How much time should I plan on needing to buy a home?

The quick answer is about 2 weeks if you’re buying with cash and about 45 days if you’re getting a loan.

The long answer is in the details.

The timing though to making that all happen is really quite the dance.  It does take about 45 days from the day you have an accepted offer on a home until you get your keys if you are financing.

45-60 days to have the key to your new home

So if you’re renting and you are trying to figure this backward so that you have enough time to move out of a rental and into your new home without having to either extend your rental or live with family for a short amount of time.   I am going to say give yourself 60 days.  That way you have a week for the lender to have an oops and something to not go as planned and, you have a week to move.

Its all in the timing so you don’t have to live with family

You’re also going to want to give yourself a few weeks or more to find a house.  Depending on the price range you’re shopping in it may take longer than that.   This is a tricky market right now.  You may need to find a few homes you like before you win a home.  Some of our price ranges are running with multiple offers.  Sometimes you may have to make offers on a few homes.   So try to give yourself a few weeks at least to find a home.

Just FYI to help you create your budget.  Your first house payment is usually due about 45 days after you close on the house.  So you will have a short reprieve on a payment if you have to overlap the rental and the purchase a little.   Read Here on How Much Cash it takes to buy a Home!

If you have anything but perfect credit you may have to add some time for that also.  Never hurts to have a pre-qualification done a few months prior to beginning your process.  Helps you get your price range in mind and gives you peace of mind.  Most Pre- Quals are good for at least 60 days.  So getting that done a month or 2 prior to planning on buying is not going to mess you up.  Actually going to help you a lot.   Read here on what type of loans are available.

Questions about the process?  Please Contact me!  I am here to help make this process as smooth as possible.