| How Long Does It Take to Buy a House?
There are many steps to buying a house, and that takes time. Most of the time taken depends on how much time you spend looking for one. Once you have a signed contract, it takes an average of 30-50 days to close.
Step-by-Step preparation is key to prevent delays.
Research – 1-14 days
Start with some critical research to help figure out what you do and don’t want, including determining your budget. There is no good looking at homes that you simply can’t afford.
Pre-Approved for a Loan – 5-10 days
Getting pre-approved for a loan, signals you’re a serious buyer. You should have your pre-approval ready before you make an offer on a home. Pre-Approval requires to have all your financials in order and submit all documents to the lender.
Finding “The” House – time varies wildly
It may be love at first sight with the first home you look at, or you may be looking for ages to find what you are looking for. It is a process that depends on many moving factors all based around your requirements and mindset as the central point.
Submit Offer, Negotiate, and Sign Contract – 1-7 days
Congratulations – You have found the house you would like to buy. Firstly you need to decide what you are willing to pay and put in a written offer. This may or may not be accepted. When you sign an agreed contract, you will also need to pay a deposit. Of at least 5%.
Building & Pest Inspections – 1-7 days
It is important that you get a professional building and pest inspection. Unless purchased at auction, these should be included as contingencies as part of your cooling-off period.
Final Mortgage Approval – A few days to 3 weeks
Final approval is different from pre-approval. The lender will need a few more details. They will need confirmation that your financial situation has not changed, a house building and pest inspection and a bank valuation on the property.
The “Settlement Period” and legal process – Approx. 30 days.
The legal aspect of your property purchase will normally be handled by a solicitor or conveyancer. There are various titles, checks and documents involved in the settlement process. Your conveyancer will take care of most of this for you.
Make sure you insure the house from the day you sign the sale contract.
On the day of your settlement it is important that you do a final inspection. Make sure that everything is working and in the same condition as it was on the day you signed the contract.
Settle – 1 day
Your conveyancer will have taken care of all the paperwork and details leading up to settlement day. So there should not be anything for you to do, except wait for a notification that settlement has happened and the property is finally yours.
As you can see the time it takes to purchase a property can vary wildly. By following a structured process and having the help and guidance of professionals, you will step through the process with a minimum of stress.
Disclaimer: Although all care is taken. We do not give any warranty whatsoever to the accuracy of any content.
This is not meant to be financial or professional advice and is only of general nature. You must seek professional advice before taking any actions. The above information comes with no warranties whatsoever. We take no responsibility for any actions you may or may not take. All content is of general nature only and is NOT to be taken as advice whatsoever
Wes Davidson is a career real estate professional with over thirty years experience in real estate sales, leasing and management in Horsham, Ballarat and Melbourne. Wes has travelled and studied real estate extensively both here in Australia and overseas, always looking for the future of the industry and how best to adapt to help his clients. For Wes, the business of real estate is a commitment to excellence, knowledge and total client satisfaction. With literally thousands of sales made under his name, why would you want to go anywhere else?
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Wes Davidson is a career real estate professional with over thirty years experience in real estate sales, leasing and management in Horsham, Ballarat and Melbourne.
Wes has travelled and studied real estate extensively both here in Australia and overseas, always looking for the future of the industry and how best to adapt to help his clients.
For Wes, the business of real estate is a commitment to excellence, knowledge and total client satisfaction.
With literally thousands of sales made under his name, why would you want to go anywhere else?