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sales@arbeerealestate.com.au

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How long does it really take to buy a house?

8 Jun 2016 cathrynmcdonnell 0 Comment

Homebuyers are often left surprised by how long it can take from the moment they decide to buy a home to the moment they’re moving furniture in.

Buying a home can be a long and complicated journey and while some people are in a new home within just months of their decision to buy, other people might take years searching for the right place.

Financial preparation

The first step for a lot of homebuyers is getting their finance sorted out so they know exactly what they can offer when they start their property search. Some lenders can offer almost instant pre-approval if you have all your figures at the ready, however be aware that this basically will just give you an idea and isn’t a formal approval.

In fact, while pre-approval is well worth having and you should be dealing with your lender as early in the buying process as possible, your final loan amount won’t be agreed upon until all factors are known and a valuation has been done by the lender on the property you intend to buy.

The searching begins

Once you have figured out what you want to spend, it’s time to start the house hunt. This is often the hardest part for a lot of homebuyers because you might not find the right home as quickly as you would like.

It’s very rare for someone to end up buying the very first property they visit. In a lot of cases, buying a home involves many weekends of looking at open homes and weighing up whether it meets all of your requirements. Location, price, land size, house size… these are all elements to consider and sometimes it’s hard to get the best of everything.

A lot of buyers might also make quite a few offers, or bids at auctions, before they finally end purchasing a home (and they may end up spending more than they initially set out to as well).

When it’s time for settlement

After all those weekends spent going to open homes, real estate offices and auctions, you’ll probably be ecstatic to have finally purchased a home. Hopefully it will be a smooth ride from here on in, but settlement times can vary from an average of 30 days or considerably longer depending on the conditions set out in the contract.

Make sure you have a good conveyancer or solicitor at this point to help guide you through the settlement process and ensure you’re in your new home as quickly as possible.

Patience and persistence is key

Everybody’s home buying journey is different, but if it’s taking longer than you hoped for, the important thing is to be patient.

Buying a new home doesn’t happen overnight and a lot of buyers will walk through countless open homes before deciding on a place that fits their needs and budget.

If you miss out on a property you fall in love with, remember that there are plenty more out there and from experience we find that when a buyer misses out on a property they love, they end up finding another one they love even more.

Good luck on your home buying journey and if you need any help along the way then don’t hesitate to get in touch with the Arbee Real Estate team.

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