19 Dec How Long Does It Take To Buy A Home
Everyone has a dream of buying a house of their own where they can spend time together with family, kids, and friends, where they can relax, or celebrate and do whatever they want to do.
In fact, their house becomes their whole world around which their life revolves, but that dream house must be worthy of holding all these dreams.
And that is why when people search for a house they intend to take time to make their decisions full proof. That can take time, but in buying a house that is not the only thing that is time-consuming but there are many more things that takes time.
So you should be aware of such things and processes and prepare accordingly so that you don’t face any further delays in buying your dream house.
First of all, let’s start with the preparatory moves and procedures that you need to complete if you want to complete your shopping for new property in an organized way.
And for that start with making a list of what you want in your new house. That can include a required number of bedrooms, requirements for kitchen, bathroom, balcony, terrace, garden, or whatever you need in your house.
Then make a list of all the facilities and amenities that you want in your neighbourhood. For example, whether you want a typical city life full of hustle and bustle, or whether you want a calm and peaceful environment full of greenery.
With that also look that if you use public transport then what are your nearest stations and you like to drive than what is the alternative route for that. Also decide whether you want your house near hospital, schools, supermarket and shopping streets.
These are the factors on the basis of which you are going to search your house so they need to be highlighted and decided in the beginning only so that your procedure of searching would be systematic and if you are taking services of broker then you can tell him all your requirements.
After this, the next very important step is to decide your budget as buying a house is a big one-time investment so you need to be careful about that. And generally, your budget will also decide that what would be your actual criteria for buying a house.
Because it is generally seen that houses with above mentioned facilities and location are high on budget, so it may be possible that if your budget is low then you might have to leave some of these facilities behind.
And also when you make your budget you will know what actually you have or how much you can arrange. As sometimes if you don’t have much cash then you need to take help with financing and loans and they will make buying a house slower.
So if decide all these things prior to taking any further steps then you can save a lot of time of yours and thus your time to buy a house will be reduced as a general approval of the loan will take 2 to 3 months.
Finding Your Dream House
After you have decided all these things the next step is to start the process of buying a house as it is already a time-consuming process that takes almost 4 to 5 months.
As you have decided your budget and your requirements for a new house, start searching for your new house. For that, you can also take the help of a broker and real estate agent.
And with that, if you are going to take a loan then start working on that too. Prepare all the needed documents and start the procedure of application approval.
So by this, you will be doing two things at the same time, one is searching for your new house when you are finally buying it your loan will be approved and you don’t have to wait for loan approval.
Most agents will suggest that you have a pre–approval of loan in your hand which signals the sellers of the house that you are in the position of buying the house and will make the buying of the house faster.
Now after you have approved a loan, ready cash in your hands, and an agent searching for a house for you the final steps will be actually doing the procedure of buying a house.
And after you have decided which house you want to buy, then work with your agent on price and negotiations, because most sellers will set a high price for their property and after negotiations, you can lower down that price.
Moreover, if the seller is in hurry and sees you as the only buyer of their property then he might lower his price up to your end. So you can’t undermine the importance of negotiations in buying a house.
After that work with your agent on contingencies, and other terms of the deal and if required then ask the seller to make the needed improvements and repair of the house.
And now it’s turn for the inspection, appraisal, and requests for additional documentation. This will generally take 5 to 6 days or even an entire week depending upon your documents and how well you have prepared.
The purchase and sell agreement will stipulate only after when you have completed your inspection, generally within 10 days of going under contract. Further, any inspection-related requests also have a deadline so that will also take time.
After you have ensured that the seller has completed all the repairing if there is any, and everything is alright then you to go to the title company’s office to sign the closing paperwork.
Although this generally doesn’t take time if your deal is complex then it may take some hours to close the paperwork. And finally, after this step, your dream house is truly yours which you can decorate as you want.
Meanwhile, don’t forget to book supreme man and van for your big move so that you can shift quickly and efficiently in your new home.
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