When Should I Start Looking For My Next Home?
You're in the market for a new home? House hunting is always an exciting yet dizzying process. Finding the right home for you and your family to move in to takes time. So when is the
perfect time to start looking for a different home if you are under a lease?
Timeline
First, know when you want to shift homes. Identifying the timeline you need is the first thing you should do. Many rentals require a 30-60 day notice if you don't plan on renewing your current lease. Usually your landlord will send your updated lease documents within 90 days of the end term. These documents will include information on updated terms in your lease such as monthly rent increases if they exist.
As soon as you've identified your move in date you can begin the hunt. Typically two months is enough time to scour through potential homes. However, depending on the type of person you are, this may either seem like not enough time, or too much time. Starting the search early can relieve a lot of stress, and give you time to make sure all your "ducks are in a row".
Prioritize
When the two month timeline begins you want to start checking out different locations that are more convenient to you. Whether it's closer to work, the bus, or closer to friends and family. You can start listing out your wants and needs to narrow down your preferred location. This is why giving yourself a good amount of time to hunt can be very important.
Prepare
Think about your budget and arrange your finances so that you will have any neccessary funds required to move once the time comes. In the rental market, houses tend to go
fast, which is why it is best to use available rental properties as a guideline to current prices and down payments. Begin your search by narrowing down floor plans, amenities, or locations that you want to prioritize. Amenities such as parking space, laundry, dishwasher, basements, yard, etc., can all easily become necessities, so it's good to know what is available beforehand.
30 Days Away
The time is nearing! This means you should have your funds ready for any down-payments needed. You've made arrangements to begin packing and moving your belongings, which is no doubt the biggest hurdle. Now comes the true house hunt. You've checked out potential areas, you've seen current rates and down payments, and at this point you should know basically what kind of home you are seeking. It's time to dive into the lists and lists of rental properties to find your next dream home. Once you have some potential fits for your needs you can begin scheduling showings or walkthroughs. This is a great time to see what this new home can provide.
Ask Around
During this 30 day period you can also familiarize yourself with the neighborhood by asking current neighbors and residents about the area. Remember that as soon as units start
to become available, you should be ready with all the necessary paperwork so that you can submit your application immediately to secure the home.
In general the best time to look for a home is during winter, this is because most renters prefer not to deal with moving in cold unpredictable weather.
Another tip to remember is how soon can you move into your new home after signing the lease. This depends on the availability of the unit. Confirm your move in date with your new
landlord and provide sufficient notice before vacating your current rental.
