Renovating or remodeling the house needs to be done from time to time so that the house becomes a more comfortable place to live. Not only for the residents of the house, renovating or remodeling the house will also make guests who come to visit more comfortable.
Renovating and Remodeling a House, What's the Difference?
Want to renovate or remodel your house? You can manifest this financial goal through Moneyfesting. However, you need to know first the difference between renovating and remodeling a house so you are sure you make the right choice.
What is meant by renovating a house?
If you want to make your house look more beautiful, fresh or comfortable to live in, then the goal is to renovate the house (reference: Better Homes and Gardens).
Repainting the living room walls and replacing the living room carpet because you will welcome relatives and friends during Eid are examples of renovating the house. Renovations can be carried out during the fasting month, for example. Renovating a leaking roof so that it is safe when it rains heavily is also part of renovating a house.
What about home remodeling?
Meanwhile, remodeling a house has a different purpose. By remodeling your house, you want to create something new from what already exists (reference: Better Homes and Gardens).
What are some examples of home remodeling? Adding a bedroom, expanding the kitchen space and changing the function of the bedroom into an office can be categorized as part of a home remodel.
So, it can be concluded that in general house renovations are smaller in scale than house remodels. Renovating a house also usually takes less time than remodeling a house.
Unexpected Big Expenses that You Wouldn’t Have Taken into Account for Renovating or Remodeling Your Home
What are the expenses that could make you spend more money or make your house renovation or remodeling budget swell?
1. Expenses due to change of mind
The first big expense turns out to be caused by yourself. For example, you are sure that you want to paint all the walls of the house and all the bedroom walls a bright color. After the painting process is complete, you then feel that the color for the bedroom should be calmer to make it easier for you to sleep at night.
Another example is that you have replaced the bathroom floor with a floor that is not easily slippery. However, because the floor stock available was only light colored, you bought it. After a few days, you realize that light colored floors look dirty more easily. You change your mind and want a darker floor color.
Expenses become big because you change your mind. Not only do you have to buy more materials, you also have to spend more money to hire workers, etc.
2. Spending on what's hiding (literally)
For those of you who want to remodel your house, for example when you start knocking down walls, several problems may arise. The problems are said to hide because it is only after the remodeling work begins that they become apparent.
Examples of the problems in question are the presence of termites, rot, water damage, and many more.
You will have to spend more money if you encounter one or more of those unexpected problems. And of course, after the problems have been resolved, the construction or remodel must still proceed until it is completed.
3. Accommodation costs while the house is being remodeled
Sometimes, a house remodeling means you can't live in your own home. This factor is often overlooked. If you can't live in a house that is being remodeled, you have to stay somewhere else, maybe in a hotel or rental property. Not to mention if you are not alone but have a family. The longer it takes to remodel the house, the greater the funds that must be prepared.
Prepare the budget for home renovation or remodeling by saving the Way You Want at Bank Jago
So that home renovation or remodel runs smoothly, there are several important things that need to be prepared. One of them is related to money. If you don't have the funds, how do you renovate or remodel your house? Therefore, you can start consistently saving in an easy and practical way.
1. Open a savings account that can be locked and topped up whenever you want
Since renovating or remodeling your house has become a Moneyfesting you want to achieve, you can start saving and secure your savings from unintended spending or irresponsible use. The way to do this is by locking your savings.
In the Jago application, you can lock your Saving Pocket and choose the period for locking the Pocket. Adjust it to the plan when you will renovate or remodel your home.
Even though your savings is locked, you can add money to your Locked Pocket at any time. Got an annual bonus or THR from your company but your savings have been locked beforehand? No problem, because you can allocate part of the bonus directly into your Locked Pocket for home renovation or remodeling.
So, if you choose to save in a Locked Pocket, you don't have to immediately save a large amount. Locked Pocket is very suitable for those of you who want to save little by little.
2. Save funds for unexpected big expenses in a deposit
For all the unexpected big expenses above, you can also prepare the funds by saving money in a Jago Term Deposit. Why in the Deposit and not in the Locked Pocket? Because you only use the funds when something unexpected arises. Therefore, you need a place to save where the funds can be withdrawn at any time without penalty fees.
The great thing about the Jago Deposit is that you can withdraw it at any time quickly via the Jago application and without paying any fines. So, it is very suitable as savings for all the unexpected big expenses above.
Do you want to do a small renovation first or do a house remodeling straight away? Whatever your plans, make sure you have prepared the funds first by saving the way you want with Jago.
