When it comes to buying a home in Brantford, Brant County or Norfolk County, how long does the entire process usually take?
Well, as you can imagine, there is no one single answer. Everyone needs to feel comfortable with the number of houses they’ve looked at, and that can take time.
But we definitely can give you an estimate of what you’re looking at, if you’re trying to plan when you’ll be moving those boxes into your next place!
Ok but really… how long does it take to buy a home?
Most of our clients tend to be looking at about 3-4 months of time devoted to looking for their home… and then another 1-2 months before the property actually closes and they move in.
But there are many steps involved, and if you’re not prepared, these times could take much longer.
1. Get Pre-Approved for a Mortgage: 1 WEEK
The best way to get the process going is to become pre-approved for a mortgage. This will ensure you’re up-to-date with how large of a budget you’ll have when you’re looking for homes.
It also means you’ll be taken seriously by sellers, because they can see you’ve got the financing ready to go when you make your offer.
2. Do Your Research: 1-2 WEEKS
You’ve probably got a rough idea of what you are looking for in a home. Sort these ideas into a prioritized list of Wants vs. Needs. This will help you determine what’s most important to you.
Then start browsing online and see if your budget actually allows for all your Wants & Needs! You may check Realtor.ca, or you can even ask one of our Team of Real Estate Agents to set you up with our Portal Service that automatically sends you homes that fit your criteria.
No matter how you decide to do it, it’s a good idea to familiarize yourself with what’s available, and if your budget is going to be reasonable for what you’re looking for. You may need to adjust your expectations if your budget doesn’t allow for all the “bells and whistles” you’re hoping for.
3. Partner with a REALTOR®: 1 WEEK
Now that you’ve done your research, it’s time to team up with a REALTOR®. You may ask friends and family for their recommendations. You may want to search reviews online, or perhaps it’s someone you’ve seen on your social media channels for quite a while.
We encourage buyers to interview a handful of real estate agents and find someone that you feel comfortable with! This is a big transaction and you need to be confident with who you choose. Take this week to find one that you feel comfortable signing a Buyers Representation Agreement with.
REMEMBER: As a buyer, it doesn’t generally cost you ANYTHING to use a real estate agent when purchasing a home. So take advantage of their expertise!
4. Start The House Hunting! 1 WEEK to A FEW MONTHS
This is the fun part! Start working with your agent to book a variety of showings at homes that meet your criteria.
We also encourage you to look at homes that you may not think will work – you never know! Once you step inside the actual house, you may discover that it actually is what you’re looking for.
Don’t be discouraged if you don’t find the perfect home right away. The average home buyer will visit ten homes over ten weeks before placing an offer – but this is only an average.
5. Offer and Negotiations: 1-7 DAYS
Once you submit an offer on a property, there may be some “back and forth” with the sellers as you come to the final price.
Here’s where having a REALTOR® on your side really pays off as they will negotiate with the seller on your behalf – making sure you get the best deal possible.
6. Fulfilling Any Conditions: 3 DAYS to A FEW WEEKS
If your offer has any conditions, you’ll need to fulfill these before you can say you’ve officially bought the home. For example,
- A home inspection: may take a couple of days to book the inspector, plus a few hours for the inspection itself
- A financing condition: this is a few extra days so you can triple-verify that you’ll be able to get a mortgage on this property (even if you’re already pre-approved)
- A status certificate: if you’re purchasing a condominium, your lawyer may want some time to look over the condo corporation’s status. This can take some time depending on lawyer’s availability and the readiness of the status certificate.
7. Closing On The Home: 30-50 DAYS ON AVERAGE
Now that the conditions have been fulfilled and you’ve got that SOLD sign on the front lawn, it’s time to start packing for your Closing Day! This is the day that the buyers and sellers have negotiated that will be when the money is transferred for the purchase and the keys are handed over!
Generally speaking, this is around 30-50 days, but it can be much quicker, or much longer. It really depends on what you’ve settled on with the sellers.
Use this time to sort, pack and purge anything you don’t need at your new place!
Whether you’re buying a place in Brantford, Brant County or Norfolk County, The Kate Broddick Team has gotten the art of homebuying down to a science!
Our streamlined service will take care of you from start to finish, with expert advice and local knowledge of the areas you’re looking in. We’d be happy to provide you with any information you need to start your buying journey!