Not sure where to start or how long it might take to buy a home? Planning the journey to homeownership is exciting but can make you feel a bit lost without a roadmap. In this blog post, we’re sharing with you the home buyer timeline—how long it typically takes to prepare, find the right home, and close the deal. Below is a handy 12-month countdown infographic from Lynn Holley Real Estate Group to break it all down visually.
The Home Buyer Timeline
12 months: Review your finances
This is where you save for downpayment and review or mend your credit score. By carefully assessing your salary, financial situation, and housing needs, you can confidently know how much housing you can afford. Remember to prioritize financial stability and avoid stretching yourself too thin to have a stress-free and enjoyable home buying experience.
12-9 months: Establish a budget
Account for the following in your home buying budget:
- Cost of property
- Downpayment
- Closing costs
- Taxes and insurance
9 months: Identify home needs
Start a list of home preferences. Don’t forget to consider the location. Around this time, attend open houses. You may download our Home Needs and Wants Checklist here.
6 months: Select an agent
If you want a hassle-free home buying experience, then getting an agent will save you from a lot of stress. You can talk with an agent and even get a referral to some good mortgage lenders, inspectors, and more. We also have a helpful video explaining what agents do for buyers.
6 months: Get pre-approved
Whether you are a local homebuyer or a homebuyer in another part of the United States, you definitely need to secure lender pre-qualification (or even pre-approval) before shopping for homes for sale or before writing an offer. Of course, that’s not the case if you are paying cash for the property that you want to purchase.
Here you’ll be required to show proof of income and assets, employment verification, driver’s license and social security. Good thing you have prepared months before to show the lender you’re financially stable.
3 months: Start home shopping
Probably the most fun part of the home buying process. Since you’ve decided months before your preferences in a home, narrowing down your options should be easier.
2 months: Make an offer
Your agent can help you make an offer that is attractive to the seller.
2 months: Inspection
Around this time, schedule an inspection ASAP. If repairs are needed, it may delay closing.
The month: Final walk-through and Closing
A final walk-through is done within 3 days of closing. Don’t forget to bring your ID and check on closing day, new homeowner!
Take the time to learn about what you are getting into before you take the plunge into buying any property. When you are ready, please give our team a call!