How Long Does it Take to Buy a Home?

How Long Does it Take to Buy a Home?

December 28, 2018

Think you can choose a house in less time than a spin class?

It seems impossible but it’s actually happening. ME Bank completed a survey asking 1000 property owners how long they spent checking out the property they went on to by.

Over half the respondents (58%) said they spent less than an hour inside the home before purchase. Less than an hour is hardly any time at all, especially when there is so much to check over, looking under sinks, checking walls for rising damp and floorboards for sturdiness. And that brief look through can bite back.

Of those surveyed 26 percent found problems with the home after they received their title. The three main reasons for these oversights were that they:

• Fell in love with the property so didn’t look deeper

• Lacked experience viewing a property

• Were tired of looking and wanted it over

I do understand how emotional home hunting can be, after all, it’s the biggest purchase you will ever make in your lifetime. It can be an exciting and overwhelming time but that just makes it all the more important to take your time, hire the professionals who can help you make the right decisions and make sure you know what you are getting yourself into.

And taking the time to have a genuine look at your potential home doesn’t mean you can’t fall in love with the right one, you absolutely can. Fall in love but stick to reality. Yes you’ve spent weeks scrolling through listings and tramping through home after home, but now is when you need to knuckle down and do the really hard work, and do it now, before the deal is sealed.

If the home ticks all the boxes and feels like the right fit for your family, then yes, by all means buy it, but do a thorough check through first. Taking the time to do the right checks means no nasty, and possibly expensive, surprises down the track. Of those people who found problems when they moved into their new home, 74 percent had to spend money on repairs, 41 percent would have been able to get a discount on the purchase price, and sadly, 23 percent had buyer’s remorse.

Nobody expects you to know all the right steps and your legal rights the first time you buy a home, which is why you need to bring in the right help. A small amount spent on professional services before you buy can save thousands, even hundreds of thousands, in the long run.

When you have a good conveyancer on board you can negotiate with the homeowner and write conditions into your buying contract that means certain problems will be corrected by the time you take ownership. Or, you may be able to negotiate a lower price, taking into account the money you will need to spend on repainting, reinforcing foundations, getting new light fittings or landscaping the garden.

When you let emotions get the better of you then you are not able to make rational or sound decisions.

Take your time

Straight off, take some deep breaths, go for a walk, read through your checklist and wait until the pest inspection and professional building reports have come back before you sign on the dotted line.

Walk through multiple times

If you are serious about buying a home the agent and homeowner will be more than willing to offer you a walk through at another time, and do insist on it being another time of the day so you can experience the noise level and sunlight at different times as well.

Register with local agents

Register with agents that operate locally to the area you wish to buy. They will give you early notifications when something suitable to your needs pops up. This gives you more time to check through a property and get the checks going before the property officially goes on the market.

Check surrounding suburbs

Rather than throw your money into a home that’s not quite right through fear of missing out, spend time searching surrounding suburbs and different locations to see if your perfect home awaits you outside your perfect location.

Land size counts

The most expensive part of a property is the land, so the size of the land you buy really counts. Smaller block size means cheaper price so if you want to reduce the amount of properties you look at that are not in your budget, stick to small plot sizes.

Catering for more than one person?

When there are multiple people to take into account the emotions of buying a home can get even more turbulent. Emotions not only cloud your buying judgement, but they can also get in the way of a happy relationship as well.

Make sure every person in the home has their needs catered for and be flexible about how these needs are met.

A happy home means taking your time and being patient when you buy. A small effort now for a decade of pleasure.


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