Reasons To Buy Investment Property in Winter
The winter season is traditionally slow for home sales. That’s because parents don’t want to pick up and move their kids in the middle of a school year to a new district. Also, people want to spend the holidays at home without the hassle of listing, selling, and moving. If folks don’t want to move, they’re not looking to buy. That reduces inventory, but also competition. This is one of many reasons to buy investment property in winter.
Lower Demand Means More Room To Negotiate
With fewer buyers looking, investors have more room to negotiate on price and other accommodations for a sale. A seller who puts a home on the market in the winter is motivated. There might be a deadline for relocation coming up, or a financial crisis that requires a sale. Homes that have been listed for a long time mean that sellers get antsy and want to make a deal.
You Can Assess the Property in Winter Weather
It takes work, and it might not be as pleasant as shopping for investment property in the summer, but you can see how the home holds up to winter weather. During a walk-through, you can check for drafts in the home. You can also spot ice dams forming on the roof, and you’ll figure out if the home has cold spots that require additional insulation.
For homes that attract winter vacationers, you can assess the winter curb appeal and the features that winter visitors crave, like wood-burning fireplaces or ski-in-ski-out access.
Banks still need to make deals in slow mortgage seasons. Rates often go down, and sellers may be more flexible about closing dates. They may also absorb more closing costs.
If you buy a perfect property in move-in condition and you’re lucky enough to find tenants willing to move in during the winter, help out with reminders about winter maintenance. Visitors may not be familiar with the home maintenance chores necessary in the winter. Newcomers also need reminders about policies on snow removal, safe use of fireplaces, and emergency procedures.
There’s no reason to wait. Purchasing rental property in the winter increases the odds you’ll find a motivated seller, willing to make a good deal and close quickly.