When Should You Start Looking to Buy A Home?

Buying a home will probably rank as one of the biggest personal investments one can make. Being organized and in control will contribute significantly to getting the best home deal possible with the least amount of stress. It’s important to anticipate the steps required to successfully achieve your housing goal and to build a plan of action that gets you there. 

Start looking for a house as soon as you are ready. There’s really no sense in waiting if you want to own a home or condo because it’s always going to be a lengthy process. First and foremost, get pre-approved for a mortgage. Fortunately, it’s pretty easy to get a mortgage pre-approval, and even easier to get pre-qualified, though the latter isn’t worth a whole lot. Either way, make sure you do one of the two to at least get a ballpark mortgage estimator. And to determine if there are any red flags that need to be addressed. 

While looking at real estate listings online is fun and easy, things slow down once you get to the point where you're visiting houses in person. After all, you can't just pop in whenever you want; you can visit only during an open house (often only on the weekends), or schedule individual appointments at times that work for the seller. 

Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing. Your real estate agent usually will help you arrange to have this inspection conducted within a few days of your offer being accepted by the seller. This contingency protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage. 

After a seller accepts your offer, you’ll move into the final stages of purchasing the house. Your lender will begin processing your loan, and you can opt for a home inspection of the property (if you included this contingency in your offer) and a home appraisal before your purchase moves toward a closing. You may need an attorney present at closing so be sure to understand your state’s requirements. Most mortgage loans close in around 42 days or less. 

There is wiggle room when buying a home and you certainly can search for a home, purchase, close and move in less than 6 months. Some buyers waited too long to begin the process and wish they had given themselves more time. It can be stressful to buy a home, especially your first home, the last thing you need is to feel pressured and hurried.