Home renovations are appealing to homebuyers on multiple levels. Perhaps the most alluring perk is that you can buy a property below market value and take the money you save to turn it into the house of your dreams. But before you go crazy with drawing up plans, scheduling contractors, and pulling permits, consider that immediately renovating a new home isn’t always the best option. As tough as it is to be patient with something this significant, sometimes it’s more beneficial to wait.
5 Reasons You Should Always Wait Before Renovating
Renovating a recently purchased home right away has its perks. Perhaps the biggest benefit of all is that you can conduct the messy renovations without having all of your stuff in the way. This means less prep, fewer messes, and limited stress.
However, the pros of waiting almost always outweigh the cons. Here’s a quick glimpse at some of the top reasons why patience is a virtue in these scenarios:
You Need a Break
It’s no surprise that buying a home is stressful, but did you know that 40 percent of Americans believe buying a new house is the most stressful event in modern life? That’s what the results of a recent survey of 2,000 Americans by Homes.com reveals. Another 44 percent of Americans say they feel nervous throughout the entire process. The stress and nerves involved in the home buying process even brings 30 percent of first-time buyers to tears!
All of that data suggests one thing: You need a break after buying a house! The last thing you want to worry about is spearheading a bunch of renovations, managing a budget, and dealing with all of the big and little decisions that must be made throughout the process.
You’ll Change Your Mind
It’s one thing to see a house online and take a couple of walk-throughs. You can get a feel for what the house looks like, but you don’t truly know what it’s like to live in the property on a daily basis.
As you know from living in your current house or apartment, there are little quirks and oddities that you learn about as you become familiar with a property. For example: maybe the front of the house faces west and gets blinding sunlight and heat in the late afternoon hours. Or perhaps the master bedroom is actually a lot bigger than you thought it was after the previous homeowners moved their bulky furniture out. Whatever the case may be, it’s helpful to learn about the house firsthand before doing anything drastic.
You Need More Time to Plan
Trying to buy a house and plan renovations simultaneously will give you a massive headache. There are simply too many moving parts to allow the process to unfold smoothly. Between the seller, real estate agents, insurance agents, inspectors, architects, contractors, and designers, it’s easy to lose track of things and fall victim to the stress of simultaneously buying a house and renovating it.
You need more time to plan – that’s the bottom line. Even if it’s just a couple of months, giving yourself time to finish the closing process and plan ahead for renovations will allow you to be more conscientious in how you approach each phase.
You Need Time to Save Up
It’s always a good idea to save up for cosmetic renovations and upgrades so that you can pay in cash. By waiting a few months to start the renovations, you give yourself more time to pile up money and avoid taking on debt. This will eliminate a lot of the financial stress associated with the project.
You’ll Learn Some New Values
We live in a culture where you can have pretty much anything you want exactly when you want it. Fast food, Netflix, and next-day delivery are the norm. We don’t have to wait for anything, which means we don’t have as much patience as we should. By waiting to renovate your house, you get the opportunity to teach your family values like patience, gratitude, and contentment. Don’t miss this chance!
Helpful Tips for the Renovation Process
Whether it’s three months or three years, you’ll eventually reach a point where it makes sense to renovate your home. Because the renovation process involves multiple phases, it’s often helpful to break it down into to steps. Here’s what goes into a basic renovation project:
- Develop a plan with your list of needs, wants, and priorities.
- Establish a concrete budget (accounting for roughly 10 to 20 percent in unexpected costs).
- Research, interview, and hire a contractor whom you feel comfortable with. Get everything in writing at the beginning to avoid conflicts.
- Secure the proper permits and order materials for the job. (A good contractor will handle all of this for you, but it’s smart to stay on top of the process.)
- Next comes demolition of the existing design and layout. If you’re adding square footage or walls, framing will also happen during this step.
- The next phase involves any work that must take place behind walls (like plumbing or electrical). If drywall is necessary, it will soon follow.
- Once all necessary components are in place behind walls and under floors, the contractor will get to work on things like flooring, cabinetry, paint, and whatever other big items are involved.
- Finally, the contractor will conclude with finishing touches like paint, hardware, lights, etc.
While you may be capable of performing some of the renovations on your own, there’s something to be said for hiring a contractor to do it for you. You get what you pay for and the extra cost will ensure the job gets done right the first time.
Buy Your Next Home With Green Residential
At Green Residential, we do more than offer industry-leading property management services for residential landlords. We’re also proud to be one of Houston’s top real estate agencies – working with both buyers and sellers.
As you search for your dream home, we would love the opportunity to walk alongside you and guide your family through the process. To learn more about our services, please contact us today!