My estimated net worth at the end of July had recovered some of the decrease experienced the previous month, reaching $1.815m (including the 'cost base' value for the lakeside property I 'inherited' from my parents in 2014). The gains were due to a rebound in global stock prices (although not to 2015 highs, and the Australia stock market is still well below its previous highs experienced in 2007), which is reflected in the valuations of both my geared stock portfolio and my superannuation balance, and a continued rise in the estimated valuation of our Sydney home.
There are no investment changed planned for this month. I will continue to save mostly via 'salary sacrifice' contributions into my SMSF.
I'm currently re-assessing my previous plans to add an extension to the existing 'holiday home' on my lakeside property - the plan was to have a $50,000 two-storey 'kit shed' added to the rear of the building. By getting my owner-builder permit and employing contractors directly I expected to finish the building to 'lock-up' stage for around $150,000 and then install a kit kitchen and bathroom, gyprock, painting, flooring etc. myself during holiday stays at the property. However, that would require my 83-year-old father to do the day-to-day supervision of the contractors, and me try to manage things 'long distance' with many 7-hour round trips to the farm a couple of times a month. However, my father isn't too keen on being responsible for supervising the on-site activities, and as I am supposed to be working on my part-time PhD (and also doing a couple of Diplomas via distance eduction over the next 12-24 months) I doubt I'd be able to 'project manage' the work to the extent required. Just finding willing and able local contractors to do the site survey, bush fire assessment, and architectural drawings via phone calls and emails has been problematic. The alternative would be to find a local builder to contract to complete the project to 'lock-up stage', but that would make the project much more expensive. As we are only planning on using the property as a 'weekender' and holiday home until I retire, and our eldest son will soon be too busy during his final years of high school to spend all his vacation time 'up at the farm', it is probably sensible to put the plans for adding an extension on hold until I retire and decide how much time I will actually spend living on the lakeside 'hobby farm'.
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