There are many questions that run through a first-time buyers’ head when they are looking at buying a home. How does it work? What is the process? What are all the hidden costs that I need to know about?
But one of the questions we see most often is: How long will it take to buy my first home?
It really isn’t always as simple as giving an exact number of months. So, we have decided to share some of the factors that a first-time buyer has to consider. Especially when trying to determine how long the process will take.
Estimating The Time Frame
In the beginning
So, you have decided to make the considerable investment of buying your first home. The first steps that you will need to take are as follow:
- Determine your budget. Make sure to leave room for all probabilities and do your research on what hidden costs you might expect to see.
- Request your credit score. This will give you an opportunity to see where you can make improvements. It also indicates the likelihood of an institute’s willingness to offer you a loan.
- Review your deposit. The bigger your deposit, the better. This brings your total loan amount down. It might even be a deciding factor when there are multiple prospective buyers looking at the same house.
- Get pre-qualified for a home loan. This will tell you exactly what you can afford and can make the process go smoother and faster.
- List all the things you and your spouse would like to see in a forever home. This can offer great information to a helpful estate agent to try and tick all the boxes. Be prepared to compromise on your wish list, unless you are building your dream home by yourself.
Completing the above steps is something you can do at your own time and has no time restriction or limitation. Once you have done these things, you are ready to move to the next step.
Finding your ideal home and making an offer
Once you have all your paperwork in order, the next step is to start the actual leg work. Only view properties that are within your budget to prevent falling in love with a home you cannot afford. Do not rush through this process. Be patient to find the home of your dreams. And never forget that this might be one of the largest financial investments that you will make in your lifetime.
Once you have found the home you want, you need submit your offer to purchase. This tells the seller will know that you are interested in buying their home. An offer to purchase is a crucial step that should be done at a sit-down meeting with your estate agent. If possible, try to have a home inspection done on the house too. This will help you to identify any hidden snags when it comes to the condition of the house.
The offer to purchase is sent to the seller, who may now choose whether to accept or decline your offer.
When the seller accepts your offer, the process of transferring the property from the seller’s personal name to yours begins.
Cancelling the seller’s bond can take up to 30 days, depending on the bank that they are with. Making sure that all the consequent legalities are properly adjusted can take an additional month or so.
Once the bond attorney informs the bank that ownership has been successfully transferred, final payments can be made. The buyer is now the official the proud new owner of their chosen home.
On average, a buyer can expect a sale to take roughly three months. But it is very possible to extend to a much longer period depending on the banks and other parties involved. Including the time spent preparing before the sale, the entire process can take anywhere between six months to a year.
Buying a home is an exciting and momentous time in anybody’s life. Contact us today to find out how you can become the proud owner of one of our beautiful family homes. Our brand-new The Milkwood Townhouse Complex offers a secure environment for you and your family. Our homes are perfect for first-time buyers to step into the property market. By buying directly from the developer, you will be able to save both time and money! We look forward to hearing from you.