Buying a home in Winter
Tue 17 Feb 2015
Our director Chris Green spoke to PrimeLocation about the benefits of buying a home in winter. You can read his comments below or view the full article on PrimeLocation.com by clicking on this link.
Many Britons believe you have to wait until the daffodils are blooming and the early dawn chorus of spring birds fills the air before you can put your house on the market.
However, there are a number of good reasons why waiting until the temperatures rise and spring has officially sprung might not make sense when it comes to selling a property.
Traditionally, winter was not thought a good time to move. Vendors - especially those selling country homes - preferred to wait until skies were blue and spring bulbs popped up to make their homes look their best in brochures.
Hanging on until later in the year when many others have the same idea could be counter-productive, argues Chris Green of Green & Co in the Midlands.
“There are good opportunities for buyers looking now,” he explains. “Those selling homes in the quieter winter period are generally more receptive to reasonable offers, as there is less activity.”
With the Government’s Help to Buy scheme for those wanting to get on the property ladder, more competitive mortgage products and interest rates likely to remain where they are for the next 18 months or so, Green feels all the key factors are in place to inspire confidence in the market.
He recommends buyers look at homes that need a bit of attention. “There’s some added value there and equity will build up once you’ve carried out work to improve the property. Often, what needs doing is superficial and won’t cost a fortune – you can renovate a kitchen for less than £5,000 and a bathroom £500.”
Green’s also witnessing re-pricing of homes in some new developments around Birmingham and in other parts of the Midlands. He says you might be able to negotiate the price down or get extras, such as parking or an upgraded kitchen, thrown in.
Although you pay a premium for a new home, if it’s of good quality you could do well, he adds. “It will be maintenance-free for a few years, saving you time and money. Purchasers should look at the whole of the market, as it depends on their circumstances. There are pros and cons for new build versus older re-sale properties.”