Benefits of Buying a House at Year’s End
Buying a home is a huge decision. Each home buyer must will need to think carefully about the details involved in buying a home. A home buyer may want to find a home in a certain specific area. They may also want to buy a home that has a certain number of bedrooms and bathrooms. Another factor that goes into buying a home is when to buy it. Some buyers need to buy a home before school starts. However, many other buyers can be more flexible when buying their home. For those who are looking for a home at the end of the year, there are many advantages to doing so.
A Great Time to Look
December and January make great months to buy a house. While there may be fewer properties to pick from at this time of year, there are other benefits that can more than compensate for generally lower inventory. The thoughtful home buyer can take advantage of motivated sellers as well as other moving professionals who may be less busy during this time of the year.
You Will Save on Taxes
Mortgage interest is tax deductible. If you close on the house at year’s end in December, you can still deduct many costs related to your home purchase. This includes any points you paid as well as money such as an advance on your property taxes. Sellers know this as well.
Sellers Really Want to Sell
Many sellers who offer their homes for sale in months such as January, are highly motivated sellers. The house may have been sitting on the market for weeks during the busy season without selling. Just like you get tax benefits from buying the home, they also get such benefits as well. Many sellers now have a house in mind they would like to buy but can’t do so until they sell their own home. This can provide a huge incentive for them to work with those who want to buy their homes. You’ll both benefit from a motivated seller who wants your offer and will do their best to make the sale go through as fast as possible.
A truly motivated seller at this time of year will often offer lots of extra incentives to close the deals. They may offer to throw in the patio furniture you like so much or the upstairs lighting fixtures that have been imported from Italy. If you are working with a home builder, the small incentives may be even greater. A builder may be willing to give you the upgraded kitchen package you like along with brand new landscaping just to meet the end of year tax deadline.
It’s Easier to Find Movers
Just like home sellers, movers tend to be more booked during the busier housing season. While finding a mover can be hard in the much busier spring months, it gets easier when there are fewer people moving. If you are going to buy a house quickly, you will need to find a mover as soon as possible. The mover can make sure none of your cherished items get damaged during the move. Many movers are also happy to give clients discount on a move or throw in additional perks like an extra moving truck and additional movers to help.
It’s never too early to build equity. Equity enables you to save money. The money you put towards a mortgage is money that goes into your savings. As you pay down the mortgage, you will increase your savings. The end of the year reminds people that it’s never too late to begin their personal journey to home ownership and increased savings. The end of year makes the perfect time to think about your personal financial goals in the coming new year.
Consistent Monthly Payments
Those who buy a home also face steady costs. Unlike renting a home, the owner usually does not have problems with rising monthly housing costs. Owning a home means that you don’t have to worry that your landlord will be raising your rent at the end of the year. This is a great time to get out of a prior lease on your rented home. Many landlords have contracts that can be ended to the mutual benefit of both parties at the year comes to close. This way, the renter can move on from their previous living arrangements and find a new home in the new year.
Renovating is Easier
Many home buyers want to think about renovating a home before they move or once they are settled. Renovating it during the slower parts of the year can make it easier to finish the renovation. Many contractors are not as busy as the new year approaches. They may be happy to get work during a less busy season. The savvy home buyer can take advantage of this fact. Many companies are more than happy to give their clients a discount on work done when they may not have any other work at that time. This also allows the home buyer to get the renovations they want done on the house completed more quickly. A contractor who is not busy with other homes can easily devote all of their time and energy to the homeowner’s projects instead.
A New Start
Perhaps above all, a new year is a time for a new start in life. Buying a new home is one way to shake up many areas of your life for the better including your finances, social life and your overall health. A new home makes it easier to keep other New Year’s resolutions such as getting your finances in order. A bigger yard means a chance to spend more time outdoors. A large patio means more chances to parties with friends and family. A new home is a new chance to start life over again.