What about my existing lease?

If you’re considering purchasing a home you most likely are leasing a home or apartment now. One of the first steps will be to review that lease. Determine how much time remains. If you’re within 3 months of the end of the term, then you should move forward and attempt to find a home and close on it when your lease is up. If your lease is up before it is practical to find a home, then contact your landlord and ask if you can continue to live there month to month. If they agree, make sure to get it in writing. Also be sure to give the proper 30 or 60 day notice that will be required by the landlord.

If the lease you signed is not set to expire for an extended period you may have other options. Oftentimes the lease will provide you an exit if you are purchasing a home. Review your lease closely to see if you have this right. If all else fails, contact your landlord to see if they would consider letting you out of the lease with say a 90 day notice. It never hurts to ask! 

How long does it take to find a house?

This is a tricky question. Much of the answer depends on the time you can devote to the search and how much inventory is available in the price range and area of town in which you are interested. Technology can really help you to zero in on the available choices. For example, finding a knowledgeable agent is key to narrowing down the hundreds or thousands of choices initially. Good companies will offer online solutions whereby you can enter your parameters (location, price range, number of bedrooms and bathrooms, etc.) and you will receive emails as often as desired, of new listings matching your criteria. Generally speaking, 60-90 days should be adequate, but if you are more particular, or inventory is low, it could take longer.

Where should I live? Finding the right area

Location, location, location! That is the key to making a prudent real estate purchase decision, many would say. While this has good merit in accumulating long-term value, there are numerous factors that enter into picking the right place to call home.

For example, the distance of your work commute, school district rating, proximity to shopping and entertainment, the age of the houses, and general upkeep are just a few of the considerations. Other intangible factors may just as influential. Maybe your parents baby sit and you need to stay nearby. You may be willing to have a long commute in exchange for a large yard for the children to play in, or maybe you are willing to live in a much smaller home in exchange for a shorter commute.
A good realtor will be invaluable in helping you come to a prudent decision.