Tips to Manage Finances for Your Home Renovation?

Whether you are planning to renovate a house or preparing to remodel your current abode aren't always pre-planned expenses. Sometimes a leaking roof or cracked tiles may require you to spend significantly at short notice.

Thus you need to figure out how you are going to finance such renovation. Once you have a clear idea of how much money you have to spend, you should be able to make the right decisions.

Thus NBFCs and Housing Finance Companies such as Shubham Housing finance offer custom loans mainly aimed towards home renovation expenses in the form of a top-up loan.

Here's a quick guide on managing and planning your finances well for home renovation expenses:

1. Prioritize Remodeling Needs

The easiest way to stay on budget is to know what you want. Create a list of everything you would like the project to include and then separate items into wants and needs.

2. Create a Detailed Plan With Cost Estimates

As the old saying goes, "work smart, not hard." The same logic can be applied to your home improvements.

Creating a detailed plan that includes expected costs will help you build a remodelling budget. The best way to manage your finance is to choose a customized loan for your renovation plan.

You can also use an EMI calculator to get a sense of the loan amount that you can comfortably repay and also check your eligibility before applying. Many lenders such as Shubham Housing Finance, Bajaj Finserv offer home renovation loans that are tailored for home-related expenses.

3. Set a Renovation Budget Wisely

Do you have enough cash to cover the renovation?

First, take a look at your current finances. This is one of the most important parts when it comes to setting up your home renovation budget.

We recommend you to opt for either using a home renovation loan or a top-up loan with equal ease. You can also take a Home loan Balance Transfer with Shubham Housing and enjoy the facility.

4. Cut costs where you can

Of course, cutting unnecessary expenses where you can is never a bad idea – especially if you're on a tight budget.

5. Do a Research

Make sure to do your research beforehand to avoid mistakes and end up spending more for recovery.

6. Opt for a top-up loan:

Making use of a top-up loan on your existing home loan, you can easily finance your next home renovation project without compromising on your plans or taking on any financial stress.

Are you ready to get started? You can apply online for a top-up loan or home renovation loan with Shubham housing Finance as there are no fiddly paperwork and early repayment fees.

Also, you should make sure that you have the financial means to repay the loan, especially if you're already making payments towards a home loan.