Using a Loan for Home Renovations

home renovation

Improving your home sits at the top of good reasons to take out a personal loan. When you renovate, you improve the value of your home, as well as your comfort and your well-being.

Feeling good at home is a great gift. When you feel safer, more grounded and comfortable, you’re ready to enjoy time with your loved ones, you can rest better and tackle the day with courage. There is a sense of pride and accomplishment in completing renovations. Work well done, whether you do it yourself or hire professionals, will make you feel on top of things. Here are a few things to consider when tackling renovations:

DIY or professionals?

If you know what to do or can get assistance from someone who does, DIY will be cheaper and double up your sense of accomplishment. However if you don’t have the required skills or assistance, you may end up damaging your home or waste your supplies and have to get help in the end anyway.

Calculating your budget

Renovations always cost more than we first anticipated… That is until we get smart. Often, we budget based on the big costs – hires and main supplies. But then, we’re missing a tool, run out of supplies, or something gets delayed and we need to pay an extra day of work, or we forgot something and need to pay for more transport. There can be cleaning to do in the end, a present for those who helped. Here it’s about being realistic – optimism can be counter productive – and avoiding to buy things if you can, for examples borrowing tools and finding left over supplies from friends.


While you’re renovating, your home may be uncomfortable to live in. That means planning is not just about the work itself but also how you will run your day to day life when the renovations are in progress. For example, if the renovations involved plumbing, you’ll have to wonder about where to shower, cook and wash the dishes, or just access fresh water. Or, you may need to protect your belongings from dust or theft, or your family from noise, etc. Here again, consider that planning delays are frequent and the discomfort can last a little longer than you hoped.

But it will all be worth it. Good luck!


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Loan repayment terms range from 24 to 72 months. The maximum interest rate with regards to a DirectAxis Personal Loan is 27.5% per annum (compounded monthly). Your rate and initiation fee will be determined according to your personal risk profile.
An illustrative example of a loan at an interest rate of 27.5% per annum would be: Loan amount R50 000 plus a once-off initiation fee of R1 207.50 and a monthly admin fee of R69.00, over 72 months.
The total cost of the loan will be R 110 013.57 which is a maximum Annual Percentage Rate (APR) of 30.74%.