How to Manage House Renovation Costs with a Home Improvement Loan?
The cost of home renovation in India is on a constant rise with the increase in the price of raw material and labour wages over the past few years. Without proper planning, you will eventually strain your budget. Hence, availing funds for this purpose is a wise idea.
A home improvement loan from any leading financial institution can help you in this aspect. You can procure the funds you require for renovation and repay it according to your convenience.
If you are renovating your home, here are a few areas that may attract significant expenses:
● Bathroom
Renovating a bathroom is one of the most significant costs you may encounter while restoring your home. It generally involves waterproofing and plumbing. The expenses of plumbing can reach up to Rs. 24,000 in the major cities.
Furthermore, the cost of waterproofing is considered to be around Rs. 160/sq. ft. The total cost in renovating a bathroom can end up close to Rs. 1 Lakh. Hence, availing a home renovation loan becomes necessary.
Must Read: Renovate Your Home With Personal Loan
● Flooring
If your house is over 15–20 years old, it is inevitable that your floor will damage with age. Hence, restoring the condition of a floor becomes a necessity. The cost of renovation majorly varies depending on the city you reside in. However, the average price can go up to Rs. 185/sq ft.
● Kitchen
The primary reason behind the drastic wear and tear of kitchens is the excessive heat generated and various cleaning chemicals used. You will face a significant expense if you are looking to remodel your kitchen. In the major cities, the prevailing rate of renovating a kitchen can reach up to Rs. 2050/sq ft.
Considering a few other costs involved such as electrical wiring and re-painting, the expenses can reach up to Rs. 10–12 Lakh. Hence, to manage such enormous costs, home improvement loans are an ideal option as it comes with a loan amount up to Rs 25 Lakh.
Must Read: How To Manage House Renovation Costs With Home Improvement Loan?
