I live in a cold climate - in Minneapolis, MN and am just getting started in real estate. Where I live, the weather can affect outdoor work significantly. If there's anyone who lives in a cold weather area, how does it affect your investment strategy? Do you consider the timing of your offers, the type of deal that you look for, or any other considerations?
welcome to the site. I also live in the cold. Right now the weather is affecting my strategy. I have a rental I would like to sell but I need to paint the exterior of it to get top dollar.
I will be waiting until springtime to paint & then list.
I always try to wrap up the outdoor work as much as possible in the fall and start gearing to do indoor projects. Your purchases in the late summer and fall should consider the weather particularly up north where you are located. We are fighting some serious cold this year. Stay warm!
Cold weather has never really been much of an issue here in Raleigh but this winter is different. My current strategy is to: FREEZE. :)
I live in Southeast PA and it is about 2 degrees today... That being said I tend to pick and choose my days. The flip we just got done was bought 11/10/14 and finished around the last week of January. We had a few nice days in the beginning to do a lot of outside work and then we would pick and choose the days that were warm enough for exterior paint and silicone. The only thing we didn't do much of due to weather was landscaping because the ground is frozen and there is snow on top. However we did clear some trees that were crowding the house and although it might not be pleasant you can always take trees and stuff down in the cold. As far as timing goes. I list the house when the house is done. If the weather clears up and the house hasn't sold yet I'll spread some dirt and plant some shrubs for a more completed look.
DuWayne, I love the winter because of this mentality! Winter is the best time to get out and find deals while everyone else is inside sitting by the fire. Fix up and sell/rent by spring/summer when the market gets hot!
I second @Collin Goodwin , I like to go shopping this time of year.
But as far as renovations, it makes things more costly. When it's 20 below there is no working outside and you need to keep the heat-up inside - with all the coming and going, it will cost extra to heat. In addition all cutting will need to be done inside (can't setup the saws out in the driveway), which means more time spent cleaning the job site.
We are just finishing a deep energy efficiency retrofit of a rental - inside is starting to look beautiful, but the outside is missing siding of one wall and the awning over the entrance needs to be build ... both of which will need to wait until the weather warms and the snow goes. It will make it a little more challenging to rent the unit next month.
I'm in northern Illinois and am currently working on a project and facing the same issues. I closed on the property in the middle of December, and work has been going on for the last 4-5 weeks on the interior.
The exterior, however, hasn't gotten an ounce of attention because of the cold. One of the challenges we face is having to pour new concrete for a walkway, which will not be done until it's at least 32 degrees out. Also, the cold makes it that much harder to repair the roof, which is something we also need to do.
My feeling is that you get the best deals possible when they come up, regardless of the weather and do your best to schedule exterior work to coincide with the warmest possible weather. The thing I learned was that I should have scheduled the exterior work to start as soon as I closed, since it was still in the 30s and 40s.
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