Published on Sept 21, 2021Updated on Oct 10, 2023
By renovating your house, you can transform it into a lovely home suited to your family’s current or future needs. Apart from making it beautiful, renovation can also make your house functional for your loved ones and you. While renovating you might want to repaint the walls, change the tiles, replace the doors, install a modular kitchen, build custom furniture and also equip your house with the latest gadgets and devices.
Renovating can also increase the value of your house. However, if you are planning to make structural or design changes to your home, you would have to avail of the services of an architect or an interior designer, or a contractor. Therefore, the renovation of a house in India comes with a substantial cost. Costs could be related to professional advice, materials, labor, decorative items, and much more.
Here are some efficient ways to reduce your expenses while renovating your home:
A substantial part of your budget would be towards the fees that you would have to pay an interior decorator or architect or contractor. If you are involving any of them, then get quotes from multiple sources. Remember to negotiate to get the best possible quote. This will help you to finalize a professional who would be most suitable as per your requirement and budget.
You could also speak with individuals in your professional or personal network to understand their experience during home renovation. Rather than using up your investments or savings, you can pay the contractor or the architect by availing of a personal loan for home improvement.
Renovation doesn’t mean that you need to get rid of your current furniture. By reusing and refurbishing your existing furniture and other items, you can save a lot of money. It would be a good idea to check your existing upholstery, stored things, wooden furniture, etc, and refurbish it. This way you save your expenditure on buying unnecessary items. You can carefully plan and spend your cash on the requisite things.
Usually, individuals and families tend to renovate their entire house at one go for the sake of convenience. However, this could be an expensive proposition. It may be a better idea to renovate your house in phases. For example – you may want to renovate the kitchen and the hall together. Then after a year, you can renovate a bedroom and so on. Thus, you can save up before every renovation activity and spread out your expenses. But, if you are keen on renovating at one go and are falling short of funds, you could avail of an instant personal loan.
Look for items that won’t be needed and can be sold. For example, you might have purchased a sofa a couple of years back but you might not need it anymore as you would be planning to purchase a new one. You can then sell these items to your neighbours or friends. You could also upload their details on online platforms to get buyers.
You can choose smart options all over your house. Some of them are storage built-in sofa, an attic to store luggage, postpone decorative items, etc. You can consider investing in energy-efficient appliances to lower your electricity bill and DIY (do-it-yourself) wherever possible. These measures would also help you save money in the long run.
While renovating a house, one would have to make regular payments to the various professionals involved, and also to purchase new items for your home. Therefore, it might make sense to avail a personal loan for home improvement so that you have a lump sum amount that can be disbursed comfortably.Before taking a personal loan, you may want to use a personal loan EMI calculator to plan your expenses.
Was this helpful?
*Terms and Conditions apply. Loans are disbursed at the discretion of SMFG India Credit.