How Long Does It Take to Buy a House From Start to Finish?

Buying a new home is exhilarating. It’s also a bit stressful. If you don’t know what to expect from the experience, you might not know when to start. Don’t worry about leaving before your lease ends or overstaying where you currently live. Learn how long it takes to buy a house from start to finish and feel confident planning your big move.

How Long Does It Take to Buy a House From Start to Finish?

Buying a house from start to finish can take anywhere from a few weeks to six months or more. It depends on numerous factors. Imagine someone who’s had their house for sale for a couple of months. They’re more likely to accept an offer quickly compared to another person who just listed their home yesterday and can move at any time.

You’ll also spend more time buying a house if you’re struggling to obtain a loan. Consider the various steps you’ll need to take to reach your closing date to better picture your potential experience.

Steps in the Home Buying Process

People always have slightly different experiences when buying a home. It involves numerous steps, so read through each of them to understand what your timeline might look like.

1. Look Into Funding Options

Houses are expensive. Even if you’re only looking for something small, you likely don’t have enough in savings to pay in full. There are numerous ways to obtain funding for your move. You should look into getting loans from banks and private lenders. See if the Federal Housing Administration will let you qualify for a loan with a more affordable interest rate.

You can also check out potential grants. They’re available in five different forms:

• Closing cost cash awards
• Down payment assistance
• Zero-interest, forgivable loans
• Mortgage tax credits
• Discounts on current interest rates

Although you may have heard someone say that you need to save a 20% down payment to buy a house, that advice is a bit outdated in today’s economy. There are numerous options to assist with down payments and even shrink that percentage. Look into your options to see which is available based on your financial history.

Time Estimate: 2-3 Weeks

2. Get Quotes From Loan Lenders

Loan lenders are banks and private companies that provide mortgage loans. You should contact them to let them know you’re interested in a loan of a specific size. Estimate this size based on what you’ve seen in the general market.

If you guesstimate that houses with three bedrooms are $400,000, that’s the number you should provide to lenders. They’ll provide an estimate of what interest rate they’ll give you if you qualify for that amount. You may need to go back to alternative financial support sources if you’re a first-time home buyer with limited or poor financial history.

Time Estimate: 1-2 Weeks

3. Search for Your Dream Home

Once you know what loan you can get, you can start the official search for your dream home. Filter your options by location, size and price. If you can’t find a property within your price range, check low-price markets. San Antonio recently saw a 4.3% decline in home prices due to the number of new builds.

Low-price markets can be rural or urban, so you’ll have plenty of options no matter where you want to live. This can be the longest step in the homebuying process because you may need to wait for the market in your desired region to become more affordable before you can proceed. Give yourself time to avoid buying a house that comes with a monthly mortgage payment that’s too costly for your budget.

Time Estimate: 1 Week-6 Months

4. Interview Potential Real Estate Agents

Anyone who’s interested in real estate agents should interview more than one. You need to find someone who understands your needs and is willing to work within your parameters. They shouldn’t compromise your timeframe or budget just to move on to their next client. Ask about the regions they cover, their ratio of buyers and sellers and if they work with a team to get a better idea of their expertise.

Time Estimate: 2-4 Weeks

5. Visit Potential Properties

You might know the differences between colonials and cottages, but they could feel different once you step inside. It’s important to visit potential properties before placing your down payment. You can either walk through available homes or new builds by the contractor that would build a similar floor plan for your selected plot of land.

The time estimate for this depends on the market. You could find your future home right away if you’re in a buyer’s market. You might need to wait a few months before a contractor finishes your home. It depends on when you start looking and what kind of home you want to buy.

Time Estimate: 1-3 Months

6. Make an Offer or Pay the Deposit

When you’ve found the perfect home, it’s time to make an offer or pay your deposit. Either way, your down payment will come from your pocket. Your loan won’t begin until you sign your closing documents. This step could take longer than two weeks if your seller wants to negotiate. You might also wait to get your home inspection done before agreeing on a final selling price, which will change your initial down payment.

Time Estimate: 1-2 Weeks

7. Schedule a Home Inspection

Home inspectors ensure that any previously or newly built property is safe to live in. They check the structural integrity of a home and look for any damage. They’ll provide their thorough report so you can renegotiate the home price if there are any issues. You’ll pay for this out of pocket for a new build, but you could also require the seller to pay for an inspection if the report finds issues with the home.

Time Estimate: 1-2 Months

8. Attend Your Closing Appointment

After your future home passes inspection and you agree on a selling price with the seller or builder, you’ll schedule your closing appointment. The date will depend on when the chosen law office can fit you in and if you need to wait for your home to finish construction. Your realtor will handle this step for you. If they work with a team, they may have professional connections that can make this appointment happen faster for you.

Time Estimate: 1-3 Months

Ways to Buy a House Faster

If you want to buy a house faster, there are options to speed up the process. You could make buying a house from start to finish much easier by trying a few strategies:

• Get preapproved for your home loan before starting your search.
• Automate your savings while you build your down payment.
• Buy from someone you know so they prioritize you as their buyer.

Purchasing a house takes time, but it doesn’t have to stretch on for long. Strategize how you’ll proceed with your experience to make it as fast as possible.

Prepare to Buy Your Next Home

Once you know how long it takes to buy a house from start to finish, visualizing a timeline is much easier. Figure out where you want to live, what kind of home you want and how you’ll build your down payment savings quickly. Everything will fall into place if you know what to expect from your experience.