Take the Leap: What to Know When Buying a Home in Winter

The winter months are when people selling their homes are most likely to offer very good prices. It is possible to get sizable discounts on the selling price and the closing costs. Not to mention that sellers during these months are more motivated to get rid of the property quickly. They will be more amenable to waiving cash demands and consider different financing options.

This is because there are always more sellers than buyers during the cold season. Buyers can find a lot more choices, less crowded showings, and even be able to fully avoid entering into a bidding war for a desirable property.

Don’t Be Afraid to Say Goodbye

If there are structural issues or parts of your home that need serious renovations, it might be best to start planning a move out as soon as possible. This might seem extreme but considering the direction of the economy, now is the best time to invest in a new home.

The cost of multiple renovations and fixes can equal the down payment on a house and you do not want to spend a winter in a home that cannot weather a storm.

Research Your Options

Find out as much as you can about what your options are in terms of financing. You might be able to upgrade to a much better quality home than you think. It might be prudent to hire a realtor to advise you on your options.

You might be eligible for any number of schemes from a VA loan to a USDA mortgage which can give you a lot more options on the housing market.

Get Your Finances in Order

Even with a good mortgage, you might want to consider consolidating any debt you currently hold. This will greatly ease your financial burden and allow you to monitor your spending. Also, this will help you to better manage your budget in terms of what you can and cannot afford to do with your new home. Thus, preventing you from taking the risk of buying a fixer-upper.

Get a Realtor

Realtors work on commission and business slows down during the winter. To meet sales targets, smaller real estate firms are likely to be willing to lower their commission. This will make your home more attractive to potential buyers.

If you use the same firm to find your new home, they might be able to streamline the process for you and get you a very good deal.

Inspect Before You Sign

Do a walkthrough of the property with a reliable contractor to determine if it is too good to be true or worth the asking price. The contractor should be able to advise you on how extensive any renovations might need to be as well as evaluate if the house is in good condition.

Pay special attention to the foundation, the water pipes, the insulation, and fire safety.

Faster Closing Time

house renovation

Properties that are available during winter are also likely to close faster once a deal is reached. You might be able to move into your new home very quickly. This will be a huge advantage as the long winter days will be a wonderful time to redecorate and make the home your own.

Mortgage providers are likely to see fewer applicants during this time as well and the time you have to wait to get approval will be significantly shorter.

Little Details Are Important

It might not seem necessary to check for little details during the viewing process, but it can be very important for home safety. Check to make sure that there are smoke alarms in the home. Check all electric outlets for safety and cleanliness as well as to see if they have safety locks or are childproof.

Make sure that all door and window locks are tamper-proof and newly installed.

These are all important details that will keep you safe and can save you money down the line in numerous ways.

Realtors know that winter brings out serious buyers. They know that if you are looking for a home during the cold season, it is very likely that you will purchase one. This will motivate them to encourage their sellers to consider your offer even if it is lower than their selling price.

This also means that your home will sell faster giving you better financial standing when redecorating or making minor renovations to your new place.

Considering the lack of competition for homes, the savings you can make, and the easier availability of movers in winter; this might just be the best time to look into upgrading to a new home.

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