The cold months are here, once again, and many of us may have been caught off guard by the latest chill. However, for those brave souls planning to buy a home amid the cold, ice, sleet, and snow this year, here are some tips to ensure a successful, informed purchase.
Embrace the Winter Market Advantage
Let’s face it, the nice houses will sell well year-round, but a neglected home that gets few visitors in the busy season will hear crickets in the winter. Those sellers may be motivated to agree to prices and conditions that others won’t. This may translate into more negotiable prices and favourable terms for buyers. With reduced competition during the winter months, take your time to make informed decisions without the pressure of a bidding war.
Inspect the Outdoor Space and Imagine Year-Round Living
When touring homes in winter, it’s common for buyers to shy away from exploring outdoor spaces. Bring snow boots and venture onto the snow-covered deck, patio, or yard to get a feel for the property. Don’t let winter weather limit your exploration—imagine the potential of these spaces in warmer seasons, and consider how landscaping and outdoor activities can enhance your year-round living experience.
Visualize how the property suits your lifestyle throughout the year. Despite winter conditions making the exterior less inviting, focus on the potential of outdoor spaces in warmer seasons. Google Street View or Google Earth can provide a different perspective on the home, helping you envision its year-round charm.
Be Mindful of Hidden Defects and Deficiencies
Lawn care may not be the current owner’s forte, and there may be a weed-choked lawn waiting to flourish in the Spring, or the fifteen-year-old shingles may be hidden beneath a sheet of ice and snow. This time of year demands a keen eye and a professional local real estate agent to seek reassurance about the condition of some of these items. This could include seasonal photos, dates and copies of invoices for exterior repairs and updates, etc. While this will help, there’s only so much that can be done. It’s important to be aware of the risks that come with buying a house at any time, including that you may not be able to test the A/C until several weeks or months after closing, leaving you in a situtation where it’s less likely, if at all possible, to claim a warranty clause against the previous owner.
Top things to consider when buying a home in the winter:
- Find out about the age and condition of the roof
- Ask the homeowner to shovel snow from hard-scape areas prior to your home inspection
- Check in the attic for signs of leaks and water penetration due to ice-damming
- Make sure exterior hose bibs are shut off to avoid floods and damaged plumbing before closing
- Test all heating appliances, including gas fireplaces
- Use a thermal camera to look for areas of heat loss due to low insulation-think exterior walls and ceilings adjacent to an attic space
- Inspect exterior doors and windows for drafts
- Check for backdrafts in exhaust vents and attic hatches (this isn’t often a big deal, or something that a seller will fix, but it provides insight into areas of opportunity for future energy savings)
- Cracked caulking around exterior doors, windows, and all points of penetration (pipes, electrical, etc.)
Holdback and Warranty Clauses
Including clauses for holdback of funds and extended periods for warranting a pool are very common when our top Milton real estate agents negotiate deals in the winter, but they’re less common with smaller appliances and equipment. Saying this, if both parties agree, you can include virtually anything in an agreement. So, if you have reason to believe there could be a problem, or the risk of something not being in working condition is too great for your comfort, have your agent discuss options with the listing agent to provide some peace of mind. Depending on market conditions, the sellers may be open-minded to a reasonably worded condition.
Extra Conditions May Be Needed
Collaborate with real estate agents in Milton to determine if additional conditions are necessary to protect your investment. For instance, a hold-back condition could be added to the offer if your dream home includes a pool. This entails holding an amount of the sale proceeds until the pool can be opened and proven to be in good working order, providing an extra layer of assurance for the buyer. If the home is vacant, a condition requiring the seller to keep the home at a comfortable temperature is another example of a condition unique to the winter buying experience. If the vacant home goes without due care, low (or high) humidity and low temperatures could cause serious damage to several components of your new home. Holding the sellers accountable with a friendly reminder via a well-worded clause could make for a smoother experience.
Navigating the winter real estate market need not be chilly; instead, it unveils distinctive opportunities for savvy homebuyers. Get out there, Embracing the cold and happy house-hunting!
