Buying a new house is not an easy thing. It takes both time and investment to find the house of your dreams. If you are planning to purchase a property, you will find plenty of houses for sale Burnley.
Since we are on this topic, have you ever thought about how long it takes to buy a house? Once under contract, it typically takes 40-50 days to close a deal. Whether it is your first house or the tenth one, you should never rush the process.
Six Steps To Buy A House (Total Time Taken)
To give you a better idea, let us break down the timeline for you.
- Find an agent
The first step to buying a house is to hire a reputable agent. This should take you about 7 days. Once you get an agent, you can proceed with the house-hunting process.
- Get pre-approval
Buying a property requires capital. Most people apply for a home loan. The process to get a pre-approval typically takes around 8-10 days. In some cases, it might take longer.
- Look for your dream house
House hunting is the most time-consuming part of the whole process. It can take you somewhere between 3 and 6 months to find the best house for yourself.
- Make an offer
Once you find the house of your dreams, you are ready to make an offer. This should take another 5-6 days. Your agent will guide you with everything you need to know.
- Get a mortgage
As soon as your offer gets accepted, the mortgage process starts. This will take you another 21-30 days. If the process goes smoothly, you can get it done before the stipulated time.
- Close the deal
Reaching the point where you finally close the deal will take you 40-50 days. By this time, your paperwork should be done.
Although it takes 3-4 months to wrap up the whole process, buying a new house is the most exciting feeling ever. It is especially true if it’s your first property. You can speed up the process by submitting the right documents at the right time.