When you’ve invested in a rental property, your priority should be maintaining it to keep …
Successfully purchasing a new home might be one of the most exciting moments of an individual’s life. If you’re a first-time home buyer, the thrills of purchasing property can be even greater. During the honeymoon phase after buying a new place, many eager homeowners start planning big changes to the property, from kitchen transformations to garage additions.
Though it can be tempting to personalize your new property as soon as you move, financial experts and real estate professionals alike urge new homeowners to proceed with caution. Here are three reasons why it might be a good idea to hold off on big projects until you’ve settled into your new home:
1. Moving is Exhausting
The average American moves approximately 12 times in her life, and even with the help of a moving company, nearly every relocation proves more tiring and challenging than individuals anticipate. Your move may take longer or cost more than you expect, leaving you cash-poor and burnt out.
After closing a deal on a house, you deserve a break. Instead of jumping into a new project immediately after the move, consider giving yourself a few months to settle back into your lifestyle first. You’ll be able to approach renovation projects with more energy and fresh ideas, and your savings account will have had time to rebuild a bit after closing the deal on your house.
2. Your Priorities Could Change
You’ll never really know a house until you’ve lived in it for a while. If you make plans to remodel a living area before you’ve experienced it, you could inadvertently change one of the room’s best qualities. Try spending a few months getting a “feel” for the home. Perhaps adding a bathroom will seem less important when you discover an irritating lack of closet storage or that the kitchen is downright impractical.
3. Hasty Decisions Rarely Benefit Your Long-Term Goals
Finally, in the excitement of personalizing a new home, some homeowners fail to think about a property’s resale value. Instead of investing in practical, long-term fixes, some choose to make somewhat frivolous alterations. Though you may really, really want to paint the entryway green, some trends will go out of style long before you’re ready to sell, and you’ll have to renovate again before moving.
It’s true that some renovation investments can be lucrative– for example, landscaping can increase a home’s resale value by up to 14%. However, making even practical changes immediately after a move can have consequences. The most fail-proof alterations won’t save you money if, in the process of remodeling, you find expensive issues that need to be addressed first. To avoid nasty surprises after you’ve bought materials for a project, be sure you’ve had time to learn about the home’s quirks and flaws.
Many new and seasoned homeowners alike are eager to embrace renovations projects. In fact, according to a recent survey, almost two-thirds of all American homeowners are planning on renovating. To truly enjoy your renovations and create the home of your dreams, don’t rush. Spend time getting to know your new place past the honeymoon phase to ensure the changes you make are the right ones.