Why Does Buying a House Take so Long?
Buying a house can be daunting. While most people believe the process takes three months to complete, they often forget to include the many activities undertaken before getting a contract. The long hours you will spend online and skimming through magazines in search of your dream house to unprecedented impediments makes the process way longer. The impediments could include financial delays, issues with survey and documentation, among others.
The current government’s temporary stamp duty reduction has made homes cheaper. As the demand goes up, the middlemen including solicitors, estate agents, conveyancers and mortgage lender, are receiving many buyers wanting to take advantage of the reduced stamp tax expiring on 31st March 2021. With such big numbers of buyers, the process of buying a house will take even longer.
Below we look at the issues that make buying a house a long process and tips on speeding it up.
Finding a house that fits you is not easy. Finding a house that meets every preference on your list is not easy. Especially if your checklist is long. Other factors that will dictate the time you will use include; availability of the kind of property you have in your locality, the size of the local market, and the norms of the local property market. The pricing within your area and your budget will also play a huge part in finding a house.
The best way to go about with finding the perfect house for you is to use the services of real estate professionals. The knowledge and experience of a local realtor will save you a lot of time. With your preferences and budget known to them, they could easily locate a property you may be interested in fast. A surveyor will help you check out the condition of the house to avoid extra repair costs.
When looking for a house to buy, getting a sale that is chain reaction free is any buyers dream. In some cases, the sale of a single house depends on the seller’s ability to get another property. Likewise, your buying of the house could be dependent on you selling your current house. That is a chain reaction. It drags the process of buying a house.
Getting a property without the chain reaction is the only way out. But those are rare to come by. On your end, the best way is to, first sell your current house and be ready with the cash. You could camp at a rented space in the meantime. It at least solves one part of the chain. Other than that, there is nothing you could do.
If you can give the asking price minus bargaining you are fortunate. In other instances where you bargaining, the process is laid by the back forth between you and the seller. It becomes even longer if you are not the only prospective buyer. In this case, the seller will take a long time considering the offers. The only way out is either giving the asking price of giving a deal too good.
Getting Financing (mortgage)
Chances are you are financing your purchase through a mortgage. The process which involves a lot of paperwork and checks can be lengthy. The best way to deal with it is to approach a home loan lender beforehand. With the price range, you are comfortable with, an online mortgage calculator or mortgage broker will come in handy. Good credit scores are an added advantage when asking for a mortgage. Ask for the mortgage when you are already sure of the property you want as it is only valid for six months.
Before getting into a legally binding contract on the house purchase, some things have to be put in order. Your conveyancer and the sellers will carry out local searches to get information from local government and the land registry to advance the sale. While the process takes up to a month to complete you can speed it up by being cooperative and responsive to questions.
Closing the Sale
After the long and stressful process of looking for a house, bargaining and waiting for your mortgage to be approved, your house keys may take longer to get to you. You must finish the remaining balance and pay your realtor and conveyancer. If the seller is tied up in a chain, it will take considerably longer. It could take up to a month before your keys get to you.
Tip: Search for a removals company before you close the purchase deal. It will speed up your relocation effort.
While buying a house can be stressful and lengthy, planning and seeking the services of professionals is imperative. Also, research on how long is the lead time to purchasing a house in your locality.