With ‘work from home’ being the new normal, many working professionals are refurbishing their houses to suit their office needs. They are building new office rooms or upgrading their existing ones with a fresh coat of paint and modern connectivity to reduce any hiccups to their workflow.
No matter how much individuals manage to save for such purposes, the expenses can increase when they opt for any comprehensive upgrades. Therefore, instead of draining their savings, it is better to avail of a home renovation loan. And, while they are at it, make sure to research on best renovating ideas to boost their home’s value.
Top 5 renovation tips to increase a home’s value
Besides implementing aesthetic and functionality changes to the house, homeowners should also focus on the ‘return on investment (ROI). Here are some effective home renovation ideas that will enhance your living conditions and ensure greater value creation.
- Make your house more energy-efficient
Switching to compact fluorescent lights or LEDs, adding solar panels to the roof, installing smart thermostats and energy-efficient appliances are some useful steps towards improving your living space. However, since such upgrades make your home renovation project an expensive affair, it is wise to apply for personal loans to finance that.
Even though the personal loans ‘zero end-use restrictions’ feature allows homeowners to spend on various upgrades, it is important to examine the common costs while planning a home renovation. This way, they get to find ways to make substantial savings and reduce the financial burden.
Additionally, installing smart applicants and making the house energy efficient also increases its market value.
- Update a home’s safety
Investing in improving the security of a house allows its residence and future buyers to get an enhanced sense of safety. Therefore, changes like installing updated security systems and alarms are great ways to increase your home’s value. Note that such upgrades typically range from about Rs.10,000 to Rs.10 lakh. Thus, going ahead with a home renovation loan can be an ideal way to finance such expenses.
- Revamp the home’s interior and exterior
Aesthetics plays a significant role in boosting the value of a house. However, homeowners need to choose these specific areas wisely to improve their house’s appearance. Adding a fresh coat of paint or sophisticated wallpapers is bound to change the look of a house.
However, before you decide to finance your home renovation with a personal loan, make sure you meet its eligibility criteria. This includes maintaining a credit score of at least 750, having a spotless credit profile, to name a few.
- Give your kitchen and living room a substantial update
The kitchen and living room are two places that mostly catch the attention of any visitor. Therefore, giving them a comprehensive upgrade can work wonders in increasing the value of a house.
The kitchen area generally captures the maximum attention when it has large cabinets, countertops and other applicants. Moreover, if they are placed efficiently with enough space left to roam freely, it makes a better impression.
However, implementing these changes automatically increases the overall cost of a renovation project. Thus, access to an affordable financing option can be of great help.
Furthermore, note that personal loan interest rates are relatively higher due to its unsecured nature. Therefore, make sure to compare different lenders to find a suitable rate of interest to manage your personal loan EMI repayment efficiently.
- Do necessary expansion work
Expanding the current living space makes it comfortable for the current residence, but it also increases the value of a house. Generally, residential properties that have a larger space often sell at a higher price. The reason being, a home’s value is judged on its available square feet.
Hence, homeowners can make certain structural changes to increase the overall area of their house and amplify a property’s value.
Moving ahead, credit to financial products like personal loans, one can now meet these expenses without any hassle. Moreover, the competitive interest rate keeps the overall borrowing within budget and does not strain one’s finances.
At the same time, leading financiers like Bajaj Finserv extend pre-approved offers, making it easy to avail of funds. These offers are available on various financial products like personal loans, business loans, etc. To find suitable deals, borrowers can consider checking their pre-approved offer by submitting their name and contact details.
Also, ensuring property taxes are updated will increase the suitability of a property. This also helps in availing a home renovation loan.