The home renovation industry in India is currently pegged at $30 billion and it is projected to grow significantly over the next five years. The pandemic has brought a paradigm shift in the ecosystem, driving home owners to re-do their personal spaces, as they spend more time within their homes. With this trend gaining momentum, the home renovation industry is poised for manifold growth in the coming years.
The purpose behind any renovation, is to make the home more aesthetically pleasing and comfortable. The secret to renovating a home elegantly within budget is, first and foremost, to organise the entire process effectively. Transforming the space through renovation can make the home more functional and look beautiful, enhancing the living experience for the home owner.
When planning for a home renovation, it might be tempting to jump straight onto the interesting aspects like deciding new paint colours, fixtures and fittings. However, to make the renovation process more effective, it is crucial to follow the basic essentials first. Here are some quick tips to consider, while remodeling your house:
Research and planning
Forward planning is the first and most fundamental necessity for a successful home renovation. One should have a proper plan of action, before grabbing the tools. Thorough research about the raw material requirements, source/suppliers for purchasing the products and quality of contractors and artisans, is crucial. For a successful home renovation experience, home owners should carefully evaluate their options and opt for vendors who offer transparent and low prices and high-quality service like delivery and returns.
One of the most crucial aspects of planning a refurbishment is determining a budget and adhering to it. It is a good idea to include a contingency fund for any unforeseen expenses, as well as incidental expenses like the cost of eating out when doing kitchen renovations or even booking a hotel for a night or two. Due to high discounts in the categories and several middlemen (distributors, retailers and contractors), there is very limited price transparency in the market. Therefore, buyers should meticulously research and choose the retailer from whom they want to make their purchases. With a few retailers offering their prices online, it is worth searching some trusted online stores, to compare prices of different products and brands, before finalising vendors.
See also: What is a home renovation loan
A major concern during home building or home renovation is that different categories of products (e.g. tiles, paints, electricals) are not available in one place. Going around multiple shops and service providers consumes a lot of time and money and also prevents the customer from getting a deal due to fragmentation of expenses. Therefore, customers should evaluate if one-stop shops or integrated stores, which offer multiple product categories under the same roof, are available in their city. Many companies are bringing the one-stop shop experience in home building retail (similar to grocery or apparel) to provide convenience and efficiency to consumers, hence, gaining loyalty, as well as revenue. The customer gets to choose from a wide range of products from various brands, without the need to visit multiple stores and deal with multiple people. This helps in saving time for the customers. It also helps in negotiating better deals with the retailers as the combined purchase can help one to get better discounts.
One needs proper scheduling, to accomplish a renovation process successfully and seamlessly. Without a defined schedule, there are multiple risks at hand. For example, artisans’ working time may overlap, leading to conflicts and work taking longer to complete, leading to increased costs. As a result, it is crucial to arrange and organise a list of the tasks that need to be accomplished and allot stipulated timelines. However, since home renovation depends on multiple external factors, one needs to be prepared for contingencies, as well.
See also: A guide to home colour selection
Pay attention to details
Attention to detail is imperative while renovating the house, because it helps to streamline the process, plan better, mitigate challenges and create a durable long-term home interior. Home owners need to keep a close watch on the daily progress and address changes/edits to the remodeling, on a real-time basis.
As a home owner, remodeling is one of the most fun things to accomplish but the elongated process can be very frustrating, as well. No matter how many schedules and plans are in place, there will inevitably be a few unexpected hiccups. To overcome obstacles and have a successful remodeling, one should adopt good planning, smart budgeting, smart buying, proper scheduling and keep an eye on the details.
(The writer is chief executive officer, retail, IBO)