If you’re considering buying your first home or moving house, you may be wondering how long it’ll take for you to find your new property.
You may have been browsing Rightmove for a while or looking through the property pages of your local paper, or perhaps you haven’t even started looking yet.
Hopefully, after reading this blog you’ll have some indication but it’s important to remember that every homebuyer’s search is different. Buying a property is a huge financial commitment so you shouldn’t rush into it, you need to take time to consider whether you’ll be able to afford your mortgage and other bills each month.
A new study*, conducted for us, has revealed that more than a quarter of house hunters take less than a week to find a new place to live. Almost 1 in 5 only visit one property when looking for a new home and over two-thirds know instantly or by the end of the first visit that they’re found what they’re looking for.
Removing the rose tinted glasses
A third of house hunters spend almost three months browsing the property market, looking at online services such as Zoopla or Rightmove, contacting estate agents and organising viewings, and some house hunters spend even longer.
If you want to reduce the chances of you having regrets later on, you may wish to have a second or even third viewing before you put an offer in, and research how much similar properties have sold for. You probably don’t want to end up paying over the odds for a property as you may struggle to get your money back if you decide to sell in the future.
No home is perfect
As you search for your next property, it’s important to be realistic. There’s every possibility that the properties you view mightn’t be decorated in a way you like or don’t tick every box on your requirements list, but you may have to see past this. It might be that what you want isn’t available on your budget so you may have to compromise or delay purchasing a new home until you’ve saved up a bigger deposit. At the end of the day, you need to figure out what’s a deal breaker and what’s not. If the property is smaller than you’d like, for instance, you could always consider an extension or conversion in the future.
*Red Dot questioned a nationally representative sample of 2,000 adults aged 18 and over between 31st July and 4th August 2015, of whom 641 were Scottish residents.
Disclaimer: All information and links are correct at the time of publishing.