You just found the house of your dreams and started the process to buy it! Buying a property is a multi-step process. Once you have made your choice, you will need to sign a sale agreement. This will allow you to withdraw the property from the market and start the procedures with your bank. Once the financing request is approved, you will only need to sign the deed of sale to officially become the owner.
The sale agreement has barely been signed and you are already impatient to start the renovations. Even if the idea seems good, it can be risky. Without the signed deed of sale, you will not be considered the legal owner. Here are a few reasons why you should be patient.
Start renovating without stress or risk
With the sale agreement in hand, you are already beginning to imagine the necessary renovations and hope to finish them as soon as you sign the deed of sale. However, it is recommended that you wait before starting to work on it. If you were to be refused a loan by your bank, you would not be able to recover the money you spent on the renovations.
In addition, since you are not the official owner yet, you would also be unable to subscribe to a home insurance. This can become a problem if there are complications during the renovation, such as water damage, damaged common areas or even electrical defaults.
You are also not immune to changes in your personal life. Job loss and health problems could jeopardise your plans.
You can still take advantage of this in-between period, which can last two to three months, to plan your work. Ask the current owner if they can leave you a spare key. If they agree, this will give you time to estimate the value of the renovations.
Take pictures and all the necessary measurements, and make your project in 3D. With this visual-aid in hand, you will be able to envision yourself more easily and finalise your plans as per your desires! Your real estate project will progress and you will avoid exposing yourself to risks.