That lease you signed a year ago is finally up and there’s a nice little down payment stashed at the bank. The landlord is OK with you going month-to-month and you have even been in contact with a mortgage broker, who got you preapproved for a loan.

In short, all the hard work has paid off and it’s time to stop throwing money away in the form of rent every month. But how long will it take to find a home and move in? And how much notice should you give the landlord?

Even if the landlords are your parents, it’s nice to have an idea about the steps involved in the home buying process and how long it will actually take to escape your childhood bedroom. With that in mind, here are some of the most common steps in the home buying process and a general guideline for how long each one of them should take.

Finding a home

There is no hard-and-fast answer for how long it should take to find your perfect. Just because your Uncle Charlie said you should take three years to find the best deal doesn’t mean you have to listen.

Without question, however, buying a home is a big decision that should not be taken lightly. This is partially why this step in the process varies significantly from person to person. After all, some have an urgent need to move.  Others have the luxury of waiting and more chances to weigh their options. Some of the most important steps involved in finding a home include:

• Interview real estate agents. This can take a few days or even up to a few weeks. A good buyer’s agent will help you answer some important questions, create an automated search based on your specific needs, help you target neighborhoods for your search, and network with their colleagues to find listings that might not be available on the open market. Working with the right buyer’s agent can vastly simplify the entire process. To connect with someone at our brokerage, click here.
• Search homes online. With so much information readily available, the online search process can be very time consuming and a little overwhelming. A pro tip:  create a ‘maybe pile’ of saved listings within the software application you’re using for the search, then slowly whittle them down as new information and insights become available.
• Do a drive-by (or 10). This requires a substantial investment of time, but a quick drive through the neighborhood could be enough to know whether a potential new home is a Yes or a No. This can help to avoid the time-wasting crunch of touring a home that doesn’t fit the bill.
• Tour homes in person. It’s true that a picture is worth a thousand words, but there really is no substitute for touring a home in person. A picture can’t communicate a smell or a noise level, and professional photographers are well-versed in the art of manipulating pictures to make a home seem more attractive. Block out a minimum of 30 – 45 minutes per listing.

All of this is assuming you have already found a local mortgage broker, sifted through your options for financing, established a budget, and obtained a letter of preapproval. Doing this first can ensure your hopes and dreams about a new home don’t get smashed on the pavement Humpty-Dumpty style.

Making an offer

Some of the most exciting and tense moments occur during the offer phase of the home buying process. After discussing what a good offer price would be, your agent will likely ask you the following question:

How willing are you to walk away from this one?

If the possibility of missing out on the home is alright with you, then congratulations, you occupy what is known as a strong negotiating position. If you are in love with the home, it may not be worth it to quibble over terms or small amounts. Thousands or even tens of thousands often don’t add up to much of a difference in monthly payments when stretched out over 30 years.

Sellers have three choices when they receive an offer. They can either accept it, counter, or refuse it. The entire period between offer and acceptance may only take three days, but the moments in between submitting an offer and receiving a response can seem interminable.

Escrow

First comes love, then comes marriage.

Think of the escrow period as the courtship phase. This part of the process typically lasts anywhere from 30 – 45 days. The escrow period is your last chance to kick the tires, do all the necessary due diligence, and walk away without facing any major repercussions. The ‘to-do’ list for the escrow period is pretty extensive. Some initial items include:

• Home inspections. Make sure your agent schedules an inspection as soon as you go under contract. In a hot market, good inspectors can be booked out weeks in advance. After the inspection is done, your agent will go over the results with you and help you decide if you would like to ask the seller to perform repairs or provide monetary concessions.
• Call your mortgage broker. It’s a good idea to stay in contact with your mortgage broker during the escrow period. This will ensure they have all the paperwork they need for your loan to close successfully, the appraisal is scheduled on time, and you will have a reasonable idea of how much money you will need to bring to the closing table.
• Get home owner’s insurance. This has to be mentioned because so many people forget about doing it and have to scramble at the last minute. Closing on a loan is impossible without home owner’s insurance, so reach out to 2 – 3 providers for quotes after the inspections are done.
• Countdown to moving day. Once all the boxes have been checked, the paperwork is in order and it appears as if the transaction will close successfully, it is time to get started on the real work of moving. Start packing up nonessentials, calling movers for quotes, scheduling utility services at the new address, and filling out change of address forms.

Closing time

All the work is about to pay off and there’s light at the end of the tunnel, which is a good thing since it’s likely you have been awake most of the night with butterflies in your stomach and pangs of anxiety mixed with excitement. Take a deep breath and stretch out your signing hand, this part of the process could take anywhere from 20 minutes to 2 hours, depending on the complexity of the transaction.

After the paperwork is done and the transaction has been recorded, your agent will give you your first set of keys to your new home. Most buyers will tell you this is an unforgettable, life-changing moment, whether it’s your first transaction or your 50th.

Get started

Get all that? Have questions? Considering the complexity of the process, the number of variables that can arise, and the sheer amount of information involved, it is easy to see why having a knowledgeable, trusted agent on your side can make such a huge difference. It’s also why the amount of time it takes to buy a home is unique to every buyer, though the steps remain pretty consistent for everyone.

Get started interviewing agents and reviewing their qualifications today.