The gap is too much and makes it painful to play. The guitar is a cheap Rs.2500 Jimm. Any suggestions, tips, warnings related to reducing the gap ? Also, i want to put an extra stud to fit a leather strap. Is this safe ?
Get it done by a guitar shop. You need to lower the action. You can put in an extra stud as well, but again, get it done by a professional as you may splinter/crack the wood.
