How to Buy a House in Record Time
Buying a house is a huge life choice, but also a major undertaking. In 2018, 72% of millennials believe that buying a home is a priority, no matter how stressful it might be.
One of the potential drawbacks of the home-buying process is how long it can sometimes take. The pre-approval process for a loan and shopping around for a house can take weeks. Once you do decide on a house, it can take 30–45 days for the deal to be finalized.
Thankfully, there are ways you can streamline the home-buying process as much as possible. It starts with being more productive throughout your search. Not only should you have a plan in place beforehand, but a “Plan B” if that falls through in your quest for the perfect house.
With that in mind, let’s go over a few ways you can be more productive as you look for a house, so you can find one you love quickly, and move in as soon as possible.
Knowing What You Want
Before you even start looking at houses, there are two things to consider:
1. When to buy
2. Understanding what you really want
The idea of buying a house can be exciting for anyone, but that doesn’t necessarily mean it’s the right time for you to make that leap. It’s important for you to make sure you’re ready to buy a house. You can do that by keeping some of these factors in mind:
- Your financial stability
- Your debt-to-income ratio
- Your credit score
- Having enough for a down payment
It’s also important to consider extra fees and taxes into your budget before you make a purchase. Additionally, if you’re buying somewhat of a “fixer-upper,” you’ll have to factor in the cost of repairs and materials. Even if you DIY your renovation projects, you have to know how much it’s going to cost before you get started.
Speaking of renovation projects, is that what you want? Homes that aren’t in great shape are more popular nowadays thanks to DIY shows like “Fixer Upper,” but purchasing a home that needs a lot of work isn’t for everyone. Before you start your search, determine what it is you want in a house. Do you need something with room for your family to grow? Or, something smaller where you can settle down? Making a list of your needs and wants can make it easier to narrow down your search quickly.
Knowing What You Can Afford
The last thing you want to do is to stretch yourself too thin financially when buying a house. That’s why it’s so important to create a budget and understand what you can afford before you even begin your search. Again, it’s important to consider additional factors in the home-buying process, like taxes and renovations. So, give yourself a little wiggle room when it comes to how much a house costs.
If you’re not sure how much you can afford, try using a calculator that factors in your income, downpayment, credit score, and any outstanding debts you might have. It can help you to determine what your monthly mortgage payment will be and how that will factor into your budget.
The financial and legal side of home buying can be one of the most stressful and overwhelming parts. Thankfully, you don’t have to understand every word of a title report if you work with a good realtor or even an attorney. They can keep you protected from any legal or financial setbacks that might be hiding in your agreement before you sign it, including fees and title insurance.
Envisioning Yourself There
While house buying can be stressful, it should also be fun and exciting. You should be able to envision yourself in a new place when you’re shopping around. That includes thinking about how you would furnish and decorate each room to fit your needs and your style. Take a look at the scale and proportions of each house you’re checking out. How would your sofa look in the living room? Where would you put your bed in the master bedroom?
While these might seem like small things, if you have a vision in mind for how you want your home to look, knowing how you plan on arranging everything is important. If a house simply doesn’t have the right scale and proportion for that vision, you can move onto the next one without wasting your time.
It doesn’t have to take months to go through the house-buying process. While you shouldn’t rush into buying a new home, having a plan ahead of time can make the entire process easier and faster for you. So, you can be in your new house quickly. Do your research, understand your budget, and have a clear idea of what you want. When you have a firm grasp on those things, the searching and buying process will be much smoother.
