| How Long Does It Take to Buy a House?
The process of buying a house involves several steps, and the length of time it takes relies mostly on the amount of research you put in. Once you have found a property that you like and have a signed contract, it typically takes 30-50 days for the transaction to close. To prevent any delays during this process, it is important to follow a step-by-step preparation.
The first step is research, which can take anywhere from 1 to 14 days. This helps you figure out what you want and need, including determining your budget. It’s essential to avoid looking at homes that are outside of your budget.
Getting pre-approved for a loan takes about 5-10 days and signals to sellers that you are a serious buyer. You should have your pre-approval ready before making an offer on a home. This requires having all your financials in order and submitting all necessary documents to the lender.
Finding the right house is a process that varies depending on your requirements and mindset, and it may take some time to find the one you want. Submitting an offer, negotiating, and signing a contract can take 1-7 days. Once your offer is accepted, you will also need to pay a deposit of at least 5%.
It’s crucial to get a professional building and pest inspection, which typically takes 1-7 days, unless purchased at auction. These should be included as contingencies during your cooling-off period.
Final mortgage approval usually takes a few days to 3 weeks, as lenders require additional details such as confirmation that your financial situation hasn’t changed, a building and pest inspection, and a bank valuation of the property.
The “settlement period” and legal process typically takes approximately 30 days. A solicitor or conveyancer will handle most of the legal aspects of your property purchase, including various titles, checks, and documents. Make sure to insure the property from the day you sign the sale contract.
On the day of your settlement, do a final inspection to ensure everything is working and in the same condition as when you signed the contract. Settlement typically occurs within 1 day, and your conveyancer will handle all necessary paperwork leading up to this point. By following a structured process and seeking guidance from professionals, you can minimize stress during the home buying process.
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