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How long will it take you to find and your dream home?

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Thu 10 Dec 2015

How long will it take you to find and your dream home?

You may be wondering how long you can expect the process to take between finding a home and moving in, this can dramatically very depending on differing situations, however here we have a brief outline the timescale you can expect through each stage:

Finding a property

Deciding on the right property for you can often be a difficult task, with 30% of home buyers spending over three months searching out and deciding on their dream home. However, new research shows an increasing amount of people no longer feel they need this amount of time. A staggering 75% believing that they know if it’s the property they wish to buy by the end of the first viewing. Expect to be looking anywhere between one week and around four months, depending on market timings, your requirements and willingness to compromise.

Getting a mortgage

Choosing who you will take out a mortgage with should begin once you start looking for a new home. You will have worked out a budget on how much of a deposit you can afford along with how much you can pay per month towards your mortgage. Once you have passed their checks and filled out a mortgage application along with all the supporting documents, the process should be quite straightforward and usually takes around four weeks.

Exchanging contracts

This is the point where you will usually pay your deposit of 5%-10%. The paperwork will be drawn up and you will enter a legal contract with the seller committing to the purchase. Your solicitor or conveyancer will usually deal with the most part of this and the process will generally take approximately four weeks.

Sale completion

At this point of the sale completion the time scale can vary dramatically, however it should usually take around four weeks. This period is where the previous homeowners will move out, keys will be exchanged and your mortgage will be finalised. If there is a chain on either side, this could create a longer wait. Although, as a first time home buyer, there is less risk of a chain holding up the process as there is only one side waiting on another property. A time will be arranged for the keys to be transferred and the home will be yours!

For any more information on selling or buying your dream home, we are here to help with our Mid-Devon estate agents.

 

Image: Mark Moz under Creative Commons