Ideal Time You Should Spend, Looking For Home!

Buying or renting a home is not as simplified as purchasing any other commodity. A lot of planning, decision-making and research goes into the process. Thus it might take a little longer than you anticipated. This guide will discuss the probable schedule for finding and purchasing a home.

What is the Right Time to Purchase a House?

Experts in real-estate and conscious buyers often check out the market trends before purchasing a house. They check out the rising and falling mortgage rates, the property price and other trends, such as inflation, to get the property at the best deals. 

While monitoring the financial metrics and the real-estate atmosphere is important, you must focus on your budget and financial condition the most. It is better to purchase a house only when financially strong enough. 

Taking advantage of low-interests on loans and your good credit score is best. Also, you must ensure that your stage in life allows you to make such a big decision and that it will not put a lot of financial constraints or pressure on you. 

Keep in mind the following before buying a property –

• Low-interest rates
• Inflation rates
• Mortgage rates
• Financial stability
• Good Credit Score

How Long Does it Generally Take? 

There is no fixed time or time limit for purchasing/renting or finding a good house. If you are searching for a property in a popular locality that gets occupied quickly, it might take longer than expected. 

Here are the approximate time and the main steps for finding/purchasing a home. 

Finding a Real Estate Agent

A good real estate agent can help fasten and smoothen the process of purchasing or renting a house. 

It takes 1-2 weeks as you have to talk to their previous clients about their previous projects. Whether you search online or offline, do proper research before moving forward. However, you can also do your own home searching from your home with the help of numerous helpful property search apps. 

Getting a Loan/Mortgage

With soaring property rates, getting a property with loans has fulfilled many people’s dream of buying a house. You must check that you have all the documents and the CIBIL score necessary to get the required loan. This process takes 2-3 weeks, and the banking and financial agencies take their time. 

Make a Preference List

Depending on your budget and preferences, you should list what you want your dream home to equip. It might include the basic features such as the number of rooms, the size, the city/locality and the list of amenities such as nearby schools, hospitals, good scenery, gated society, etc. 

Consult with your real estate agent to ensure to get clarity on what you need in a property. You can make this list in 3-5 days after good consideration and consultation with your real estate agent. Depending on your budget, you might have to skip or add some according to your requirements.

House Searching

The real process of getting into the field and searching for a house begins. Your real estate agent finalises a list of the most suitable properties and takes you to the houses that suit your expectations. 

You might have to visit the homes once or twice and then create a list of your final options that suit your budget and expectations. This process generally takes 1 week to 4 months. 

Making an Offer

Next comes the part where you make an offer for the home you find the best. Sometimes, the owner is not ready to take your offer, and you cannot reach a consensus. In such a case, you must focus on your finalised second-best property. 

Making an offer and finalising it takes up to 3-5 days. However, in cities like Bangalore, it might take longer than anticipated as the sellers/landlords generally have a lot of demands! 

Most of your work is complete when you finally agree on a property with the owner. You also need to give a token of money to the owner to book the home for yourself. 

What Next?

Purchasing a home is more time-consuming than buying one, as the process is lengthy. It includes home inspection procedures, valuation, appraisal and the final steps. First of all, the banking agency will analyse the value of your property so that it can give you only the prescribed amount as a loan. 

After that, the land and registration authority (such as HUDA in Haryana, PUDA in Punjab, etc.) will check all the records of the property you are about to purchase. 

To ensure there are no problems or loopholes in the home, you will also get it inspected by an expert, generally a home inspector. The inspection report will help you understand the problems so that you can either get them fixed by the seller or fix them yourself (in cases of minor problems.) 

All this might take 1-2 months in total. These procedures are important to ensure you enter your home will all the necessary checks and documentation. Transferring the house’s papers in your name and getting it registered with the land governing authorities is also a part of this lengthy process. 

Parting Thoughts

The time taken to rent a home is minor compared to purchasing a house. However, most people make it home only once or twice in their lifetime; thus, it is worth the effort and time. So take your time to ensure you make the right decision, as decisions made in a hurry often lead to problems in the future.