There are some steps that you will need to take when buying a home and it is important that you know how long the overall process and each step will take. Some of the steps will be in your control, but there are others that will not. The steps that you cannot control will also have a timeline that you cannot control.
Step 1 – Finding A Property To Buy
The first step in the home buying process is finding a home to buy. This step can take anywhere from a few weeks to months and is completely dependent on what you want. During this step, you will need to research the area you want to buy in, find an agent to handle the search, create a list of everything you want in your home and get mortgage pre-approval. All of these tasks can be done at the same time, but it is recommended that you first look at pre-approval for a mortgage to ensure that you know how much you can spend on a property.
Step 2 – Make An Offer
Once you have found the home that you want, you need to make an offer. Making an offer can take a day, but to complete this step you will need to have the offer accepted by the seller. If you have made an offer that is below the asking price, then you will be adding time onto this as the seller is likely to want to negotiate. However, this step should not take more than a few days between you making an offer and an offer being accepted.
Step 3 – The Mortgage And Survey
When you make an offer, you need to state that you are going to have the property inspected and this is the next step that you need to take. You will also need to finalize your mortgage at this point. Once you offer has been accepted you should contact your mortgage broker and ask them to start the paperwork. The mortgage lender is going to want to see the results of the property survey before they approve the lease.
The time needed for this step can be between 2 to 6 weeks depending on some factors. If you already have a surveyor ready to inspect the property, this could speed the process. However, the approval of your mortgage is generally out of your control, but being pre-approved should speed everything up.
Step 4 – Exchange To Sale
Once you have your mortgage approved and the survey is complete without any problems you can move to step 4 which is the signing and exchanging of contracts. It is important to note that until this point you are not tied to the sale and can still pull out if the survey highlights any major issues or your mortgage is not approved. Once you sign the contracts, you will have to pay a deposit on the house which is usually 10% to show that you are committed to the sale. If you pull out of the sale after this point, then you will lose this deposit.
The signing and exchanging of contracts will take two weeks to complete. This is due to the lawyers need to verify that your payment has gone through and to put all of the legal documents into the right government departments. The property title should also be transferred to yourself at this point.
Step 5 – Moving In
The last step of your home buying process will be moving in. During this step, you will need to sort out your buildings insurance and move all of your furniture into your new home. You will be given the keys to the property once the funds have been provided to the seller.