When to start house hunting for buying a home?

[PsyZei]

I was wondering when was a good time-frame to begin house hunting for buying a home? I am in a 2 year master program so we have rented an apartment while where we are now, but since PhD programs last at least a few years we want to look at buying a home this time. I wasn't sure what the normal time frame was for purchasing a home though, so was just looking for advice on when we should start that process.

[mycatsabacterium]

You should start the process now! My fiancé and I bought a house last year, and it takes a lot longer than you think it will. We started the process around this time last year and we closed near the end of May/beginning of June. You'll probably have some work you want to do on the house before you move in like painting or repairs, so allowing another month or two to finish that and get moved in will probably put you at the beginning of August before you feel settled. 

Feel free to send me a PM if you'd like to know more about our experience/timeline! It's quite the daunting process looking in from the outside, but it's not as bad as it seems (and I thought it was actually kinda fun!).

 

[Adelaide9216]

Following.

My only income is my scholarship, and I can't "save" to buy a home, and I don't know if it'd be accepted as a mortage by banks anyways. Plus, the fact that I am single (and have always been, and am not hopeful that it'll change in the next couples of years) makes it hard for me to envision buying a home both for financial and personal reasons...

I know I could buy a home on my own at a certain point, if I had the financial means to do it. But the fact that I am single makes it hard for me to vizualize those sort of things, almost as if I don't feel like a real adult yet, for some reason, although I do live on my own appartement and am able to manage my life.

[mycatsabacterium]

21 hours ago, Adelaide9216 said:

Following.

My only income is my scholarship, and I can't "save" to buy a home, and I don't know if it'd be accepted as a mortage by banks anyways. Plus, the fact that I am single (and have always been, and am not hopeful that it'll change in the next couples of years) makes it hard for me to envision buying a home both for financial and personal reasons...

I know I could buy a home on my own at a certain point, if I had the financial means to do it. But the fact that I am single makes it hard for me to vizualize those sort of things, almost as if I don't feel like a real adult yet, for some reason, although I do live on my own appartement and am able to manage my life.

Depending on where you live, you might actually be able to afford a home if a mortgage would be about the same or a little higher than what you currently pay in rent. There are some first-time homebuyer programs that you might be able to take advantage of depending on your personal situation too. 

If you're wanting to look into the possibility more, I would recommend attending a first-time homebuyer presentation that your local bank or real estate company probably has. You can also talk to a lender and they can help you assess your financial situation and give you a realistic outlook on whether or not you could buy. If you're going to talk to a lender, just make sure they are experienced with first-time homebuyer programs and have good reviews!