What are the top benefits of buying homes in winter?

It does not come as a surprise when people ask if they should be buying homes in Toronto, especially during winters. The question is are there any advantages to be buying a house in the winter? In all honesty, when it comes to buying a home, winter is never a common or popular choice. The cold, snow, short days and the chilly wind makes one want to stay cozily at home, rather than going out for house viewings. Moreover, despite Canada booming in real estate, Toronto’s real estate market is pretty slow during winters. People usually prefer waiting till spring to purchase a house.

However, as a home buyer, there is a chance of you benefiting by going against the norms of buying a house in spring or summer. There are some perks to buying a house during winter, perks that makes the entire buying process much easier and a little more productive. It is more common than you think or sellers to ask their real estate agents if they should take their house advertisement down during winter, but it may not be as advantageous all the time. Today we will be sharing with you the benefits of buying a home in winter.

1. Fewer Buyers

This is the number one reason as to why you should consider buying a home during the winter season. That is because there are fewer buyers in winter as compared to spring and summer. As a buyer, you should have the goal of wanting to be special in a way then when you walk into a potential house, the owner gets excited to have you there. This is something that you can expect in the winter. As when you go for a house viewing in spring and summer, the owner remains casual as you are not the only one visiting their house on that day, because there is no shortage of potential buyers during these two seasons.

Moreover, when there are more potential customers for the sellers, there is a huge possibility of a bidding war. Every buyer will most likely be interested in the house, and will be prepared to bid the highest. Also, you might struggle to have the opportunity to even make an offer because during peak seasons, houses are sold at a record speed. Which is why, when you are viewing a house in winter and further making an offer, the seller will give you their hundred percent focus as there are fewer buyers. Hence, sellers will not only be eager to sell the house but will be looking forward to closing the deal as soon as possible due to the risk of losing out a potential buyer.

2. Chances Of Getting A Better Deal

Be it normal or luxury properties for sale, as buyer you always aim to get a good deal because you do not want to put yourself in a spot financially. Therefore, if there are fewer buyers in the real estate market during winter, there is a high chance of you being able to attain a better and reasonable price on the house you plan on buying. This is all because of the fact that these sellers, will not have many offers during this season and might eventually be willing to further negotiate with you to settle on a price that makes both of you happy.

Of course there is absolutely no assurity that you will find a property that cheap, but due to the winter season’s demand and supply, it will increase your odds of being able to find a house at a much fairer price. Another option is to look at houses that have been on the market for quite some time now, as this makes the owner more impatient to sell their property. That is because with the extremely long and cold winter days ahead of them, sellers will be more willing to negotiate the selling price in order to get their house off the market.

3. Witness The House Durability In A Harsh Weather

Toronto properties for sale are famous for their beautiful backyard, lawn, architecture and ambience. But, this is not the case for when the same house is viewed in winter. This also depends on the real estate market you are investing in, because winter might be the toughest and hardest season for a house. The wind, cold and moisture is a great test of ability of the house because it determines how well the house protects and keeps its residents insulated. This is something you want to know before purchasing a house.

You will not be able to test or judge the insulation of the house during spring and summer, hence winter is the most appropriate season to test this out. If the insulation is weka or bad, you will not want to buy that particular house. Furthermore, there are more issues that are highlighted in winter as compared to the other peak seasons. You will be able to notice an ice dam only in winter and this is something that will affect your decision. Therefore, if you buy a house in winter, you have the opportunity to witness these issues firsthand and even do repairs before time.

4. Tax Incentives

Not everyone is aware of the tax incentives they have when purchasing a house in winter. For example, if you are able to close a deal on a new house on or before the end of the year, you have the opportunity to deduct tax distribution on your mortgage, interest, loan and the interests cost coming from your taxes. Let’s face it, as a new buyer you will no doubt have to pay a monthly mortgage amount and during the first few months, most of these payments in the interest attached to your mortgage. Which is why, if you purchase a property during the winter, a large sum of your interest on your mortgage might be deductible!

Moreover, having the opportunity to avail property tax deductions, is a hguhe benefit especially if you are living in a state that has a high percentage of property tax. This will allow you to take a bigger deduction on your tax. Last but not least, we all pay end of year taxes and this could be your biggest motivation to buy a house in the winter season. This is due to the ability to receive tax deductions and this is beneficial when you are paying your home loan, as this will be financially advantageous for you.

5. Less Busy Realtors, Lenders And Movers

Winter is not a popular or busy season for realtors, lenders and movers. This is why realtors are usually much more eager to work alongside motivated buyers during winters, and lenders are less occupied with paperwork, which makes the lending process much faster for you as a buyer. Where as, when you are buying a house in spring and summer, realtors more preoccupied and this ends up with your lender taking a longer time to process your loan, which in return delays the entire home buying process.

Furthermore, rental equipment companies have a lot of free time on their hands because winter is not a busy season for them. Which why you are in luck if you are purchasing your house in winter, because you will be more likely to secure and book a moving company services on a shorter notice, that is not the case during spring and summer. Therefore, all realtors, lenders and movers will be able to help you out much faster and efficiently during winter.

All in all, what is most important is for you to weigh out the pros and cons of buying a house in winter. But, we hope that if you had any doubts about buying a house in winter, they are cleared after getting a clearer picture by reading the above mentioned benefits of purchasing a home in winter!