So you’ve just bought your first new home and renovation is on your mind. You can’t wait to move in and make it your own place! But can you afford to both? Read these tips before you commit to projects you may not be able to finish.
When you buy a new home and renovation looms large, you’re probably excited by the possibilities. There will be things you want to change. For example, take a wall out, redo the upstairs bathroom, or designing a new kitchen. You’re sure the budget will stretch just a little further, right?
Well, there’s a good chance it won’t, and you’ll still have all of these reno dreams in your head to deal with too. What are you supposed to do? You increase your chances of being able to afford the new home AND renovation too!
3 Ways to Have A New Home AND Renovation Too
Know Your Loan Eligibility
If you’re going to be paying for both a new home and renovation you’ll need to apply for a loan and/or mortgage that will help keep your budget on track. For example, if you’re a first time buyer, look up your eligibility for a keystart loan. This will certainly help keep those hard earned savings in your bank account for later!
You’re Going to Need a Few Professionals on Your Side
You’re also going to need to hire people who can help you to determine the cost of a renovation. Professionals will advise on how to go about buying a new home and renovation in order to save some money. First of all, you’re going to need a designer on your side, if you’re not one yourself. Remember, a professional always has a bit of advice you didn’t know or didn’t even begin to think about!
Designers will see the layout you’re working with. They will point out how to make best use of space, and not knock down walls or put up light fixtures in entirely the wrong places.
Take Your Time
It’s important to take your time with planning out how you want to live in your new home. Because doing a renovation first thing, before you’ve even settled in, can be a very bad idea. After all, you don’t know how you feel in the space yet, or how you’re likely to use it, or where you even automatically seem to assign items to the space. And when you renovate too soon, you waste money – let’s help you save some, and even build some back up, before you get to work.
Because without knowing any of this, how are you going to renovate effectively? You’ll just be flipping rooms that don’t need any work doing, and you won’t put the new bath in the right place in that downstairs bathroom that you hate so much. So take some time, get to know your new home – about 3 months should do the trick, and then you can think about renovation works!
Affording a new home and renovation, on top of putting down a deposit and finalising a sale for a new home, are muddy waters. Tread into them carefully!