Here's How to Plan on Your Home Renovation When out of Budget

By PolicyBazaar
  | Published: 09 April 2020 | Last Updated On: 29 December 2020

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All of us want our homes to be the most beautiful and comfortable place in the entire world. We buy accessories, utilities and gadgets to ensure our house looks appealing and is more comfortable. Very often renovation is a vital requirement to get a house the right aesthetics and coziness. People renovate their residences because you want your home to look attractive, and feel luxurious and contented.

Sticking to a budget is a challenging task especially when you are decorating your house. Creating a budget plan for huge projects that you’ve never done in the past is an even more challenging task. When it comes to renovating your house creating a building plan requires a budget, structured planning, research, and professional assistance.

Running over strict budget plans while renovating a home can be bothersome, in order to make sure that you face no hindrance while decorating the house of your dreams. We’ve come up with some of the best tips to renovate your home on a budget in the UAE.

Set up Priorities

While the renovation process begins, to extract the maximum out of the renovation it is recommended that you set up priorities. Very often, a particular section of the house is left undone for which you can speak to the renovators and set up priorities based on your budget and requirements. One should lay emphasis on finishing essential living spaces of the house on high priority followed by other sections of the house.

One should not be entirely focused on one section of the house, the ideal priority of renovating a house is mentioned below-

  • Master Bedrooms
  • Bedrooms
  • Kitchen
  • Toilet
  • Other Sections of the house, i.e. study room, dining room, etc.

Explain the contractor clearly the kind of aesthetic appearance you are expecting and lay emphasis on priority and functionality.

Choose the Right Renovation Company

The most vital component of the entire renovation process is choosing the right company. Don’t just randomly pick any renovation company to do the job, instead choose a reputed contractor that is proficient in doing the renovation. Visit multiple companies and service providers to choose the best in class and most affordable renovation company.

There are a plethora of websites that help sort and choose the right renovation company for your house. Also, carry out research based on the experiences of people who have recently got their residences renovated. Furthermore, choosing the right renovation company does not necessarily mean getting the most expensive one, but the right one that fits your budget and suits all your requirements.

Use a Low Installment Personal Loan

If finances turn out to be a constraint amid your renovation process, opting for a low installment personal loan is a simple and flexible method. Instead of using your credit cards and eventually disturbing your budget for the next couple of months, personal loans are much more reliable and effective.

The rate of interest on personal loans can be as low as 4.55% to 8% depending upon the financial institution and your credit score. Another easy option is to go for a balance transfer which offers an interest-free repayment period that helps you to maintain your credit score.

However, once the balance transfer period is over the principal amount will be payable along with a heavy rate of interest which adds financial burden over your pockets. Therefore, it is vital to repay the debt within the balance transfer period to avoid financial instability later. It is advisable to opt for balance transfer service only if you are sure of repaying the debt on time.

Leave the Kitchen Incomplete for a Brief Period

After the living room, the kitchen is the most expensive section of the house. The best part is you can survive without getting it renovated immediately. The best solution to counter the issue is to create a temporary pantry with basic utensils and kitchen equipment like a kettle, microwave, and induction cooktop to prepare quick meals.

You can save up for a couple of months and then get the kitchen done just the way you want it to be. However, it is not the right choice to wait for a very long time and you might consider getting another loan which helps you to get the kitchen renovated at an accelerated pace.

Sell What is Not Being Used

While getting your house renovated you will come across a lot of things that are getting replaced, for example, the furniture, kitchen appliances, and other gadgets. You can simply sell these to add some extra money to the renovation process. There are several websites where you can sell anything from kitchen cabinets to refrigerators at reasonable prices.  Selling old used items will help you get some extra capital that can be used to renovate your house more efficiently.

In a Nutshell

The best way to renovate your house elegantly yet inexpensively is it set-up goals and setting up priorities based on your requirements and budget. Once you are done setting up priorities you can step by step renovate your house just the way you want it to be without spending thousand of Dirhams.