With renovations that range from simple refurbishments to larger upgrades, there is no end to how much you can change your house. Before you start renovating, plan out your finances and organise your upgrades into must-dos and can-dos. Take care of essentials first, and then delve into things that beautify your space. To keep your monthly budget on track, you can take a top-up loan on your existing home loan. It offers a high amount at nominal interest so you can finance your renovation conveniently.
Here are 6 renovation ideas that can boost your home’s value.
An up-to-date kitchen adds a lot of value to a home, and allows you and your family to cook and eat comfortably. Kitchen renovations can start as low as Rs.50,000 depending on what you’re doing. Create a modular kitchen or upgrade by buying appliances such as a larger refrigerator, an oven, and a food processor.
Addition to the existing house
As your family grows, you may need additional space to keep all the members of the house comfortable. Expanding your house, either on the roof or on the grounds, will help to increase the built-up area and thus, its value. Additions can cost anywhere from Rs.10 lakh onwards, depending on whether you want to add a room, add another floor or create an outdoor area.
Additional Read: Renovating an Apartment for Profit
Making your house more energy-efficient
Reduce monthly power bills by switching to solar power. Adding a solar power system will cost approximately Rs.2 lakh and will depend on the power requirements as well as the size of your house. You can also switch to LED or CFL bulbs that cost around Rs.200–Rs.400. Also, cooling technology in air conditioners becomes more efficient every 7–10 years. So, consider upgrading the ACs in your home. A 5-star, 1-ton split AC will cost you around Rs.30,000.
Repainting the house
A simple yet effective way to make your house look new is to paint the exteriors and interiors. You can also dabble with exotic wallpapers to create a feature wall in the living area. Cost of painting starts at Rs.10 per sq. ft. and will vary depending on the area.
Clean and luxurious bathrooms will increase the appeal and comfort of your home. You can start small by replacing the mirrors and towels, and move on to changing the tiling, fittings or adding a bathtub. Renovations can cost as little as Rs.5,000 and can go up to Rs.2 lakh if tiling, plumbing, and installation of fittings such as a bathtub or twin washbasin is involved.
Additional Read: How To Finance Your Home Renovation
Adding an entertainment system
Watching your favourite blockbuster in the comfort of your home is a dream for any movie buff. Additions can range from buying a multi-channel speaker system to renovating the room by adding a large screen, a projector, and comfortable theatre seating. Renovations start at Rs.10,000 and cost more than Rs.10 lakh depending on how many elements you incorporate. Each of these renovations is sure to increase the value of your house, while allowing you to enjoy your home to the maximum.
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