, mortgagees and outright homeowners) at each level of household income, and that the people who are renting have the lowest wellbeing," a report on the research concluded.

"The fact that this is so consistent across the demographic groups seems to suggest that it is something intrinsic to the type of person who rents that is causing this difference.

"One possibility is that people who are renting are more transitory. This may be because they have a job that causes them to relocate frequently, thereby making it impractical for them to invest in their place of residence.".

Renters were also more likely to be single; people living with a partner reported higher levels of wellbeing.

Ideas to smarten up a home

Summer is a great time to prettify your home or investment property. Building advisory service Archicentre provides 10 top ideas to maximise a home's appeal.

2. Polishing floorboards
Floorboards are better than worn carpet. Pull up the carpet, sand and polish floorboards using an odour-free, oil-based stain. But seek the advice of a floor specialist first.

3. Pergolas
Sun-shading devices such as pergolas can make for a fine addition, particularly when covered in deciduous plants. They provide shade to windows, define outdoor living spaces and provide a simple but effective link between indoor and outdoor spaces.

4. Fencing
Fences can be cheap but make sure the fence is compatible with the style of home.

5. Orientation
Show how a north-facing garden can flourish on a sunny day. Set up some well-oiled teak outdoor furniture (umbrella, table and chairs), a barbecue and a sun lounge.

6. Vibrant garden
A landscaped garden is like having an extra room. Create an attractive ambience by enhancing facades with carefully chosen vegetation. This is often a mixture of indigenous plants that require little watering and exotic plants as the highlights. Pebble mulch ages better than woodchips and helps keep the garden looking clean and bright.

7. Patching cracks
Patch wall gaps and cracks, sand and fill with a flexible sealant. Be careful to colour-match the existing render or finish.

8. Cleaning roofs
Cleaning tiles can make the roof look new. Lichens can be removed with copper sulphate from a hardware store. Clean out gutters, replace rusted sections and remove cobwebs.

9. Decluttering
Keep surfaces clean and neat. Remove knick-knacks, souvenirs, children's artwork, sporting equipment, toys, scatter rugs, pet food bowls, baskets and scratching posts.

10. Ambience
Decorate the interior with plants, vases or single feature sculptures. Burn a nice, subtle fragrance oil. Open the window to get a breeze going. Enjoy the serenity.

© Australian Property Investor magazine - www.apimagazine.com.au. Reproduced with permission. To subscribe to API, go to www.apimagazine.com.au or pick up a copy from your local newsagent.

Take advantage of a NAB investment loan. The NAB Tailored Home Loan lets you enjoy a competitive interest rate of 7.14% p.a. fixed for 3 years interest only in advance.

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