Many New Homeowners Prefer to do Renovations Before Moving In

You’ve done your research, saved your Pinterest boards and now it’s time to plan your renovations. Let’s look at 8 things to do before you demolish that wall.

 Planning is the secret to the success of a renovation. It’s the way to translate your images and pins into your dream home. 

1.

Make a detailed project plan of the renovation
Before you even start calling contrac­tors or designers, make an inventory of everything in your home that you want to change. This includes:

• Must-do changes or repairs
• Your wishlist if you had an unlimited budget

2.

Set renovation goals

Consider how the renovations would solve current problems, like a lack of space or light, and improve your day-to-day life. This could mean a bigger space for you and your family, better flow, or better use of space.

 When budgeting for a renovation, always expect the unexpected. Factor some breathing room into your budget just in case of emergencies. 

3.
Build out that wish list

This is the stage where you get to make that list of your dreams. This is where you get to learn about all the products out there and develop your style. It means gathering all your inspiration boards, visiting home shows and stores and even talking to your friend with the exquisitely designed home.

4.

Prioritizing the list

Once you’ve made your list, it’s time to create a framework to help you pri­oritize your renovations. What abso­lutely needs to be done, like ripping out moldy old carpet, versus what could wait, like landscaping?

5.

Figure out the budget

Once you have your list organized by priorities, you can start figuring out how much you’ll need to spend, and how much you can afford. There’s a lot of information out there to give you an idea of costs but working with a designer and a contractor will help you get a final number. (Plus, they may know where to get good discounts on paint and fixtures!)

6.

Find your experts and interview them

The best way to find a designer and a contractor is via word of mouth. If you like a certain design style, like minimalism or ocean chic, ask for the name of the expert and talk to them. Even if you love everything they do, interview them for fit and ask for ref­erences. Other questions to ask:

• Do you like clients to be involved or to have a hands-off approach?
• Where do you find inspiration?
• What is the most challenging thing about designing a home?
• What do you prioritize in a budget?

7.

Read all contracts

Don’t swing that sledgehammer until contracts are signed. When creating a contract, it should include:

• A clear description of the projects
• The contractor’s and subcontractor’s name, address and contact information
• A clear description of the total cost, terms of payment, a payment schedule and the initial deposit
• A work schedule with start and end dates

8.

Keep a reserve fund

It might be fun to spend your entire budget on renovations but keep some money aside for maintenance and taxes after you do the renovation.

You may have to live with dust for a few weeks, but you’ll revel in the satisfaction of a well-organized proj­ect when you relax into your newly designed home

 Living in a construction zone can be stressful, which is why many new homeowners prefer to do renovations before moving in. 

If you don’t have enough money set aside for the renovations you want to make upon purchase, Purchase-Plus-Improvements (PPI) allows qualified homebuyers to combine their mortgage with a home improvement loan and pay it back in one monthly payment.

 Everything You Need To Know About Purchase-Plus-Improvements. 

You find a home that you like and want to purchase it. It does need some renovations, but all your savings have gone towards the down payment. With a PPI-qualifying mortgage, you can buy your home and do those renovations. All you need to do is put down a payment of 5% of the purchase costs plus 5% of your renovation costs.

So, if your home costs $400,000 and the renovations cost $20,000, it would be 5% of $400,000 ($20,000) plus 5% of $20,000 ($1,000) for a down payment total of $21,000.

Repaying the PPI loan is easy. The cost of the renovations is spread across your mortgage once the work is complete and folded into your monthly mortgage payments in a plan that is easy and affordable for you.

If you’re considering renovations, we recommend the following upgrades to add value to your home:

• KITCHEN & BATH
• RENOVATION
• FLOORING
• NEW WINDOWS & DOORS
• BASEMENT
• ROOF
• REPLACEMENT
• ENERGY-EFFICIENT UPGRADES

By tackling home renovations as soon as you buy your home, you can get the dusty work out of the way early, giving you time to relax in the home of your dreams.*

Contact us today to learn more before house hunting.