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Would you all start any of the initial work related to a renovation project after contracts are signed but before closing? We are strongly considering adding a 10×15 extension (3 stories) to a place we are hopefully going to have signed contracts on shortly.

It should be a straightforward close b/c it’s a 2 fam house within our affordability and we (husband and I) have excellent credit.

I would love to be able to start drawing up the plans and starting the work on getting work permits etc. while we are waiting to close, just to save time. We are hoping to not move into the property until the work is done, and therefore of course we’d prefer to get it done as quickly as possible.

However, is it a bad idea? Are we taking too much of a risk to start that kind of work before we have closed on the place? What is commonly done when people buy homes that require renovation before they move in?

Thank you for your advice!