This is one of the most frequently asked questions, and to be honest, buying a home on the Gold Coast is rarely a single, straightforward transaction.
Instead, the home buying journey flows through several distinct stages, each with its own timeframe, potential delays, and those unpredictable, uncontrollable variables – Think Covid, severe weather events, a vendor’s sudden illness.
At Maynard Property Group, your trusted buyers agent on the Gold Coast, we know that understanding this process can help buyers plan more effectively and set realistic expectations. We know it’s a marathon, not a sprint – but with our support, you’ll be in your new home sooner rather than later.
Planning and Finance Pre-Approval – 1 week to 1 month
The first step is to speak with a Mortgage Broker who can assist you by assessing your affordability and securing a home loan pre-approval.
If you’re not organised, this can blowout to several months, so having your paperwork ready to go is vital. Lender processing times can also vary, depending on how many loans they are juggling.
Preparing your strategy – 1 to 2 weeks
Once you know how much you can borrow, it’s important to understand what type of property is going to fit within your budget. You may have some non-negotiables. This is where we can advise you on the location and type of property that is going to suit your needs, fit within your budget, and work for the whole family.
This preparation step is crucial. We have seen too often people targeting properties that are just outside their reach. They keep missing out and are always just behind what they can actually afford. This prolongs the search and in a market that is moving quickly. Delays in purchasing can really mean the difference in the number of bedrooms or your preferred location.
House Hunting – 1 to 12 weeks
Once you are financially prepared, the search phase really kicks in and averages around three months, longer if we acknowledge that it is a specific, rare property that you are seeking. Our median time to source and negotiate the ideal property is 24 days.
For some buyers, particularly first home buyers, this has the potential to stretch further if the market has moved faster than their savings and they aren’t ready to pivot. We discuss this in the strategy, so that we are prepared for this eventuality.
Or if a buyer persists in clinging to an unrealistic property dream in a specific postcode.
Staying flexible means you can pivot when a property you perhaps would not have previously considered pops up.
Negotiations – 1 day to 2 weeks
No matter if it’s auctions or private sales, we have your back. The negotiations and the acceptance of an offer usually take one to two weeks, depending on how organised the vendor is, as well as their agent, conveyancer, and legal team.
Delays can also arise from vendors who take more time to consider offers, or if an agent is juggling multiple offers, and one of our specialities is successful agent negotiations to bring you the best outcome.
Contract and Due Diligence – 1 to 6 weeks
With an offer accepted, the transaction moves into preparing the contract and conducting due diligence, including building and pest inspections, property searches, and securing final loan approval.
Finance approval generally takes 5 to 21 days.
Building and Pest Inspections are typically completed within 5 to 14 days.
Strata Searches are typically completed within 5 to 10 days.
Settlement and Closing – 30 to 60 days
Now the final contracts are signed, and the legal ownership of the property is transferred.
The standard settlement period can be as quick as 30 days or a couple of months. It all depends on what we negotiate on your behalf.
If you are a cash buyer, then you may wish for a shorter timeframe, while sellers may request a longer settlement.
From early planning to settlement day, the home-buying process is a marathon rather than a sprint, with timelines shaped by personal circumstances, Gold Coast property market conditions, and negotiation.
Ready to find your dream home sooner?
If you are ready to find your new home sooner rather than later, then book a 15-minute Discovery Call and we will have a chat about how we can assist you.