Does buying a home take a long time?

Buying your first home is exciting, but don’t be dismayed if it doesn’t happen quickly.

From the actual property hunt through to sorting out the financial and legal aspects of a purchase, buying a home can be a lengthy process.

According to Mortgage Choice’s Evolving Great Australian Dream whitepaper, a majority of first home owners spent three to six months in the market before buying a home.

However, everyone’s situation is different so some may only take a month, while others may take up to even two years before they make a purchase decision.

It really comes down to your individual situation and circumstances, which can influence your time in the market.

As a home buyer, preparation is key and will put you in good position.

To begin with, you should speak to your local Mortgage Choice broker who will assess your finances and your current and future purchase goals.

They will compare loans from a wide panel of lenders, ranging from the big banks through to credit unions, to find a suitable product for your needs so that you can comfortably afford monthly repayments.

A broker will do the legwork of applying for a pre-approval on your behalf and this is valuable in showing that you’re a serious buyer. It also provides you with a clear indication of what you can afford to buy.

Secondly, you should start researching the suburbs and the types of properties that you could potentially buy.

Have a look at suburb statistics and recent sales so you have an idea of what prices homes are fetching.

There is a wealth of information online and your broker can also provide suburb scorecards to help you with your research.

With your property search, you should also make a checklist of features you need or want in your next home: these could be a location close to your workplace, a large outdoor space, and secure parking.

By knowing what you want and don’t want, you can streamline your searches.

Thirdly, build a relationship with a qualified professional conveyancer or solicitor who can assist you when it comes to dealing with the legal aspects of the property purchase process.

This will save you the trouble of having to find someone in a short space of time, particularly if your offer is accepted on a property.

By preparing well, you can start the property hunting process more efficiently and with more ease.

Make sure you give yourself plenty of time and don’t rush into any purchase decision.

Your local Mortgage Choice broker can take the guesswork out of the finance process and provide you with helpful advice so give them a ring today.

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Posted in: Property market