If you know that you want to buy a new home in Observatory Park in the near future, you may be wondering when you should start to search for the right house. For example, if you’re currently in a rental property and your lease ends in six months, is it too early to start looking now? How far in advance should you begin your search? Here’s a general overview of how long it may take to find and buy the right home:
Before you start looking at homes, you will need to speak with a lender and determine how much they are willing to loan to you. This is a process known as pre-approval, and it’s an important step in the home buying process. You will need to supply the lender with income, employment, and debt information so they can calculate what kind of loan you qualify for. Getting pre-approved can take as little as a week if you have the paperwork ready and respond to the lender’s requests in a timely manner. However, if you aren’t organized, it can take around a month to finish. How long does it take to get a loan?
Looking at Homes
People see an average of 10 homes before finding one that they want to buy, but this number can vary greatly depending on the current market. It will probably take several months for you to look at 10 homes in person, given that many sellers and buyers prefer making appointments on the weekends instead of during the workweek.
Submitting an Offer
Once you let your real estate agent know that you are interested in a home, he should be able to draw up the paperwork within a matter of days. Then, all you have to do is review and sign the paperwork so he can submit it to the seller’s agent.
Closing the Deal
The longest part of the home buying process is often closing the deal. As soon as the seller accepts your offer, a closing date will be set, but this could be months away. During this time, you will need to arrange for a home inspection, secure homeowners’ insurance, get the property appraised, and ensure that the lender has all of the documents he needs to officially approve the loan.
If you need to move into the home as soon as possible, you can always ask the seller for a quick close when making an offer on the home. There’s no guarantee that he will accept your proposal, but it’s worth a shot.
Are you ready to buy a home in Observatory Park? Now that you know how long it will take, you should know when to get in touch with the professionals. Contact Elevation Realty
to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey. If you’re just beginning your search, talk to our team to find out how far in advance you should start looking at homes.