You just found a home that you want to purchase, but you already have some renovations in mind that you would like to make before calling it your “dream home”… this is extremely common for so many homeowners these days.
I mean, it makes sense! You’re buying a home you mostly love, or that is in an area that you love and tweaking the things you don’t to make it fit the mold of the home you had always envisioned yourself living in, that way you get everything you wanted!
As a reputable renovation company, we see this ALL the time! So we decided to provide you with a quick list of some important DO’s and DON’T’s to consider when it comes to the process of closing and renovating a new (to you) home!
DO Start Thinking About Your Renovation Plans BEFORE Making a Deal and Closing!
Of course when you’re looking through tons of homes to find the one that will best suit you and your family your mind will be racing with all of the potential changes you could make to really have the space feel like your own. Be sure that even once you’ve chosen the home you want to make an offer on that you take some time to think about and do your research on the potential costs for any changes or renovations that you’re going to make once the deal is closed. The last thing you want is to make a high offer on a home and then realize it’s going to cost even more than you thought to renovate and now you’ve just blown your original budget out of the water!
DO Consider Any Costs You May Face Before You Can Officially Move In!
When it comes to buying a home that you plan to renovate immediately, there are a couple extra things you need to consider when it comes to additional costs in the process. Of course you can’t do the remodelling process until the deal has closed, which in itself can take some time. Once this happens you then need to consider whether you’ll be moving in and making the renovations happen around you, or whether you’ll need to budget for a place to stay during the “in-between time” of closing the deal and completing all of the renovations! (If you’d like to read more about the renovation process to help make this decision you can read our previous blog on the subject HERE!).
DON’T Try To Book A Contractor or Renovation Company Before Closing!
We know you are super excited to find your renovation company and to get them involved in the process as soon as possible, but by doing so before you’ve closed a deal and are guaranteed ownership of the home you’ve chosen, it may be a waste of both your time and theirs! It is nearly impossible to finalize, let alone discuss a hypothetical project on a home that is not even yours yet. You’ll want to have the ability to bring the team of contractors and/or designers into the space with you to create an effective layout, take measurements, visualize the project etc., and you will not be able to do this until the deal has closed and the ownership is transferred to you!
DON’T Start Designing Until The Deposit Has Been Finalized!
We know that once you’ve found a house, you’re super excited to start planning and designing to make it your dream home! BUT, do your best to wait until you are already in the contract phase and the deposit has been accepted by the seller and the ownership is yours! A lot can still change between the time of an accepted offer and an actual signed contract. Similar to what we mentioned above, as well as not wanting to waste any of your time, you also don’t want to spend the money on designing, only to have the purchase fall through at the last minute and then that money be wasted! Your absolute safest bet is to wait until completely closing before you involve any sort of design or renovation team, but if you absolutely can’t wait, be sure that at the minimum, contracts have been signed because a signed contract at least gives you a reasonable expectation that you are going to soon fully own the property.
These are just a few quick DO’s and DONT’s that we suggest you follow when it comes to closing and renovating a house! But be sure to be diligent and still continue to do your research if this is the route you’re choosing to take. We would love to be a part of this process with you, but of course either way we wish you all the best of luck with the journey to creating your dream home!
Here at Under The Sun Home Renovations LTD. We believe that all renovations should be a joyful experience for everyone involved! Whether that means renovating a home you already live in, or remodeling a house that you have JUST closed the deal on before fully making the transition into your new home. We are passionate about what we do for each and every client and we want to ensure that the process is as smooth as possible!
We welcome you to come to us with any further questions or concerns about everything and anything involving renovations and remodels for your home!