A home renovation not only adds value to your home, but it also makes it more stylish and comfortable. Renovation gives your house a new lease on life. Whether it’s remodeling your living room, adding an extra closet in the bedroom, revamping your kitchen or just fixing electric and plumbing issues, any minor change in the house requires money. Gone are the days when you had to save for years to renovate or remodel your home. Now you can avail a personal loan for home improvement and make all the changes you need.
You need to take a lot of things into consideration before you start renovating your house. Here we list a few preps you need to do to kick start the renovation process.
Budgeting
Making a budget is the first and the most important step. You need to know what exactly you want to renovate and how much money can you spend on it. You will have to take help from professionals such as contractors who can give you an estimate based on your demands for the renovation.
Planning & Design Selection
You want a new study room, or want to remodel your kitchen. You need to know what to do and how you want it to be. For e.g., when you say you want to remodel your kitchen, do you want to add more cabinets, counters or widen up space which would involve restructuring? Here you need to have a clear idea of your needs. Next step is to choose the designs, once the plan is in place. From selecting wallpapers to kitchen tiles to cabinets etc, make a list of these selections.
Finalizing the Contractor or Go DIY
Some people prefer redoing their house in their own way from scratch. While some would want to hire a contractor and hand over the mantle to professionals. Decide whether you want to go all ‘Do It Yourself’ or hire a contractor.
Setting a Deadline
Always start your home renovation when you would not need your house for more than the daily chores. So if there is an upcoming party, you might want to see how much time you have before it to revamp your house. Set a realistic deadline taking into consideration unforeseen circumstances such as material delays, weather issues etc.
All of the above requires you to spend a sizable chunk of your savings. If you do not want to go for that option, then you can take a personal loan for your home renovation. It is beneficial in many ways and saves you from carrying all the burden of finances.
No Collateral
A personal loan is an unsecured loan. Unsecured loans do not require any collaterals. Hence if you avail a personal loan for your home renovation, you do not need to keep your home as collateral.
Easy Repayment Options
Banks and NBFCs provide you with the option of repaying your loan through the Equated Monthly Installments. You can choose your EMI amount based on your capacity. You can calculate your monthly EMIs using the personal loan EMI calculator.
Minimal Documentation
For a personal loan, you do not need to submit any property papers or any other documents related to your house. All you need is your personal identification documents and bank details.
On the Spot Approval & Disbursal
You can avail a personal loan online itself. Nowadays the loan approval and disbursal of money happen instantly. As the system has become digital, the loan availing process has become easier and time-saving.
Competitive Interest Rates
The interest rates for personal loans start at 10.99 percent. But the interest rate that you get depends heavily on your credit score.
Incur Unexpected Expenses
If there are any unexpected or urgent expenses to incur for your home renovation, then your finances don’t take a hit as the majority of the amount is covered by the loan
If you are planning to renovate your house then it’s time you start thinking of availing a personal loan. Forget the stress of your finances and concentrate on giving your house a swanky makeover.
