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5 mistakes to avoid when you start your home renovation project

  • Highlights

  • You can avail a home improvement loan for renovation

  • Make a blueprint before starting your project

  • Research multiple contractors to choose the best

  • Pick trends that are evergreen and suit your budget

Home remodelling is a major project that will help you revamp your home for the better. However, this can be expensive, so budgeting in advance is a must. Fortunately, you can tackle all renovation-related expenses by taking a collateral-free personal loan.

Bajaj Finserv offers Home Improvement Loan of up to Rs.25 lakh that you can repay in monthly instalments over a flexible tenor of 24–60 months. You can also avail customised pre-approved offers for you by Bajaj Finserv that help you save time. Simply enter your basic details and check out your pre-approved offer.

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Apart from securing finance to ensure that your renovation process is smooth and efficient, it is important to avoid certain mistakes like:

1. Not setting your budget in advance

What you spend on home renovation activities can escalate fairly quickly if you don’t have a budget in place, or don’t enforce your budget strictly. Often, your contractors may upsell products to you, like a better quality of paint that doesn’t fade, which may tempt you to shell out more. Sometimes, you may discover new things to fix or replace in the course of carrying out other work. For example, when renovating your bathroom fittings, you may discover that you need to break an entire tiled wall and replace it.

So, before you start, thoroughly understand your priorities. Then ask your contractor to go over the work list with you, and create a budget for it. It is better to budget an amount that is 15%–20% higher than your calculated expenses to tackle any additions without a hassle.

2. Ignoring the most used rooms

You may end up concentrating less on renovating your kitchen and bathrooms, the most used rooms in your home, and focus more on the beautification of your living room or home exteriors. Instead, keep utility as well as aesthetics in mind to create a feasible list of renovations that you aim to undertake. Rather than spending money on what looks stylish, spend carefully on things that will add more comfort to your everyday life.

3. Not researching your contractors thoroughly

You can watch videos and browse reading material online to get ideas about renovation. However, just doing this will not help with your renovation project. Matching the various ideas you have in theory to the practical aspects of your home may require expert guidance. So, get ready to meet a few professionals in person before proceeding. Take itemised quotes from each of them and then compare the list with your priorities and budget. After this, ensure that you research your contractors by talking to previous clients or reading testimonials to make your experience stress-free. For example, ensure that your contractor is known for timely completion of jobs, employs trustworthy workers, and doesn’t hike up costs midway through the project.

4. Buying inferior quality products to save money

While trying to cut costs, you may choose building materials or modular fittings that are easy on the pocket. However, affordability does not guarantee quality. Using inexpensive products may lead to quicker wear and tear and will depreciate the value of your home over time. While it is a good habit to try and keep costs down with small compromises over extra finishes and colours, ensure that you are not trading quality for cost.

5. Indulging in fads rather than making timeless modifications

While you are redecorating your house, keep in mind that trends may come and go but renovation is a value-added project that you may not undertake again for a few years. So, to stay true to both utility and style. Choose modifications that stand the test of time, and won’t be out of fashion in the next 2–3 years.

Once you take note of these common mistakes, you can turn your ideas into reality and enjoy your home in its new avatar. Don’t forget to check if you are eligible for a home improvement loan by using a personal loan eligibility calculator.

The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

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