Hidden House Renovation Costs That You Should Consider

Posted on Wednesday, December 18th, 2024 | By IndusInd Bank

Renovating your home is exciting. A renovated house allows you to enjoy the familiarity of your home while giving it a fresh look. However, home renovations come with their fair share of expenses, many of which you may overlook during planning. 

While you focus on major expenses like flooring or new furniture, certain hidden expenses may give you an unpleasant surprise later. To help you, here are some hidden house renovation costs you need to consider, as well as a comprehensive solution for them. Let’s dive in.

House Renovation Costs You May Overlook

Here are some hidden home renovation coststhat can unexpectedly impact your budget:

1. Structural Repairs

Your home may require unexpected structural repairs before you can begin any renovation work. This can include repairing the cracks in the walls or healing damaged foundations. These repairs are essential but can increase your home renovation costs considerably.

2. Temporary Accommodation

Sometimes home renovation involves tearing down walls or redoing floors. In such situations, the residents will need to relocate temporarily. Hence, one must consider the costs of hotel stays or renting a temporary apartment. 

3. Demolition and Waste Disposal

When planning a home renovation, your mind might be focused on fresh additions or upgrades. However, one must remember demolition and waste disposal is a part and parcel of renovations. Disposing of old materials and items, tearing down walls, and clearing debris can incur additional costs.  

4. Unseen Plumbing and Electrical Work

When renovating, it is not surprising to come across old or faulty plumbing or electrical systems. For example, older homes usually have outdated electrical systems. You will need to upgrade these to meet current safety standards. Similarly, leaking pipes need replacement. These costs often go unanticipated during the planning stages.

5. Material Costs Overruns

You may have set a budget for the material costs. However, it is common for house renovationprojects to face material cost overruns. It may occur because of the initial materials being out of stock or because of a sudden rise in material prices. Irrespective, you may end up paying more than expected for certain materials that are required.

6. Professionals’ Fees

If you are planning to work with architects, interior designers, or consultants, you must factor in their fees as well. Depending on the complexity of the home renovation, the fees can range from a few thousand to several lakhs.

7. Cost of Delays

Renovation projects rarely go as planned. Your project may face delays because of weather, material shortages, or contractor availability. These delays can lead to extra labour, extended accommodation, increased material prices, and the like. All of this can quickly increase your overall home renovation costs.

As the above expenses suggest, home renovation often comes with unexpected costs. This makes it crucial to have a flexible financial solution in place. A personal loan is an ideal way to cover both planned and unforeseen expenses without dipping into your savings. 

How does a Personal Loan Take Care of All House Renovation Expenses?

Here’s how a personal loan can help with your house renovation project:

1. Immediate Funds for Urgent Expenses

Renovation projects often reveal urgent issues, such as plumbing leaks or structural repairs. You can rely on a personal loan to address these immediate costs without delay.

2. Loan Amounts as per Your Renovation Needs

With a personal loan, you can borrow small or large amounts as per your needs. This ensures that you have sufficient funds to cover major upgrades or smaller, hidden expenses.

3. Competitive Interest Rates to Reduce Overall Costs

Personal loans often come with competitive interest rates. So, you can complete your project without accumulating significant debt. 

You can use a personal loan EMI calculator to check your potential EMIs as per the interest rate, loan amount, and tenure. This can help you plan out the loan repayment. 

4. No Collateral Required

Unlike most other loans, a personal loan is unsecured. This means you do not have to risk your property or other assets while funding your home renovation.

Also Read: How Do You Choose Between a Personal Loan Vs Using Securities As Collateral For a Loan?

Conclusion

Renovating your home can improve its aesthetic and functional value. To ensure that you can enjoy the newly renovated house with peace of mind, consider securing a Personal Loan from IndusInd Bank. 

With IndusInd Bank, you can enjoy easy access to Personal Loans with flexible repayment terms, competitive interest rates, and a 100% online application process. Whether you are covering planned renovations or unexpected expenses, a Personal Loan can help you turn your dream home into reality. 

Apply for a Personal Loan today to cover all your house renovation needs!

Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.