For many of us, homes are a lifetime possession and an asset that requires lifetime of savings to get one. Naturally, it is believed that a family stays in a home for upwards of 30 years during its lifetime. With time, the trends of home decoration change and so do the outdoor appearances. To keep your home ahead of the curve, most people renovate their home from time to time. On a conservative estimate, you can expect that average households would renovate their home at least once in five years. Such renovation may be limited to interiors of the home and invoice re-doing the furniture or the paint jobs.
Major renovation may be required to ensure structural integrity of the house remains intact and an aged property does not cause any sort of risk to the inhabitants of the home. Such major renovations may be needed once in 10 to 15 years, depending on the age of the house. Major renovation is a major expense, and unless you plan for it many years ahead of the actual renovation time, such a major renovation poses financial burden on the household income.
Were there a way to predict the exact time when a major renovation is needed, most households would have been able to take care of financial planning and adjusted their financial goals accordingly. In situations such as these, it is important that one must not overlook the major renovation for want of funds. Renovation loans, are generally, offered by Banking institutions and Non-banking financial institutions. Once you know the exact amount required to renovate your home, you may approach a Bank or a financial institution for requesting a loan against property. These loans are cheaper than the personal loans and hence offer you value for money interest re-payments. It is clear that you would need to have your property’s papers intact and in good shape because any financial institution will need to keep a collateral for lending loans for renovation. You could choose a compfortable payback period of 3 to 5 years and gradually pay off the renovation loan.
Here’s a quick three minute video that gives you tips about home renovation. Have a look.