Renovating a home or restyling a home requires much financial planning. Everyone wants to transform their home into a dream one. However, the reality is entirely different. Many people to fulfil their dreams end up spending over the top and not getting the desired results. Renovating a home takes as much thinking and planning as buying a new home does. So when you think about remodelling your kitchen, renovating the living room or an entire house, you need a proper financial plan. More so, if you have taken a Home Loan, the process of renovation gets much more favourable.
So, firstly let’s answer the most crucial question, how much does a home renovation cost? For an answer, the cost may vary as per your choices. However, Non-Banking Financial Companies(NBFCs) are offering a top-up loan on the existing Home Loans. A top-up loan is a flexible loan provided by the lender to help you meet a wide range of needs. You can use the borrowed amount for anything that you need. In the current scenario, you can fund your renovation project with the top up loan option. If your current lender is not providing you with a top-up loan, simply opt for a Home Loan Balance Transfer to avail benefits.
Tips to Renovate Your Home on a Budget
Having talked about the financing option, let us talk about some impressive home renovation options without affecting the budget:
Light up the landscape
Perhaps a great value for money is going for landscaping. It is among the three most productive home improvement techniques. Livening up your landscape will bring about a considerable amount of change to your home. Changes such as creating curb appeals, green marketing, creating spaces will not just affect the feel of the house but can improve the overall value as well. The whole process might cost you in the range of INR 50,000 to INR 2 Lakh based on the needs.
Exterior & interior paint refreshing
Freshening up your exterior paint will do a whole lot of good to your home. Furthermore, paint is cost-effective, and there are a tremendous amount of options available in the market. If you own a flat, an overall interior paint will create a whole new vibe in the house. Painting the interiors in a 2BHK flat might cost you in the range of INR 1 Lakh to 3.5 Lakh.
Opt for DIY
There are many things which do not need additional hiring. You can get the work done by yourself. Instead of spending on such a task, do it by yourself. Painting your home, cleaning up the interiors, working on spacing, you can do that by yourself. If you are artistic enough, you can make your own lamps or stuff which you can hang on the walls and so on.
Wait for the Sale
Bathroom in a house is as important as any other part. When it comes to PC items like taps, bathtubs and basins, it is important that you do not buy them at a regular price and instead wait for sale or auctions. You can get these products for a much cheaper price when on sale as compared to the regular price.
The biggest question that needs to be answered here is that whether you want it or you need it? If you need it, then it automatically becomes a high priority, if not it can be postponed to save money.
If the remodelling and renovating process is too costly and if you are falling short of finance then you can approach an NBFC for a Top Up Loan. A top up loan can help you build your dream home without worrying about the expenses.