Tips for Maintaining a Fix and Flip Property in Winter Months
Some experienced estate investors suggest avoiding the purchase of a fix and flip property during the winter months. The upkeep and renovations can be more difficult, and wintertime is notoriously more difficult to find buyers or renters. This is why it may be surprising to learn that some savvy investors actually recommend looking for fix and flip properties during the winter months, and with good reason. A winter purchase can be beneficial in ways that you may not expect, and maintaining it properly is possible if you follow a few simple tips.
You Have Your Pick of the Market
Purchasing and maintaining a wintertime fix and flip means you have less competition from other investors. You are more likely to score an excellent deal outside of the normal real estate season, so you can be pickier about the projects you choose to take on. With your choice of projects, you know exactly how much time and effort you are willing to invest. It’s possible that you can take on more projects than anticipated if you can pick properties that are easier to flip.
You Get a Trial by Fire
Another benefit to purchasing an investment property to flip over the winter months is that you gain experience in knowing about home maintenance during harsh weather conditions. In addition to paying attention to essential winter weather concerns, such as poor insulation or drafty doors and windows, you can assess the energy usage of the home and decide how you want to resolve the issues to make the home more attractive to potential buyers.
You Have Access to More Assistance
During the peak season, finding a contractor to handle the renovations on your flip can be like a competitive sport. In the colder months, fewer investors are working on renovations so you are more likely to get your pick of professionals. Contract rates may also be lower for many vendors, since the demand is lower. This means purchasing, renovating and maintaining a fix and flip property during the winter can end up costing you a lot less than you may have budgeted for a peak season project.
The care and maintenance of a fix and flip during the winter may seem like a daunting task. However, if you take into consideration the ability to be pickier about your chosen property and your contractor, it can be a benefit to pursue a winter project instead of waiting until a more competitive season.