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How Long Does It Take to Buy A House?

How Long Does It Take to Buy a House?

There are many steps to buying a house, and each one takes time. The overall duration often depends on how long you spend looking for the right home. Once you have a signed contract, it typically takes 30-50 days to close. Step-by-step preparation is key to preventing delays.

Research: 1-14 Days

Start with some critical research to figure out what you want and don’t want, including determining your budget. There’s no point in looking at homes you can’t afford.

Pre-Approval for a Loan: 5-10 Days

Getting pre-approved for a loan signals that you’re a serious buyer. You should have your pre-approval ready before making an offer on a home. Pre-approval requires having all your financials in order and submitting all necessary documents to the lender.

Finding “The” House: Time Varies

It may be love at first sight, or it might take ages to find what you’re looking for. This process depends on many factors, all centred around your requirements and mindset.

Submit Offer, Negotiate, & Sign Contract: 1-7 Days

Congratulations—you’ve found the house you want to buy! Decide what you’re willing to pay and put in a written offer. This may or may not be accepted. When you sign an agreed contract, you will also need to pay a deposit of at least 5%.

Building & Pest Inspections: 1-7 Days

It’s important to get a professional building and pest inspection. Unless purchased at auction, these should be included as contingencies as part of your cooling-off period.

Final Mortgage Approval: A Few Days to 3 Weeks

Final approval is different from pre-approval. The lender will need a few more details, confirmation that your financial situation hasn’t changed, a house building and pest inspection, and a bank valuation of the property.

The Settlement Period and Legal Process: Approx. 30 Days

The legal aspect of your property purchase is usually handled by a solicitor or conveyancer. There are various titles, checks, and documents involved in the settlement process. Your conveyancer will take care of most of this for you. Make sure you insure the house from the day you sign the sale contract.

Final Inspection

On the day of your settlement, it’s important to do a final inspection. Ensure everything is working and in the same condition as it was on the day you signed the contract.

Settle: 1 Day

Your conveyancer will have handled all the paperwork and details leading up to settlement day. All you need to do is wait for notification that settlement has happened, and the property is finally yours.

Welcome Home

At JKL, we’re here to support you through every step of your home-buying journey. Our experienced team will help you navigate each phase smoothly, ensuring you’re well-prepared and confident in your purchase.

Experience our JKL real estate family. We’ll put the welcome mat out for you!