Your home, stage by stage
Whether you buy or rent: what happens, what it costs, how long it takes, who does what and where to be careful.
Buying your first home
Seven stages, from budget to completion.
- 1Getting readyKnow how much you can spend before you fall in loveHow long: 2–4 weeks (the mortgage pre-approval usually comes in 1–3 weeks)
- 2SearchingA few right homes, instead of a hundred random onesHow long: Usually 2–6 months; a lot depends on how tight your criteria are
- 3ViewingEyes open, the right questionsHow long: 1–3 weeks for each home you're really interested in (first viewing, documents, second viewing)
- 4Making an offerProtect yourselves before you signHow long: Signing takes a day; the seller usually has 7–15 days to accept
- 5Preliminary contractThe commitment goes down in black and whiteHow long: Signed 1–4 weeks after acceptance; completion usually 2–4 months later
- 6MortgageFrom application to approvalHow long: 30–60 days from application to approval
- 7Completion and keysOur homeHow long: One day for signing; utilities and residence in the weeks after
Renting a home
Five stages, from budget to keys.
- 1Getting readyKnow how much rent you can manage, and have the money to move inHow long: An evening for the budget; a few months, if you need to save up the money to move in
- 2SearchingThe right homes go in a few daysHow long: Usually from a few weeks to 2–3 months; much less in university cities in September
- 3ViewingsNever any money before you've seen itHow long: A few days per home: the first viewing, the questions, sometimes a second visit
- 4Offer and contractEverything in writing, everything registeredHow long: From a few days to 2–3 weeks between offer and signing
- 5Moving inYour homeHow long: Moving-in day and the weeks after