Sometimes, seeking the home that needs a little bit of TLC, can actually bring the consumer instant equity in the property, immediatley upon closing. Sweat eequity can come into play too, once you start renovations and home improvements. Sometimes, over estimating the work that needs to be done can cost excssive money and wasted time and energy. Our advice is to live in the home while undergoing renovations to see what really needs work, and what doesnt. Below are the top 3 reasons as to why you should consider and also, reconsider some renovations while moving into yur new home.
Changing Your Mind
Your first few vists to the home may have given you a ideas that will cost you a lot of time, energy, and MONEY. But, what if you start living in the home, and realize you actually don't need those larger renovaitons right away? You may change your mind a few times while in the thought process of renovation, so maybe hold off until you're 100% sure.
Step Back & Take a Break
You've just reached the closing table and now are officially a homeowner, congratulations! Digesting and understanding the home ownership duties and responsibilities can take some time to get used to. Make sure you dot your i's and cross your t's prior to making any large renovaitons, or decisions at first.
Timing & Planning
Multiple valued opinions from industry leaders from contractors, to electricans, and profesionals within the trade business is crucial. Having the right person for the job can make your process that much easier.
Some buyers want to jump into renovations because they don’t want to live in a construction zone or pay rent and a mortgage at the same time. While this may make some economic sense upfront, it can still cause costly problems later.
Often, buyers who said they don’t want a home that requires any work end up buying a home that needs at least some. It’s the natural evolution of the buying process. Rarely does someone end up buying the home they started off thinking they wanted. With more options and avialability that come onto market, you will want to expand your options regardless.
While you should be open to doing work on a home, don’t feel stressed about getting it all done at once. Live as-is for six months to a year. Take the home for a test drive and see how it runs. You may be surprised at how your perspective and priorities change once you settle in.