In today’s market more house buyers are looking for ready to move-in homes rather than taking on the challenge of a renovation. A result of this is that there are some great investment opportunities to be had. These properties can be found lingering on the market, potentially in prime locations, and sometimes with a great price tag.
Smart buyers gravitate towards these type of properties that nobody else seems to want. The reason for this? Because they can customise the home to what they want and need, whist building equity along the way!
However, it is recommended that buyers should live in their new home for a little while before making any major changes. This doesn’t include any changes like plumbing or electrical work that make the house liveable, but more like changes such as expansions, remodelling, and other big projects. Here are some reasons why you should consider holding off on your grand plans:
3 Reasons to take your time:
- You may change your mind once your are in your new home! When you viewed the property prior to getting the keys you might have thought of some grand ideas. But until you're actually living there it can be difficult to know exactly how the house may work for you. It is going to be doing the day to day in the property that will help inform you what home improvements you really need. Obviously, if the house barely inhabitable then this might not be an option.
- Have a break after all the stress you probably just went through! Buying a home is a big decision and generally a stressful one. It can be a big change in your life as well as a big impact on your finances. Adding a home renovation on top can add yet more stress and financial worry.
- Give yourself time to plan! You should always take your time to plan any home improvement no matter the size of the project. That means talking to all the right people – designers, architects, or contractors, to get their opinions on your ideas, this can be a time consuming process in itself. By talking to a well-qualified professional they can point out hidden opportunities, advise you on ways to save money, and try help you avoid any major mistakes. It is understandable that you may want to jump straight in but really weigh it up, would it be better to wait? While this may feel like the right decision at the time it could end up causing costly problems.
Live in your home for at least 3 months! You should take it for a test drive, and see what really does or doesn’t work for you. It may surprise you how much your initial ideas may change once you settle in.