Many homebuyers look to secure new homes in the summer months, when the kids are out of school and schedules are more relaxed. Yet there are lots of good reasons to save the home-buying process until the end of the year, when you can take advantage of motivated sellers and readily available moving help.
- If you are closing the new home by December 31st, you can deduct your equity costs and property taxes on your income tax return. This can end up saving you lots of money, especially when you are bound to pay a large amount of interest at the beginning of the year.
- As the year draws to a close, most builders offer attractive incentives to buyers in order to sell as many houses as possible. When buying at the end of the year, you can take advantage of these kinds of offers.
- Many homeowners look to sell at year-end in order to get a tax deduction when buying new homes. If you're a good negotiator, you may be able to benefit from their eagerness to sell by bringing down their asking price. But if you feel that the sellers are in a strong market, don't risk handling the deal on your own -- call on nearby real estate professionals for advice.
- It's a good idea to begin hunting for houses in the fall. While buying at the end of the year pays off, waiting until December to start your search may find you without many available choices. Starting around October, however, will give you plenty of time to locate and secure your dream home before the year ends.
- The moving process can be easier in the winter months. Most professional movers are occupied throughout the summer, but in December, you'll have a much easier time finding one who's available, ensuring that you can move on your schedule and your terms.
- The end of the year offers plenty of opportunities for celebration. Celebrate the holidays by welcoming your friends and family into your brand-new home!