5 Costs to consider when planning a home renovation
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5 Costs to consider when planning a home renovation

  • Highlights

  • Take a top-up loan to fund home improvement

  • Budget cost of an interior designer & painting

  • Carpentry & upholstering requires finances

  • Plumbing & electrical work adds to the list

A well-done home renovation will help you not only make your home look more beautiful, but also increase your utility and comfort. Moreover, certain renovations may also increase your home’s value in case you are planning on renting or selling it in the future. A smart way of financing home renovation is taking a top-up loan on your existing home loan. Available at nominal interest with minimal paperwork, this loan can help you carry out all your home improvement activities with ease.
Begin your home renovation project by calculating all related costs and timelines, so that you can be prepared for the monetary and the time commitment. To get you started, here are some common costs associated with home renovation.

Cost of interior designing or an architect

While you can plan your renovation activities yourself, hiring an interior designer or architect can be important when you are looking to re-structure your home or change the layout of rooms. You will also need expert help when it comes to breaking walls or building a new room or garage. The cost for such exhaustive work can go up to lakhs depending on the expertise and experience of the designer or architect you hire. So, get quotes from trusted professionals and figure out this cost in advance.

Cost of carpentry

Rather than disposing your old furniture and buying entirely new items, you may want to look into hiring a carpenter to revamp your existing furniture instead. This will help you give your home a makeover at lower costs. For example, you can give you old family sofa new life by removing old wooden hand rests, replacing the flat cushions with plump new ones and getting it reupholstered. This work can cost you up about Rs.2,00,000 per room with 8-10 pieces of furniture. Apart from this,you can also take the help of carpenters to createcustomised furniture for you by providing them with designs, measurements and material.

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Cost of plumbing and electrical work

One of the important things to consider when planning home renovation is the plumbing and electrical circuit systems of your home. This will assure you and your family’s safety, ensure that your home continues to receive good water supply, and prevents the occurrence of any breakdowns in the electrical circuits or pipes. Moreover, this will reduce your home maintenance cost over the years.Getting all your home plumping and electrical systems checked can cost up to Rs.50,000. The actual cost of work done will depend on the volume and complexity of the job.

Cost of painting

Painting the exteriors and interiors makes your home look new, well-tended and bright. The cost you incur will depend on the size of your home in terms of the total square feet area and the rate charged by the painter for every square feet. This could range from Rs.15 to Rs.36 per square foot depending on the paint and the agency you choose.

Cost of decorating

Adding accent pieces like a wood and brass coffee table or a large abstract painting, attractive furniture and other décor pieces not only makes each room get an aesthetic upgrade, but also showcases your personality and taste. So, before you buy or order these items, set a budget in mind and make a list for each room. Ensure that you prioritise rooms based on which one requires more attention and then start shopping. This will help you choose pieces within your budget and for those rooms that need an uplift first.. You can further keep your costs down by shopping for these items during sales or from antique stores that refurbish old furniture and knick-knacks.

These are the 5 common costs that you can consider tosuccessfully renovate your home—without compromising on aesthetics!

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