Dream Home Makeover' s Syd and Shea McGee on Welcoming Baby #3: 'We've Been Waiting a Long Time'

Lucy Call

Syd and Shea McGee are feeling grateful — and exhausted — after welcoming their third daughter, Margot.

The stars of Dream Home Makeover shared the news that their little girl arrived on July 18 exclusively with PEOPLE, and in this week's issue, they're opening up about the realities of being parents of three.

"I feel like I've always known that there was a third one waiting for us. And so just to have her here feels like I can take a deep breath," says Shea, 36. "That rush of emotion doesn't change for me. Even though she was our third, it was still really, really special. And with her, it was just like, we've been waiting a long time for you."

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Lucy Call

There's a significant age gap between Margot and their older girls, Wren, 8, and Ivy, 5, that aligns with the years the couple spent getting their design business — and more recently, their hit Netflix show — up and running. And being the parents of a newborn again has been eye-opening.

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"The biggest challenge is being exhausted all the time but I'm doing my best to give Shea space to nap during the day and hang with our girl gang," says Syd. "I am jealous of the version of myself from two weeks ago that had seven straight hours of sleep. It's all worth it! I just need an IV drip of caffeine at this point."

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The family is thankfully currently on a break after wrapping filming their third season a week before Shea's due date, and taking the time to soak up Margot's first days. Says Syd, "It has forced us to slow down, refocus on what's most important, and take time to really enjoy even the exhausting newborn phase."