Real estate: 3 reasons of buying a home in the summer - Key information
Whether it’s your first experience or a common practice, buying real estate is often an event that can lead to a lot of worries and uncertainties. Many questions can arise such as: what is the best season to buy? This recurring question is difficult to answer because each season has its advantages and disadvantages.
Our real estate brokers in Montreal help you demystify the issue by presenting you the main advantages of buying a property during the summer season.
Summer is the low real estate season
A real estate myth is that summer is the high real estate season, but this is false. The real estate market is more active in the fall, as well as in the winter. The high season starts in mid-September and ends in June. As summer is short in Quebec, people prefer to take full advantage of it and start looking for properties towards the end of the summer season.
This then represents a notable advantage of looking for a property during the summer, because if there are fewer potential buyers on the market, then better will be your chance to acquire the desired property at a better price. In fact, there would be less competition between buyers and opportunities for outbidding. You will have more choice in the inventory of available properties.
Inspection is facilitated
You found the property of your dreams. Accompanied by your real estate broker, you made an offer on the property and it was accepted. In the promise to purchase, the purchase of the property is conditional on an inspection. It’s the inspection clause that says the buyer must have the building inspected. During this inspection with a building inspector, your real estate broker can detect worrisome elements on the property or highlight major issues that were not listed on the seller’s declaration form. The pre-purchase inspection allows you to protect yourself as a buyer before making the big leap in buying your property.
Between the different seasons, summer remains the period that buyers prefer to inspect a property. With warmer temperatures and increased visibility: the advantages are numerous.
Additional visibility
Whether for a house, an income building or even a condo, the exterior structure of the property is an important parameter to consider when inspecting. A major benefit of summer is that there are fewer things that can affect visibility, such as snow or ice in winter. Accessibility is also limited. In winter, it can be difficult or impossible to access balconies, terraces and the roof. The inspection of the roof, as well as of the ground are then greatly facilitated in summer.
Better accessibility
During a summer inspection, the inspector then has a better accessibility outside the property and can then examine it accurately. For example, by earthworks, the building inspector will assess the risk of water damage. The flow of water can be checked by the slopes of the land.
Any associated structure, such as a pool, must also be inspected for stability. This accessibility is promoted in the summer.
Access to foundations
The foundation review is an important step in the inspection as a foundation represents the foundation of the building. Due to the better visibility of the building’s construction in the summer, it is also easier to access its foundations and evaluate their resistance.
The move goes smoothly
A considerable advantage of buying in summer is to move in ideal climatic conditions. In winter, the move can be accompanied by snow storms, ice storms and heavy ice falls. It is then necessary to use waterproof protections to protect objects. In summer, warmer temperatures can help move with greater ease and cause less nervousness. The days are longer and allow to make the move without worries before nightfall.
Summer often rhymes with long school holidays. The move in summer also allows families with school-aged children to change neighborhoods without disrupting their school year. If the children change schools, they will have the summer to familiarize themselves with their new neighborhood and meet new friends.
Moving in the summer also means taking advantage of the summer holidays to rest once the property is installed, for the happiness of the children, but also that of the parents.
As observed above, the advantages of buying a property in summer are numerous. The low real estate season will allow you to put all the chances on your side in order to distinguish yourself from the competition and acquire the dream property. Once the property is found and the offer to purchase is made, the summer inspection with your real estate broker and the building inspector will be facilitated. Finally, the move during the summer period will be all the more pleasant with the bad winter weather conditions.
Do you want to purchase a property? Contact one of our real estate brokers.
Read more real estate information
Drop in Key Interest Rate to 3.75%: An Opportunity for Buyers and Sellers!
Table des matières Montreal, October 23, 2024 – Today, the Bank of Canada announced a substantial cut in its key interest rate to 3.75%. This
Provident Fund, Maintenance Booklet and Inspector Certification for the Real Estate Sector: Bill 16
Table des matières On December 5, 2019, the provincial government adopted a major reform of the Régie du logement, marked by Bill 16. This initiative
Mortgage reforms: towards easier access to home ownership for Canadians
Mortgage reforms – Important points As of December 15, Canadians will find it easier to buy a home, thanks to two new reforms implemented by
