Real Estate Remodels You Should Push to the Backburner Soon After a Purchase
Aug 30 2013
The financial earthquake that is buying a property is usually followed by a quiet calm where owners settle into their new home. However, there are those that continue the life overhaul and carry out major remodels on their newly acquired dwelling. While this ideal for some people and certain situations, it’s definitely not perfect for everyone.
If you recently entered the real estate world and exited back out with a mortgage agreement in hand, there are certain remodels you might want to avoid as a new homeowner. Many renovations represent extremely significant financial investment, and sometimes it’s best to get a feel for your new situation before executing them. A mortgage is a big commitment and the finances of the agreement are much more multifaceted than people assume. Any additional costs like property revamps can overwhelm an owner and take away the initial enjoyment of a purchase.
The particular projects to consider avoiding are listed below for your benefit. Whether you’re a Native American that just acquired a property on tribal land with an HUD 184 home loan or a first time buyer just out of college, the principle is the same. While everyone is different and your situation will be unique to all others, these ideas can still be applied and help you better understand the decisions you make surrounding your new situation.
1. Floor material
The floor material in your new home serves a large purpose. It ties the property design together and it protects the floor while making it easy to walk on. This is a prime example of a home feature you should probably hold off replacing if you just moved in. The main reasons:
-It’s expensive to replace
-If you don’t initially like the look of it, it may grow on you over time
-It’s an inconvenient project that involves longer-than-usual work within your new home
-Waiting it out could enable you to pick and choose exactly which parts of the house need new floor material, thus saving you money
Suggestion: You should think about waiting 6-8 months after moving in to a new property before completely replacing the floor material. If you can salvage any of it, even a room or two, it can save you serious finances, time and inconvenience. Time will allow you to better calculate where you want to go with this project. The kitchen is a particular area to avoid an impulse flooring upgrade soon after move in. See how it feels and take your time with this decision.
Landscape is one of those renovations that should be thought out extremely carefully. Especially if you’ve just moved in to a new home, you should take the time to accurately assess your lot and what landscape would even be viable. Some ideas to consider:
-Take a look at your neighbors landscaping to see what is ideal for the area
-Take the time to see where the irrigation and sewer line run outward from your house as this can affect where you place landscaping
-Consider the growth rates of any landscape you’re thinking about adding to ensure you’ll get to enjoy all of it in a reasonable time frame
Suggestion: Rather can carrying out a major landscape renovation right way, take a few months to internalize the existing outdoor layout. From there, try and build upon the foundation that the previous tenants started for you. It’s usually possible to blend your character into previously existing landscape, and this will help you save some base-level finances.
Appliances represent a multidimensional renovation opportunity that you as new homeowner should hold off on. The reason is that some appliances you have may be more functional and efficient than they look at first glance. You should aim to live in a home for a few months before getting carried away with this remodel. Quick ideas:
-Make sure the appliances all function adequately for your lifestyle and make a mental note of ones that don’t
-As you are figuring out how your current appliances stand up to the challenge, scan the market and gauge what prices you’re looking at and where you could possibly save some money
-If there are newer appliances that are just slightly damaged, explore repair opportunity
Suggestion: Appliances are the tools that help your home function with efficiency and ease. While it’s important that you have high performance machines that suit your needs, it can still be a process to find out how exactly you want to go about it.
Buying a home is a thrilling experience, as are renovations. However, some can wait a few months after you take over a property. Being patient can save you money and make your home better fitted to your personal desires.
Tim Richmond writes about Native American home loans for 1st Tribal Lending.
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