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When we start the process of buying a home, we usually want it to be done as soon as possible. The excitement of getting the keys and starting to live in it, and sometimes the necessity of housing, make us want to speed up everything.
Factors Influencing the Time It Takes to Buy a Property
Although there can be an estimate or average time that buyers take to complete the transaction, much of this difference is influenced by the following factors:
Condition of the Property
The condition of the property is one of the elements that affects the speed of the purchase.
If you are interested in a property that needs renovations, you will need to assess these before closing the deal. It is common to request estimates to see what the final cost of the property and its renovations will be before giving the deposit to the seller. This will delay the completion of the purchase a bit.
This factor does not affect newly built properties much but does affect second-hand properties. The former are usually in perfect condition and do not need renovations unless you want to modify something to suit your taste. In contrast, used properties may have defects due to the time they have existed.
Location
The area where the property is located is one of the elements that buyers consider most.
If the property is in a good area, the purchase decision is likely to be made more quickly.
The demand for certain areas, such as Madrid, Barcelona, or areas close to city centers, offers good opportunities that make buyers eager to purchase.
If the property is near public transportation, schools, or supermarkets, it will also help make the decision easier.
Price negotiation
For most people, having a maximum price is important.
The budget limit is a barrier when closing a property purchase deal.
If there is a significant difference between the price set by the sellers and the buyer’s maximum, the negotiation process may be long, or the purchase may not even be considered.
When entering into price negotiations, the process can be prolonged depending on the time the parties need to reach an agreement.
If the price is reasonable compared to the market offer and falls within the buyer’s budget, it will be easier for the buyer to make a quick decision
Financing
When financial institutions make it easy to obtain mortgage loans, the purchase process tends to be shorter.
This is because buyers take less time to choose the financing option that best suits them and can close the purchase deal sooner.
When banks are stricter, buyers may have more difficulties, and the purchase process may take longer. Additionally, they will need to meet more requirements and provide more documentation to obtain the financing they need.
Timing
The time of year also seems to influence the purchase process.
It is usually in spring and autumn when more property purchase deals are closed.
Good weather helps to boost the purchase of a new home, coinciding also with the end of the school year and the vacation period for moving.
After the summer, the property searched for in spring and evaluated during the summer is also often purchased.
Availability
It may happen that the buyer or the seller is in a hurry to buy or sell the property, whether due to needing liquidity, moving, or any other reason.
In these cases, the purchase process tends to accelerate. Price negotiation is shorter, and everything else is done as quickly as possible
How Long Does It Take to Buy a Property?
Although there are many variables regarding the time of the purchase process, most people take between two and four months to sign the sales contract for the property. One-fifth of buyers take less than six months, another between four and six months, and the rest between six months and a year.
These data also vary depending on the location where the property is being purchased, being very different from one region to another. Having seen the factors related to the time it takes to buy a property, we can conclude that the process will be longer depending on elements related to the property, such as its condition or location, the market, such as the ease of financing, and personal factors, such as the time available to the buyer and the seller. Nevertheless, the average time most people take is between two and four months, potentially extending up to a year.
Further information
This article is part of our service Real Estate Lawyer in Spain. Visit this section where you will find all the useful information on this topic, including a complete guide on How to buy a house in Spain.
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