In today’s current market, most buyers don’t choose fixer-uppers over move-in ready properties. Because of this, significant opportunities abound in prime locations as houses that need work linger on the housing market.
In the competitive markets, experienced consumers gravitate toward these houses that nobody else wants because they could customize the house to their requirements and build equity along the way.
With that said, we often recommend that home buyers live in a new house for awhile before undertaking any major remodeling or costly home improvements. We are not talking about lighting or plumbing repairs needed to make the home habitable. We are referring to discretionary remodeling and other improvement tasks.
Here are three good reasons below to at least consider delaying on the big home improvement projects until you have had some time to settle in.
1. Living in the house could change your mind
You might have huge visions for what you would like to do to a house, based on the condition and your priorities during the time you purchase it. But until you are actually living there, it is difficult to know exactly how you will use the house, the things that will work for you and what will not.
It is ultimately these experiences that will inform your house improvement decisions, instead of early notions of how you will want your everyday experience to be.
2. After purchasing a house, you definitely deserve a break
Purchasing a house is a massive undertaking, an enormous change in your family’s life and a shock to your finances. We have seen home buyers jump through hoops and spend months on end looking for a house. A home renovation could be yet another huge and stressful project with all of the decisions to make and contractors to deal with. We recommend that you take a break from the stress of buying your new home.
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3. You need proper time to plan it out
All renovations should be designed with care. This means that speaking to multiple architects or designers to get their opinion on your ideas and options is a time-consuming process.
One hour with a qualified contractor can bring opportunities where you least expected them. For example, even though it might be an added cost now, moving the washing machines from the garage to the top floor during a larger renovation might save you time and money in the future.
Some home buyers want to jump into renovations because they do not want to live in a construction zone or pay both rent and a mortgage in the same time period. While this might make some economic sense upfront, it could still cause pricey problems later.
Buyers who said they do not want a house that requires any work end up buying a property that needs at least some. It is the natural evolution of the home buying process. It is rare that someone ends up buying the house they started off thinking they wanted.
While you need to be open to doing work on a house, you should not feel stressed about getting it all done at once. Live in the house as it is for six months to a year. You should take the home for a test drive and see how it runs. You might be surprised at how your perspective and priorities may change once you settle in.
Do you have a question about home renovation? Call 949-392-6400 to contact the Reed Team today!