With so many houses being flipped on HGTV shows and renovation projects being discussed on Pinterest, it may seem like a wonderful idea to save some money on your mortgage by purchasing a house that needs work and costs less. And, while this is a great financial move, it may be more beneficial to live in your newly purchased property before you start your renovation project.
Here are 3 reasons why living in your newly purchased house is better than starting a renovation project immediately after purchase.
- You may change your mind
While you’re looking at houses on the market you may start to notice areas of the home you’d like to gut and start over on. However, by living in the home prior to hiring your contractors you may realize you don’t mind the layout or design trends that the previous homeowners used. This not only saves you money but also could help you to reestablish what verse what you need in a home, so you set yourself up for better long-term success as a homeowner.
- Give yourself more time to save up money
Houses are expensive, and after you’ve just put a hefty down payment on a home you may need more time to recoup. By allowing yourself a break after your initial purchase, you’re allowing yourself to breathe and relax after the home buying process — which can be very tiresome and stressful.
Instead of rushing into a renovation project, give yourself a time limit — say 6 months, after your initial purchase and move in day to save up a little cushion area.
Let’s face it, regardless what you have on your mind as a renovation project and how adamant you are to keep to that budget, 90% of renovation projects go over budget and over their initial completion deadline. Be prepared by having a little extra financial cushion for when this happens.
- Give yourself time to plan
When you first start walking through houses, you probably made lists of what you liked and didn’t like — then carried that over to this new homes’ renovation plans. However, renovation projects take time and money and are not something that should be rushed. Give yourself a little more time to think things through, plan accordingly and live in the home to see how the flow works or doesn’t work before you start removing walls or adding features.