One of the most crucial investments you can make is buying a property. When doing so, you should consider various factors, including financial status and timing. As you know, timing comes with multiple advantages. If you plan to buy a property at the start of the year, it can be a great idea since it’s a new home, new year, and new beginnings.
However, when it comes to value, and other relevant factors, you should be aware of whether they’ll be beneficial to your investment plans. In this article, we’ll discuss more factors you should consider when buying a property at the start of the year.
1. Availability of Listings
At the beginning of the year, the real estate market receives a high number of listings. These are from the sellers who waited for the holidays to be over to sell their properties. Besides, if there are buyers who want a fresh start, the same goes for sellers. They usually want to get rid of their old property and get a new one. At the same time, they think that all properties from the last year have already been sold, so it’s easier to sell at the start of the year.
Since this is the usual case, buyers have a wide range of options when looking for a property, and have a higher chance to get what they want.
2. Potential for Better Deals
Since the holiday has just ended, getting a better deal may be easier, and negotiation can be smoother than expected. In addition, sellers who have listed their properties over the holidays may still be looking for buyers, so there’s a chance that they can accept negotiations to close the deal as quickly as possible. Besides, it’s not ideal for a property to stay on the market for a long time, so you can score a better deal.
And it’s not just the sellers. Many services, including real estate agents, movers, and banks also offer promos that can help you lower all your expected expenses. For instance, real estate agents can help you score the best property at the rate you can afford.
3. Mortgage Rate Considerations
If you can apply for a mortgage as early as possible, the higher the chance that you can get more stable interest rates. Besides, more often than not, mortgage rates become higher throughout the year, but are stable at the beginning. So, if you can secure a mortgage as early as possible, there’s no need to worry about the payment for your dream property. Instead, you can focus on the renovations and other homeowner-related tasks.
4. Time to Plan Renovations and Move
Buying a property at the start of the year allows you to allot more time for the renovations, especially in the spring or summer. Whether you’re planning for little repairs or significant changes to the property, you need enough time to hire professionals, such as architects, engineers, and builders. In addition, the planning process also needs enough time, so the construction is just in time for the summer.
Once the renovation is done, you can move right away, settle down, and enjoy the rest of the year in your new home.
5. Market Conditions
The market conditions vary from one location to another. So, even if the market conditions in your desired location usually have great deals at the start of the year, it may still be different this year. So, before you start looking for the ideal property, you should consult with a real estate agent first. Besides, they’re often aware of the current market conditions, so they can give you a heads-up on whether it’s the right time to buy a new property.
Meanwhile, if the current market condition isn’t great in your desired area, they can still give you other options.
Things to Consider Before Buying
Even though your real estate agent gave you a go signal based on the current market condition in your desired location, you should still consider other factors, such as personal references, financial situation, credit score, and long-term goals when planning to buy a new property.
At the same time, you should evaluate to take additional responsibility as a new property owner. Whether it’s your first property or not, you still need to give your best to ensure a fresh start.
Final Thoughts
Buying a property at the start of the year has a lot of benefits. However, you should also consider the availability of listings, better deals, mortgage rates, time for renovation, and the current market condition before you start looking for the right property.
When doing so, don’t hesitate to research, and ask for professional help for a more accurate answer. Additionally, let us know your thoughts about buying a property at the start of the year by commenting below!
ABOUT THE AUTHORAliana Baraquio is a web content writer working for Bennett Property, a family-owned company offering a full range of property services, including Sales, Leasing, and Development in Sydney’s Northwest. As a writer, she is passionate about providing good quality articles to help readers make the right choice.
