We get calls just about every week from clients that recently purchased a home and want to remodel it before moving in. This isn’t surprising, as the number of new-build homes on the market increases, so does the number of fixer-upper homes that need some love. As a result, great opportunities are presented in prime locations with affordable homes that need work done. The benefit is being able to customize their home while building some equity along the way.
Unfortunately, it’s rare that we end up actually working with these new home buyers, as the cost of remodeling tends to be too high when they have already invested so much money in the house itself. Even if the clients have some money set aside for remodeling, they are usually taken by surprise at the reality of the cost.
That said, we often recommend that new home buyers live in a home for a while before committing to any major remodeling projects. Of course, small renovations and updates can be done right away, but ‘full-gut’ or expansion projects are better saved for later on.
Here are 4 good reasons to consider holding off on the big home improvement projects until you’ve had some time to settle in:
1. You have time to save some money
As mentioned, home remodeling is a lot more expensive than most people think. While it’s tempting to immediately hire a contractor that provides a low bid, this can land you in a very bad place and force you to pay even more if the job isn’t done correctly or to code. Take some time to save a little more money and do your research to hire a quality contractor; the extra time and cost will be worth it!
2. Living in the home first can determine your renovation priorities
Buying a home is an emotional process, especially for the first-time buyers. It’s easy to get overly excited with renovation ideas after a few hours of watching HGTV and browsing home improvement boards on Pinterest! However, until you’re actually living in the house, it’s difficult to know how you’ll adjust. Ultimately, it’s the day-to-day experience of living in your new home that will determine your renovation decisions and what is most important for you to spend your money on.
3. You need a break after buying a home
Buying a home and moving in is a big undertaking and can be both physically and emotionally draining. The stress that comes along with finding the right home, coming to an agreement with the seller, going through the financial process, and jumping through all of the other hoops involved is exhausting. A home renovation can be another stressful situation – a timely process, full of big decisions to make. It’s best to take a break from the chaos and let the dust settle before jumping straight into a big renovation.
4. You need time to plan
Any renovation, no matter how simple, should be designed with care. Because remodeling a home is no small feat, it’s important to work with a knowledgeable designer to plan out your project. Some home buyers want to get renovations started as soon as possible because they prefer not to live in the home while it’s under construction. While this might make some sense, it can still cause costly problems later if the groundwork for the remodel is rushed due to time constraints.
It’s understandable that nearly every home will need some extent of work done upon purchase, but there is no reason to stress yourself out and try to get all of your renovations done right away. Try living in your new home as-is for six months to a year. You may be surprised at how your perspective and renovation priorities change once you get settled in!
If you need some more advice about your home remodeling projects, or need help planning your designs, Medford Remodeling would be happy to help!
The Medford Remodeling Team