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Buying a home: The time it takes

Many people dream of the day they'll buy their first homes. They want to move in as soon as possible, making it possible to enjoy a home of their own without the restrictions of apartments.

It can take quite a while to purchase a house, despite the fact that it is a relatively straightforward process. You need to account for the time it will take to buy the home, move in and move out of your current apartment or home. Here's what you should know about the purchasing process and how long it could take for you.

First, you have to look for a home. The average person looking to buy a home searches for 30 to 60 days before deciding on a purchase and entering into a contract to buy the home. Once that contract is ratified, you have to wait for the contract-to-close period. For a financed transaction, it can take 30 to 60 days to close the contract. Loan approval is typically the longest part of the process, so if you have a deadline, it's a good idea to plan for the longer end of the wait time.

If you're purchasing with cash, then everything changes. A cash transaction may be closed rapidly, sometimes in as few as two weeks. That closing time depends on how long it takes your attorneys to perform title searches, to prepare closing documents and to get a title binder together. Your attorney can help you keep this information together and keep you apprised on when it's likely that you'll be able to move into your new home.

Source: Homes, "How Long Does It Take To Buy A House?," accessed April 20, 2018

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