How to not be fooled when planning a renovation for your new house

Buying a new house is an exciting time for everyone in the family. More so if it’s your first home. Now that you’ve set your eyes on your lovely property, you’ll be tempted to start the renovation and move in right away! That’s totally normal to feel that way. But don’t let your emotions ruin your first renovation. Once you know this is the one, that’s what you’ve been looking for. There are still a lot of hoops to jump through till it’s actually good to start the renovation, whoever says otherwise? Don’t let them fool you.

Interviewing contractors
Source

Now you know what you want that’s how it goes from here

  • You make an offer
  • Offer’s accepted
  • You get a deal sheet from a broker
  • Optional: Your loan application gets started
  • Your attorney (or one provided by the bank) conducts due diligence review of the property and building
  • The contract is signed and deposit is made (approx. 5-10% of the property’s value)
  • Your transaction is approved by local housing authorities

And all that can take a long time. Now might be confused like, “Woah, that’s a lot of steps, when should I even start my renovation?” Let’s start with the easier part, instead of focusing on what to do. We’ll start with what not to do.

Once you know this is property and you want to live in. It’s very tempting to start looking for renovators right away. Believe it or not, even your broker will encourage you to do it. But just don’t and here’s why?

Looking for a contractor before finalizing

Working with designers
Source

You have no existing final layout, so there can be no productive conversation between you and an architect, designer or contractor. That’s equivalent of “Cooking Khayali Pulav”. You should only start when you’re in a contract with the seller. Now you can bring them to your potential new place (your deal can still fall through but chances of that happening are really slim). You may ask why here’s how. Something shady can come up during the due diligence, might have a hard time getting the approval from city building authorities or one of the many potential issues.

Let them take a look around and take measurements so you can have a productive conversation about your options. And finally, if you want to be super sure, they can even render some 3D images that will make you see how your place will look like once it’s finished.

If you are the risk taker

Still, if you want to take your chances, the best bet is to start with contract is in making. The minimum deposit has changed hands. But keep in mind, anything can happen between accepting an offer and signing a contract. You don’t want to spend money on design and see the purchase fall through.

Do not touch
Source

TL;dr DO NOT touch anything until everything is finalized and you formally own the property. No matter whatever gibberish your seller says.

Now that you know when to start a renovation, start with the right contractor. Fill out a form today with RenoMate and we’ll make your best dreams come true.

RenoMate provides the best professionals to match each project’s scope, budget and location. With our team of the best designers and craftsmen, we deliver you the renovation of your dreams on time. Follow the blog for renovation ideas, inspirations, and tips. Start your renovation with Renomate

Also, follow us via links below

Leave a Reply

Your email address will not be published. Required fields are marked *