Renovating one’s house is a major exercise. One may not only have to spend a significant amount but also deal with the Renovation activities which go on at one’s home. If the scale of renovation is massive, then one may have to move out with family and stay elsewhere till renovation is complete. Renovating one’s house may not only change its appearance but also increase its value by upto 20%.
However, renovating is easier said than done and one may end up committing errors. Let us check out 5 common mistakes of home renovations.
1. Renovating too much at once
Certain families may bite off more than they can chew. They may wish to renovate the entire house at one go. This may result in the following problems:
· If the family members haven’t shifted elsewhere during the renovation phase, then they could be inconvenienced.
· Seniors in the family would find it difficult to deal with ongoing renovation activities
· Neighbours may complain or cause interruptions
· The duration of renovation would be longer
· It could cause a major dent in your finances
Luckily this is a simple fix. Rather than having to undertake the entire renovation activity at one go, it is easier to get this done in phases. However, if you wish to increase your budget, you can opt for a home renovation loan.
2. Taking renovation into your hands
To cut down on renovation costs, one may wish to hire labourers directly and begin renovation of one's house. Unless one is qualified or experienced to carry out such an activity, it could cause tremendous problems. While renovating there are strict dos and dont’s to be followed. For example, one may have to be cognisant about the presence of beams or pillars and shouldn’t damage them. Therefore hiring an architect or an experienced contractor is the right way to go about it.
3. Opting for the lowest estimate
One of the first things you may wish to do is to gather quotes from a few credible contractors. It can be tempting to go for the lowest one to try to save some money. However, you might be cutting corners with cheaper contractors or losing out on certain vital facilities that are worth the extra cost. Search for some common numbers first. If there is a number that exists repeatedly, that is presumably the true expense. Check online for feedback from the contractors. To meet the need for extra money, you can apply for a home renovation loan and pay through home renovation EMIs.
4. Not expecting Roadblocks
Renovations sadly rarely go according to schedule. It isn’t unusual to encounter obstacles during the ongoing renovation activity. One example is – there could be sudden costs that may cause you to run out of money that you had saved for renovation. Therefore you could prepare for the unexpected even before the construction begins.
For instance, you could choose a loan with feasible home renovation EMIs. Doing so will ensure that you are never left with less money.
5. Making too many changes
It is very important to have a plan and a detailed timeline for your project. Changes that sound easy to you can take a lot of work on the back end so be sure to check these minor changes with your planner or contractor.
Avoiding these mistakes and following the plan given by the right contractor will ensure that your home is renovated with ease. Renovation may be expensive, but it is worth the investment. Once the renovation is completed you can live without any stress or discomfort.
6. Hidden Charges:
After documentation check that there should be no hidden charges from the lender side. Also, check your monthly budget by calculating the EMI with the Home loan EMI calculator. So that your budget will not be disturbed.
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