It's a given that most people will not be able to afford to buy a home shortly. While it wouldn't be so bad if the delay prevented you from moving into your new house, the protracted process can result in several other issues, such as the need to locate temporary lodging and the constant threat that the seller will back out at the last minute. Looking at potential properties typically takes a few weeks, and then there are risky talks with the current owners. The average time to close on a new house is 50 days after that. But you can do a few things to improve your chances of making a speedy purchase if all that sounds overwhelming. For most people, purchasing a home is a significant investment that requires careful planning and preparation. However, if you're in a hurry to buy a home, there are several strategies you can use to speed up the process.
Get Pre-Approved for a Home Loan Before You Start Shopping
If you plan to buy a home, getting pre-approved for a home loan should be your first step. Pre-approval involves applying for a mortgage and receiving a conditional commitment from a lender. This commitment specifies how much you can borrow and under what terms, which can help you determine your budget and search for homes you can afford. Additionally, pre-approval can make you a more attractive buyer to sellers, as it shows that you're a serious buyer who has already secured financing. By getting pre-approved for a home loan before you start shopping, you can save time and avoid disappointment by focusing your search on homes that are within your budget, added Bob Scott, Owner of Sell Land
Hire a real estate agent:
Hiring a real estate agent can be a wise decision when buying a home. A good agent can help you navigate the complex home-buying process and provide valuable pricing, financing, and negotiating guidance. Ben Gold, the Founder of Recommended Home Buyers, added they could also help you identify properties that meet your specific needs and preferences, schedule viewings, and handle the paperwork and legalities of buying a home. Additionally, a real estate agent can help you save time and effort by doing much of the legwork for you, such as researching neighborhoods and properties and arranging inspections and appraisals. When buying a home, working with a reputable and experienced real estate agent can be a smart investment.
Consider buying a new home:
If you're hurrying to buy a home, consider purchasing a new home from a builder. New homes are often move-in ready so that you can avoid the delays associated with repairs and renovations. Additionally, many builders offer incentives, such as free upgrades or closing cost assistance, which can help speed up the process.
Selling your house before looking for a new one
Reinis Gustavs Butka, the owner of Luminesy, stated that if you plan to buy a new home, it's often a good idea to sell your current home first. By selling your home before shopping for a new one, you can avoid the risk of carrying two mortgages simultaneously. Additionally, having the funds from the sale of your home can make it easier to secure financing for your new home. If you're concerned about timing, consider negotiating a leaseback agreement with the buyer of your current home, which allows you to stay in your home for a while after closing. This can give you more time to search for your new home without feeling rushed or pressured. Overall, selling your home before shopping for a new one can be a smart financial decision to help you avoid unnecessary stress and financial risk.
In conclusion, purchasing a home quickly requires preparation, flexibility, and decisiveness. Following these tips, you can streamline the home-buying process and get into your new home as quickly as possible.