From when you plan to buy a house or apartment to when you actually go to live there, it can take a few months, sometimes longer. The different stages in completing a real estate deal can each take a long time to complete. How long should you count at least? What are the incompressible deadlines? Let’s take a look at the duration of a real estate purchase.
Study phase of the budget, location and type of property
If you haven’t already, it’s going to take some time to study fairly precisely what you want and how much budget you have for this project. This will be summed up in 3 very quick steps that will only take a few days at most:
– Define the targeted geographic areas.
The more precise you are in the privileged districts or towns and those to avoid, the more time you will save during your research. If you do not yet know all the potential places that your region offers, take a few hours to walk around and discover what your future place of life could be. The location remains the number one criterion when starting a real estate deal. Take enough time to be sure of your choice and not to regret a purchase that commits you for many years.
– Define all the criteria of the accommodation you wish to acquire.
Whether for a house or an apartment, there are always indisputable criteria on which you will be uncompromising. Listing them will be very useful when contacting a real estate agent or when filtering real estate listings on the Internet. Currently, the supply of housing for sale continues to increase and this will help you select a suitable real estate deal. You might as well not waste your time (finding out, visiting, etc.) with houses that do not really meet your needs or your desires.
– Define your budget for this purchase.
How much of your savings are you going to use? What monthly payments and what terms of mortgage do you want? What financial assistance are you entitled to to make this purchase? Even if your project is still in its infancy, these thoughts should not take you more than a few days. However, the more you have refined your choices on these subjects, the more time you will save in the rest of your real estate deal. The longest risk is to have an appointment with your bank to get a first idea of what you could borrow to buy your desired home.
Search phase for a property for sale that matches your real estate deal
Well helped by the previous step, you start looking for the property that will best match your search criteria and the budget you are ready to devote to it. You have the choice between canvassing private sellers who offer houses for sale on real estate ad sites or using the listings offered by intermediaries (real estate agencies, agents, notaries, etc.).
This is the phase which may turn out to be the longest and the least predictable. If there are a lot of such properties for sale and they are within your budget, you can make an offer to purchase in just a few days, after visiting several to compare.
Unfortunately, it doesn’t always go so well. Real estate prices remain very high in many sectors despite the declines in recent years. It is therefore more often difficult to find a house that meets all these criteria and that is accessible within your budget. It will therefore take time, either to find the right place, or to modify your search criteria or your budget. This may take the longest time in completing your real estate deal.
In a phase of lasting decline in real estate prices, buyers who are not happy today are entitled to ask the question whether it is more relevant to wait or to compromise on these criteria for selection or to buy right away. In the current difficult context for buyers, this stage often takes several months or even years. Understand the principle that it is better to miss a good deal than to make a bad one. Especially when you know that each change of ownership will cost you a lot. You might as well not be mistaken and therefore not rush when making a real estate deal.
Time between signing a sales agreement, final deed and handing over of keys
Even for those who will stumble upon the home of their dream in just a few days and who will see their purchase offer accepted, there will be an incompressible period of time between the moment of signing the sales agreement that initiates this transaction and the moment of the final deed of sale with the handing over of the keys to the house.
As a general rule, it takes an average of 2 to 3 months between these two signatures. For those who do not have recourse to real estate financing, this period may be shortened by approximately 1 month. However, this only concerns less than 5% of transactions. This period therefore mainly allows the purchaser to seek the best possible mortgage by comparing and negotiating. You must also take into account the legal periods between the day a bank makes you a loan offer and the date from which you are entitled to accept it.
Once the final deed of sale is signed, the accommodation is yours; you have the keys and you can prepare your installation. With this, you’re gradually coming to the completion of your real estate deal.
Renovation or decoration work and moving
When you buy older real estate, there are regular renovations or major changes to be undertaken. More generally, there is almost always decoration work to bring the accommodation to your liking. It is important to always plan your arrangement for a few days or weeks depending on the extent of the work to be done before planning your move. It is much easier and faster to do this kind of work when the rooms are empty.
The key is therefore to find a compromise between the time necessary to carry them out and the fact of reducing the duration of dual residence so as not to increase the bill by starting to repay a mortgage while continuing to pay rent for example. After every arrangement, all you have to do is move and take possession of your new place of life.
To conclude, at least, the period for the purchase of a house or an apartment will be at least 2 months for a property found immediately with a compromise signed in the wake and cash financing. The time required in general is at least 4 months to complete a real estate deal. However, you can very quickly exceed 6 months, or even a year if it is difficult to find the type of property you are looking for with your budget. It will also take you several months to sell your house or apartment.
So if you want to carry out your search quickly without wasting much time, contact us at SDG Realties and let’s help you make your real estate investment journey with ease. Check our property listing for properties that suit your desires and your budget.