Ah, spring! The time of year when flowers bloom, the weather gets warmer, and it is peak time to buy and rent property. Spring is such a fantastic time to move for many reasons – some are cost-related while others are purely practical. For example, moving during the winter months in an area where it snows heavily just won’t be very pleasant!
Because spring is such an optimal time to move, there are certain things that rental property owners should prepare for as the days start to get longer and warmer. Once you understand why spring is favorable to renters and buyers, you can assess their needs and act accordingly.
Top Reasons People Move During the Spring
1. The School Year Cycle
Switching schools mid-year is difficult for many reasons. If the move is outside of a family’s current school district’s boundaries, they will have issues with keeping their child(ren) enrolled in school. Furthermore, if the family relies on the bus to get their kids to school, they may find themselves denied once they are outside of the regular route. For these reasons, and the fact that it may be difficult for children to adjust to a new school mid-way through the year, families tend to move when the school year ends in May-June.
2. Best Time to Inspect Property
Wintertime is the worst time to buy or rent a home because it’s difficult to physically see all of the property. When show and ice are covering the roof, septic system, ground and driveway, there is potential for a lot of issues to be hidden. Springtime brings a thaw that is extremely necessary in pointing out flaws and makes it easier for inspectors to do their job.
If you’re looking to invest in a piece of real estate during the wintertime, it’s especially important to keep this in mind. Accurate inspections directly correlate with accurate price assessments which will be necessary in order to secure a loan.
3. Discover Storm Damage
Unfortunately, it’s completely possible to have a seemingly perfect home during the summertime only to realize that it is weak against the effects of the harsh winter months. Springtime is a great time to rent or buy because properties will likely be unable to conceal storm damage during this time.
Buyers and renters should take special note of any and all storm damage that they see and consider how and when it will be repaired. As a renter, you may not want to live in a dwelling that is potentially unsafe. As a buyer, you don’t want to be stuck with the responsibility of repairing something that was damaged before you bought it.
Keep a keen eye out for water damage on ceilings (freshly painted ceilings and window trimming are tell-tale signs of water damage), rotting wood, mold, peeling siding, and broken pavement.
4. Transparent Basement Conditions
If you’ve ever watched the Great British Baking Show, you’ll know that they often say, “no one likes a soggy bottom!” Of course, they’re talking about pastries and we’re talking about basements. Springtime is prime time for water to start leaking through the foundation and flooding basements. Buying or renting during spring will make this issue very apparent right off the bat, especially in areas where the water table is high.
Where the water table is high, wet basements might be inevitable. Thankfully, they can usually be pretty easily managed with a drainage system or pump. During a spring inspection, buyers and renters can discover how to properly manage recurring, wet basements.
5. Price Drops
Because fall is the time of year to put your house on the market, sellers who find that their homes are still on the market in the spring might be willing to bring their price down significantly. This provides a great opportunity for people who are looking to buy a new piece of rental property, whip it into shape, and rent it out before springtime is over.
In addition, there is always the chance that banks are in control of property that should be making an income but isn’t and hasn’t been for a while. Potential buyers may find that banks are eager to sell these properties off and that they will do so at a discounted rate. Once the sale is final, the new buyer is free to rent the property to one of the many people who are looking to rent in spring.
6. Seasonal Pricing
Rental property owners may be pleasantly surprised to hear that rental prices typically peak during the spring because rental properties are in such high demand. This means they can raise their rental income by potentially thousands of dollars that year – more if they own multiple units!
Navigating Rental Contracts During Fall/Winter
Now that it is crystal clear why people are attracted to buying and renting property in the springtime, let’s get into buying and renting property in the fall and winter.
The numbers begin to fall as the temperatures do – houses start to go on the market at high price points and renters don’t want to move because it’s cold, wet, and school is just starting to kick up again.
Although it might seem like you’re in a stalemate with your properties, there is an excellent tactic for snagging those spring renters: short-term leases.
Moon Ridge Property Management Company understands the housing market better than anyone in Hartford County. Take control of your income by allowing seasoned professionals to help get you every penny possible out of your rental properties. As one of the best property management companies in Maryland, Mood Ridge will always have your best interests in mind – from spring to winter and beyond! Contact us today to discuss all of the options that are available to you!