Why you should live in a home before renovating

Renovations improve the value of your home, but learn why it’s better to relax than to rush

If you’ve heard it once, you’ve heard it a thousand times – there’s no such thing as the perfect home. Every home will be missing something – a big backyard, walk-in closet, extra bathroom. The trick is finding a home that’s almost perfect, and then renovating it so that it will meet your final criteria.

Renovations are a great undertaking – not only do they allow you to customize your home to your requirements, but they enable you to build equity that will help protect your investment from potential future market decline.

With that being said, don’t start swinging that hammer just yet. It’s important that you live in your new home prior to starting any renovations. Holding off on renovations until you’ve moved in and settled may sound inconvenient, but it’s actually quite smart. Here are a few important reasons to wait before renovating, even when the real estate market is flat.

1. You’re going to change your mind

Priorities change, even in as little as six months. Sure, you have great plans for your new home now, but are those dreams and aspirations really necessary or beneficial to your future? A gigantic master closet sounds wonderful, but is it really a sound investment to remove a bedroom in order to make it a reality? Probably not. Ultimately, it’s the day-to-day experiences that you have with your new home that will help you better understand what renovations make sense for your living conditions.

2. You deserve a break (and so do your finances)

Buying a home is no easy feat. It’s a huge life change, as well as a huge investment. Your emotions, and your bank account, deserve a bit of a break after the initial shock of purchasing a home. Remember, owning a home is a lot like managing a second job – you’re going to need to devote considerable time, effort, and money to the daily maintenance of the property. It’s going to be a draining experience in the beginning, so why bog yourself down with even more stress by renovating? Take a minute to breathe and enjoy your new home.

3. Renovations require planning

Renovations need to be planned with care. This means bringing in the big guns – architects, plumbers, electricians, contractors – in order to plan, design, build, and polish the perfect addition to your home. While some buyers want to get the renovation ball rolling immediately in order to avoid living in a construction zone, this isn’t always the smartest idea. Rushing into expensive renovations before you know exactly what you want out of your new home is risky.

Live in the home & watch your perspective change

While you should be open to tackling some renovation projects on your home, don’t feel like you need to complete them the minute you move in. The first few months of owning a home will be a shock to your financial plan. It will take a while to understand and budget for your regular expenses, so focus your energy there. You’ll have plenty of time to tackle renovations in the future.

Ideally, you want to take some time to live in and experience your home first...you may be surprised by how significantly your perspective and priorities change in the first few months!

(Need a little home-buying advice? A mortgage broker can help.)