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5 Costs to Look for When Planning for Home Renovation

By Finserv MARKETS - Jan 20,2020
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5 Costs To Look For When Planning For Home Renovation

At some point in time, every homeowner finds that it’s necessary to remodel their house and renovate certain areas of their living space. While the prospect of giving your home a makeover can seem appealing, home renovation involves some significant expenses that can take a toll on your savings. One way to ensure that you sail through this project without any financial distress is to avail a home renovation loan. Since these borrowings are essentially unsecured, it’s easier to obtain a loan to fund your home renovation.

You’ll find that Finserv MARKETS, the online financial supermarket has some attractive personal loan offers that you can take advantage of. The Bajaj Finserv personal loan can help you meet the costs associated with refurbishing your home. With zero collateral required, you can borrow as high as Rs. 25 lakhs almost instantly, thanks to a fuss-free, straightforward online application process. What’s even better is that you get to enjoy assured flexibility in repayment. By availing the personal loan offers on Finserv MARKETS, you get to redo your home just the way you want to.

And once you have the funding taken care of, you’ll need to focus on the expenses associated with remodeling your house. Here are 5 costs to look for when you’re planning for your home renovation.

Kitchen renovation costs

The kitchen is often one of the central areas in Indian homes. And most cases of renovation involve a complete remodeling of the kitchen. If your home was originally built a decade or more earlier, your home renovation will involve extensive redoing of the kitchen space. This can include converting open shelves into closed cabinets, retiling or replacing a timeworn countertop, and equipping your kitchen with outlets to power modern kitchen appliances. In some cases, the lighting around the kitchen and the flooring may also need to be redone.

Kitchen Remodeling with Home Renovation Loan

Source: rwcnj.com

Tiling and redoing the bathroom

The bathroom is another area of your home that’s almost certain to be a significant part of the renovation process. If you’re looking to give your bathroom a complete makeover, you need to be prepared to fund changes such as adding new cabinets, replacing the fixtures, and substituting old lights for more modern ones. The sink and the shower may also need to be swapped for more durable variants. In addition to this, there will be added expenses if you plan for major changes like installing a bathtub or replacing the old tiles in your bathroom.

Extension costs

Making changes to existing areas of your home is one thing but adding new rooms or floors to your home is an entirely different aspect of home renovation. And it’s one that requires a significant outflow of funds. If you live in an independent home, you’ll find that it’s easier to add another room on the same floor. Extensions also often involve adding another level over and above your existing floors. A home renovation loan can help you meet these costs without making a dent in your savings. And there’s no better time than now to take advantage of the various personal loan offers on Finserv MARKETS.

Personal Loan

Roof repairs

Whether your home is an apartment unit or an independent building, taking care of problems in the roof is a major part of home renovation. Older houses may suffer from weakened roofs that can pose threats of water seepage. Alternatively, tiled roofs may need to be retiled in order to retain the structural integrity of your home. Whatever the issue may be, rectifying problems in the roofing needs to be prioritized when you’re renovating your home, so there’s no extensive damage at a later point in time.

Rewiring and resolving plumbing issues

No home renovation is complete without rewiring or redoing the plumbing, if need be. While this may appear to be less complex than adding a new unit or retiling the whole house, it’s a strenuous job that needs to be done with a great deal of precision. Naturally, it also makes up for a significant part of the total costs associated with renovating your home. Redoing the plumbing or rewiring can also be quite disruptive if the entire line needs to be reworked. So, ensure that you have sufficient funds to take care of this vital part of home renovation.

Home Renovation Loan Infographic

Source: best-infographics.com

You can avail the Bajaj Finserv personal loan on Finserv MARKETS and consider it as a home renovation loan that can help you handle these major costs without any trouble. You have the flexibility to repay it across 12 to 60 months, so you can plan your repayment schedule according to your financial situation. You’ll also find that you can avail a Bajaj Finserv personal loan on Finserv MARKETS with minimal paperwork involved, making the process from application to loan disbursal quick and hassle-free. So, obtain a personal loan from Finserv MARKETS and give your home the makeover it deserves without worrying about the possibility of falling short of funds.

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522